The oil market has to price in a larger risk premium for any potential supply disruptions after Israel's attack against Iran, ING's head of commodities strategy Warren Patterson writes in a note. Geopolitical uncertainty has also increased significantly. Iran is a meaningful oil producer, pumping 3.3 million barrels per day of crude oil and exporting about 1.7 million barrels per day, he says. In a scenario where there is further escalation, it isn't too difficult to envisage a situation where Iranian oil supplies are disrupted. Front-month WTI crude oil futures are up 11% at $75.61/bbl; front-month Brent crude oil futures are 11% higher at $77.07/bbl
WDS Price at posting:
$25.26 Sentiment: Buy Disclosure: Held
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