• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 3 mins Which producers will shut in first?
  • 3 hours The Most Annoying Person You Have Encountered During Lockdown
  • 27 mins What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 1 hour Its going to be an oil bloodbath
  • 4 hours Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
  • 5 hours How to Create a Pandemic
  • 2 hours Why should ANY oil company executive get ANY bonus now?
  • 4 hours Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 9 hours KSA taking Missiles from ?
  • 2 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 11 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 11 hours CDC covid19 coverup?
  • 11 hours Dr. Fauci is over rated.
Alt Text

The Real Reason Oil Prices Crashed

Whose fault is the current…

Alt Text

Oil Hits $20 For The First Time In 18 Years

Oil prices plunged on Monday…

Alt Text

Oil Demand To Plunge By 10 Million Barrels Per Day

With the global economy reeling…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Iran Terror Attack Boosts Oil Prices More Than OPEC Meeting

The weekend terrorist attack in Iran could be more important to oil prices than Sunday’s OPEC meeting, as the attack could exacerbate a rivalry in the most crucial oil-producing region in the world, analysts at RBC Capital Markets said on Sunday.

While a joint committee of OPEC and allies met in the weekend to discuss the state of the oil market, refraining from issuing any recommendation on lifting oil production, an attack on a military parade in the city of Ahvaz in Iran killed 25 people, including 12 of Iran’s elite Islamic Revolutionary Guards Corps, who vowed a “deadly and unforgettable” revenge for the terrorist attack.

On Sunday, the OPEC/non-OPEC Joint OPEC-non-OPEC Ministerial Monitoring Committee (JMMC) met in Algeria and said that “despite growing uncertainties surrounding market fundamentals, including the economy, demand and supply, the participating producing countries of the DoC continue to seek a balanced and sustainably stable global oil market, serving the interests of consumers, producers, the industry and the global economy at large.”

In a note on Sunday, as carried by CNBC, RBC Capital Markets analysts, led by global head of commodity strategy Helima Croft, said that:

“We believe that Saturday’s terrorist attack in Iran could prove to be the weekend’s more consequential event as it will likely exacerbate the already dangerous Middle East antagonisms.”

The pledge by the Islamic Revolutionary Guards Corps to exact revenge raises the risk of the cold war in the Middle East becoming a “hot one,” according to RBC Capital Markets.

“We also contend that the risk of such a destabilizing clash will only grow as Iran comes to feel the full effects of economic sanctions that are designed to radically alter the behavior of the ruling regime, if not change it,” the analysts said.

Following the OPEC meeting, which left the OPEC+ supply as-is without announcing any immediate production boosts, oil prices jumped to four-year highs early on Monday, with Brent Crude breaking above $80 at $80.03 as of 07:41 a.m. EDT, and WTI Crude rallying 1.68 percent at $71.97.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment
  • Into kawasaki on September 24 2018 said:
    Iranian false flag, to increase oil price and generate OPEC sympathy.
  • Bill Simpson on September 25 2018 said:
    It makes perfect sense. Iran has vowed to get revenge. They will hit back somewhere. You can bet money on that. Expect an attack right after the UN speeches end.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News