Military conflict leads to major swing in oil prices
Oil markets are set to see price swings this week as the impact from the United States and Israeli strikes on oil supplies from the Middle East remains unclear. Oil prices have already risen following the military operation in Iran.
International benchmark Brent Crude closed at a seven-month high of $72.87 US heading into the weekend. Iran exports some 1.6 million barrels of oil a day, most of it going to China, where privately owned refineries are less concerned about the U.S. sanctions that prevent Iran from selling its oil elsewhere.
If that supply is disrupted, Chinese customers would look elsewhere for oil on the global market, potentially driving up prices.
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