Oil Prices Rise 3% after Iran's Call for Oil Embargo against Israel

World | October 18, 2023, Wednesday // 16:14|  views


Petroleum futures have deepened their ascending movement, and during today's noon trade in Europe, they have risen in price by about 3%. This is a result of Iran's call on other Islamic countries to impose an oil embargo on Israel.

"Members of the Organisation of Islamic Cooperation (OIC) must impose an Israeli oil embargo and other sanctions and expel all Israeli ambassadors", said Iranian Foreign Minister Jose Abdollahian on Wednesday, Reuters reports.

OIC's emergency meeting is held in the Saudi city of Jeddah to discuss the escalating Israeli-Palestinian conflict after a blast at a hospital in Gaza on Tuesday caused the death of hundreds of Palestinians.

"The Foreign Minister calls for immediate and complete embargo against Israel by Islamic countries, including oil sanctions, in addition to the expulsion of Israeli ambassadors, if relations with the Zionist regime have been established," the Iranian Foreign Ministry said.

Amir Abdollahian also called for the formation of a team of Islamic lawyers to document potential war crimes committed by Israel in the Gaza Strip.

Reuters reminds that Iran has no diplomatic relations with Israel.

This statement by the Iranian Foreign Minister has intensified the concerns that the military conflict between Israel and Hamas can harm the oil supplies in the region.

Israel is a small oil importer, but the further escalation of its war with Hamas in the Middle East is not excluded and analysts are increasingly concerned about the oil supplies from the most important region for export of oil in the world.

OPEC+ does not plan to hold an extraordinary meeting or take immediate action after Iran's Foreign Minister called on the members of the Islamic Cooperation Organization to impose Israel's oil embargo, two sources of the oil cartel told Reuters. One of the sources noted that the Organization of the Petroleum Exporting Countries (OPEC) is not a political organization.

By 13:00 p.m. Bulgarian time, the Brent Futures are already rising within the day by 3.12% to 92.70 dollars a barrel, and those of the US light crude oil - by nearly 3% to 89.25 dollars a barrel.

Thus, oil futures have reached their highest levels since the beginning of the armed conflict between Israel and Hamas, which began on October 7th.

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Tags: oil, Iran, embargo, Israel


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