• 3 minutes Why NG falling n crude up?
  • 7 minutes Tesla Battery Day (announcements on technology)
  • 10 minutes America Could Go Fully Electric Right Now
  • 8 mins The China Daily newspaper just did a flash poll of 1600 Chinese Communist Party members. 98% said Biden won the debate.
  • 1 min California’s Electric Vehicle Dream Has A Major Problem: No
  • 23 hours Ilhan Omar connected Ballot Harvester in cash-for-ballots scheme
  • 31 mins What is Best for Germany Now?
  • 5 hours Something wicked this way comes
  • 2 days Debate Night: Trump needs to be concerned about left leaning Chris Wallace , not Biden
  • 5 hours Kalifornistan, CO2, clueless politicians, climate hustle
  • 11 hours Permian in for Prosperous and Bright Future
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