Iran launched on Saturday night an ICBM and drone attack on Israeli targets in retaliation for the Israeli raid of Iranian Consulate in Damascus, Syria, on April 1st. Despite the escalating conflict, Middle East oil supplies remain unaffected for now. No immediate casualties have been reported.
Middle East oil supplies are still safe.
However, the ongoing war between Israel and Gaza since October 7th has significantly impacted global supply chains. Additionally, recent attacks by Houthi militias in the Red Sea have forced ships to take a longer route around the Cape of Good Hope, leading to increased travel times and fuel consumption.
On Friday, Brent crude closed at $90.45 while U.S. West Texas Intermediate crude closed at $85.66.
Gold, on the other hand, closed at $2,343.80 an ounce on Friday.
