Oil prices rise sharply after Iran attack – news Norway – Overview of news from various parts of the country

Oil prices have not been this high since early September. This morning, by comparison, a barrel of oil cost about 70 dollars. Professor of political economy and petroleum economics, Ole Gunnar Austvik, explains that instability in the Middle East can make oil prices very unstable going forward. – When expectations and fears begin to emerge that it may affect supplies from that area, the price will always be pushed up, he says. Fear pushes the price up On Tuesday evening, the Israeli military (IDF) reports that missiles have been fired into the country from Iran, which has confirmed the attack. The Persian Gulf, between Iran and the Arabian Peninsula, is an important oil area. The oil that is pumped up here is delivered to the whole world. The fear that the conflict could affect oil and gas exports is pushing oil prices up. The more unstable the situation in the Middle East becomes, the higher the oil price can become, he believes. – But it is not until the market realizes that the actual production and transport of oil and gas from there has been damaged that we can have a major oil price jump, he says. He does not think there is currently an oil shock. – An oil shock will be if the price rises, for example, by USD 30. It’s possible, but it’s too early to tell yet. It does not have to be the case that oil exports suffer. There have been conflicts there before that the oil industry has lived with, he continues. Unsettled stock exchanges The announcement about the Iran attacks also unsettles the stock markets. The stock markets in the USA fall sharply on Tuesday evening. At 19.30, it looks like this on the most important indices: The Dow Jones index is down 0.76 per cent. The broad S & P 500 index is down 1.18 percent. The Nasdaq Composites index is down 1.92 percent. Published 01.10.2024, at 20.14 Updated 01.10.2024, at 20.49



ttn-69