Iran, Israel and Oil Prices
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As Israel and Iran exchanged more attacks, stock markets mostly rose even as worries remained about possible oil supply interruptions.
Stock futures were higher on Sunday as investors weighed the impact of the escalating Israel-Iran conflict that shows no signs of any potential off-ramps ahead. Oil prices rallied after Israel attacked key areas of Iran’s energy infrastructure over the weekend,
On Friday, oil prices surged more than they have in three years. Iran, the third biggest OPEC producer (despite US sanctions), pumps around 3.3 million barrels a day of crude oil and exports roughly 1.7 million barrels a day. The loss of this export supply would wipe out the surplus that was expected in the fourth quarter of this year.