Oil Markets React to Reports of Israeli Attack on Iran

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Bloomberg Apr 19 03:34 · 21.7k Views

Oil pared an earlier jump, after Iranian media appeared to downplay alleged retaliatory strikes from Israel reported by US officials. Brent crude traded about 2% higher after earlier soaring above $90 a barrel over potential concerns for a wider regional conflict. Bloomberg's Stephen Stapczynski reports.

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Transcript

  • 00:00 What is the reaction so far?
  • 00:02 What do you make of the way the oil markets have reacted to this news?
  • 00:08 I think Shog and then a relative anxious calm.
  • 00:12 You know, when there were the first unverified reports coming through
  • 00:15 on Twitter and and other places,
  • 00:18 you did see a really sharp
  • 00:20 reaction
  • 00:21 in in oil prices because there were folks who just weren't exactly sure what was happening.
  • 00:26 There were
  • 00:26 unverified reports of explosions.
  • 00:29 And as more details started to kind of be teased out,
  • 00:32 you know, Bloomberg reporters were able to confirm
  • 00:35 that U.S.
  • 00:35 officials were aware that Israel had launched a strike.
  • 00:39 And through that, you know,
  • 00:41 oil prices started to calm a little bit,
  • 00:44 but now we are still 2% above
  • 00:46 where we started the day.
  • 00:48 There is still some fear.
  • 00:48 And
  • 00:49 clearly as what's been explained just moments ago,
  • 00:52 it does look like
  • 00:53 Iran
  • 00:54 is trying to downplay this
  • 00:57 and it doesn't look like that there's any sort of
  • 01:00 retaliation from the Iranian side on on all of this.
  • 01:03 But there is a bit of a fog of information coming through.
  • 01:06 So it's challenging to exactly see how this will happen.
  • 01:08 But at the moment,
  • 01:10 when you talk to traders, when you look at the market, it doesn't look like people are expecting this to spiral into a wider conflict that could affect
  • 01:17 crude supply.
  • 01:18 But still, that anxiety is keeping prices about 2% up, which is still
  • 01:23 a a pretty chunky increase for today.