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Danske Bank’s Danske Research Team underlines that conflict in the Middle East has intensified, with Iran targeting Oil and gas infrastructure in the UAE and elsewhere. Brent is trading around USD 103 per barrel after briefly easing, and the bank warns that Iran’s focus on energy assets raises the risk that Oil prices climb further and remain elevated, even if Strait of Hormuz traffic normalizes.
Middle East conflict drives energy risk
“The conflict in the Middle East continues, with Iran successfully targeting oil and gas production facilities. In the UAE, Iran hit the Shah gas field in a drone attack, while they caused a fire in the Fujairah Oil Industry Zone.”
“Additionally, a tanker near the port of Fujairah was reported struck whilst at anchor at sea. Meanwhile, Israel announced on Monday that it has detailed plans for at least three more weeks of war, continuing its strikes on sites across Iran and Lebanon.”
“Oil prices declined during yesterday’s session, but prices are higher overnight with Brent oil around 103 USD per barrel as Iran has stepped up attacks on energy infrastructure.”
“The oil price has traded above the USD100/bbl level so far this week. Iran hit a UAE gas field as its retaliation seems to target energy infrastructure to a greater extent. That increases the risk that energy prices will rise more and stay high even if traffic through Strait of Hormuz resumes.”
