The price of oil is rising sharply in the wake of Israel's attack on the oil-producing state of Iran. Just before 9 a.m. Danish time, the price of a barrel of crude oil rose by 6.5 percent.
The last time the price was at that level was in connection with US President Donald Trump's tariff announcements more than two months ago. The price of oil typically moves when a conflict unfolds in that part of the world.
Tensions in the Middle East may raise concerns that it will have an impact on oil supplies - and thus the price. Israel has carried out a comprehensive attack on various targets in Iran overnight, including nuclear and military targets.
However, Iran's oil refineries were not affected, according to the Iranian Oil Ministry, according to the AFP news agency.
- No damage was caused to the country's refineries and oil depots, and activities are currently continuing, the ministry writes.
Iran has vowed retaliation. So far, according to reports, it has sent around 100 drones towards Israel, which the Israeli military is trying to prevent. An increase in the price of oil can in some cases hit consumers' wallets - also in Denmark.
If the tensions lead to a permanent increase in the price of oil, it could affect the price of gasoline. In addition, it could also cause inflation to rise, as it could become more expensive for some companies to produce their goods.
An analyst from the bank Barclays tells the news agency Reuters that the attack has not immediately had consequences for oil production.
- But in the worst-case scenario, the conflict could spread to other oil-producing countries in the region and thus also the shipping industry, says analyst Amarpreet Singh.
/ritzau/
Text, graphics, images, sound, and other content on this website are protected under copyright law. DK Medier reserves all rights to the content, including the right to exploit the content for the purpose of text and data mining, cf. Section 11b of the Copyright Act and Article 4 of the DSM Directive.
Customers with IP agreements/major customer agreements may only share Danish Offshore Industry articles internally for the purpose of handling specific cases. Sharing in connection with specific cases refers to journaling, archiving, or similar uses.
Customers with a personal subscription/login may not share Danish Offshore Industry articles with individuals who do not themselves have a personal subscription to Danish Offshore Industry.
Any deviation from the above requires written consent from DK Medier.
