Attacks on facilities in the Middle East have caused significant market movements.
The oil price (brent spot) is at 108 dollars a barrel at 12.30 on Friday. That is up 0.5 percent for the day.
The price has recovered somewhat, after Thursday’s sharp rise was followed by a decline later in the day and evening. At the same time, it has fallen slightly from Friday’s preliminary peak of 111 dollars in the morning.
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Ole Hansen, head of commodity strategy at Saxo Bank, reminds us that the fact is that the market is still tight.
“A rapid decline in energy prices is unlikely, because production has been affected,” Hansen told Reuters.
Up and Down
There was a huge surge in prices earlier Thursday, following several attacks on facilities in various locations in the Middle East.
Following the attack on Iran’s South Pars gas field, the country retaliated by attacking the Ras Laffan gas plant in Qatar. Several other attacks were as well reported.
Later in the day, the price calmed down. On Thursday evening, it was at its lowest at below 104 dollars.
Last night, President Donald Trump stated that he does not plan to send US ground forces to the Middle East. He also said he had asked Israeli Prime Minister Benjamin Netanyahu not to attack oil
