Express
Analyst: Attack has no impact on oil supply, Iran saves face
Summary: According to sources, Iran's retaliatory strike on the US base in Qatar was not as severe as investors feared, easing concerns of an immediate disruption in Middle East supply and causing oil prices to fall. After Iran launched missiles at the US base in Qatar, US oil plummeted by 4%, with traders previously worried that ...
According to sources, Iran's retaliatory strike on the US base in Qatar was not as severe as investors feared, easing concerns of an immediate disruption in Middle East supply and causing oil prices to fall. After Iran launched missiles at the US base in Qatar, US oil plummeted by 4%, with traders previously worried that Iran's retaliatory response would involve closing the Strait of Hormuz, through which about one-fifth of global oil passes. While initially there were concerns that Iran would disrupt supply in retaliation against the US, these fears have diminished. In my view, this seems to have been carefully planned, as Iran attacked an empty US base, issued numerous warnings in advance, closed airspace, and provided evasion guidance. Harry Tchilinguirian, head of research at Onyx Capital Group, said: Iran made a face-saving response, staying away from the Strait of Hormuz.
