Developments in the Iran -Israel conflict are decisive in the next three to five days for global energy markets, energy historian Daniel Gerkin warns, although the supplies of oil and gas from the Persian Gulf have not been disturbed so far, according to Reuters.
Iran and Israel exchanged new missile attacks on Wednesday, as the air war between the two long -term enemies entered its sixth day, despite US President Donald Trump’s call for “unconditional surrender” by Tehran’s “unconditional surrender”.
“It looks like we got to the climax of a collision that lasts 46 years“, Said Gergkin, a Pulitzer prize -winning author of The Prize and Vice President of S&P Global, on the sidelines of the Energy Asia Conference. His reference is related to the Iranian hostage crisis of 1979, which marked the beginning of hostilities.
“The Trump government sends clear messages. The departure of the President from G7 is a strong indication in itself. This is an unprecedented situation“, He noted.
Oil prices were launched on Friday, after the Israeli attack on Iran, and remain unstable, despite the absence of interruption of energy supplies from the region.
Gergkin also referred to Trump’s recent statements, which leave open the possibility of negotiations.
“The question now is who will represent Iran in a possible negotiation. It seems that internal channels of communication and decision -making in Tehran have suffered serious disruption“, He stressed.
“Bunker Buster bombs are a weight that falls heavy on the negotiating table“, He added meaningfully.
Iran has threatened to exclude the straits of the Ormuz – the critical marine corridor between the Persian Gulf and the Oman Gulf – where it passes about 20% of world consumption of oil.
“If closely excluded, this will have a direct reflection on oil prices“Gerkin noted.
“However, it should not be underestimated that the US Navy has been preparing for this scenario for almost four decades. Are not likely to remain excluded for long and the cost for those who will attempt this will be particularly high‘
Source: Skai
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