With the tensions in the Middle East escalating, experts believe that crude oil prices can hit $100 per barrel in the near future if tensions increase.
However, in early deals (April 15), oil prices experienced a decline at the start of trading in Asia, as market players reduced risk premiums following Iran's attack in retaliation on Israel over the weekend. Brent futures for June delivery dropped by 24 cents to $90.21 a barrel, while West Texas Intermediate (WTI) futures for May delivery fell by 38 cents to $85.28.
"As Israel and Iran's geopolitical tensions continue to escalate Following Iran's strike on Israel, the Indian stock market might continue to be volatile. A confrontation between Iran and Israel might drive up the price of oil to more than $100 per barrel and cause panic selling and volatility in the stock market. Potential for full-blown Crude oil prices are almost at six-month highs as a result of the Israel-Iran confrontation. In order to preserve market stability, OPEC extended voluntary production curbs of 2.2 million barrels per day," said Pravesh Gour, Senior Technical Analyst at Swastika Investmart. Read more:
