A 3D-printed oil pump jack is seen in front of a displayed stock graph in this illustration picture. — Reuters
THE escalating conflict between Israel and Iran so far has had a limited impact on oil prices as refineries and other infrastructure have not come in the line of fire, but the market is not discounting that possibility as Israel weighs its options on retaliatory strikes, which could potentially alter the scenario.
The possibility of attacks targeting Iran's oil industry, and the risk to overall Middle Eastern oil supplies, has risen after US President Joe Biden said oil sector attacks could be on the table in retaliatory strikes by Israel. While the oil market has been seeing strong prices on concerns that Israel could hit Iran's oil infrastructure in response to Tehran's ballistic missile attack on Oct. 1, Biden's comments helped to extend the rally.
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