U.S. crude oil jumps 2%, trades near $76 as market waits for Israel strike against Iran

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Crude oil prices started the week off higher.

Such an attack could lead to Iran disrupting oil supplies through the Strait of Hormuz, analysts say.Oil prices spiked last week on fears that Israel could hit Iran's oil industry in retaliation for Tehran's ballistic missile attack.

U.S. benchmark West Texas Intermediate surged 9.09% last week for the biggest weekly gain since March 2023. Global benchmark Brent jumped 8.43% for the biggest weekly advance since January 2023.the U.S. was discussing the possibility of such a strike. Biden has also said he opposes Israel striking Iran's nuclear facilities.

It's still unclear what form Israeli retaliation will take, said Helima Croft, head of global commodity strategy at RBC Capital Markets. The impact on the oil market would be significant if Israel struck Kharg Island, through which 90% of Iran's crude exports pass, Croft said. "We do really have to see what the Israelis hit, what would the Iranian response mechanism be" Croft told CNBC'sThe market right now is only pricing in the possibility of Israel striking Iran's oil facilities but that is not the worst-case scenario, Alan Gelder, vice president of oil markets at Wood Mackenzie, told CNC's

The worst case scenario is a disruption in the Strait of Hormuz, through which 20% of the world's crude exports flow, Gelder said. Iran might target the strait in response to an Israeli strike, which would have a far more dramatic effect on crude prices, the analyst said.The best geopolitical hedges from gold to oil and even stocks

 

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