Oil markets witnessed sharp fluctuations over the past week; The Iranian attack on Israel exacerbated geopolitical concerns and pushed oil prices to rise. Iran launched an attack on Israel using more than 300 drones and missiles, in response to an alleged Israeli raid on the Iranian consulate in Syria.

This attack is the first direct attack on Israeli territory by Iran. Which raised the concern of the international community about the possibility of expanding the scope of the conflict in the Middle East.

The price of Brent crude for June delivery rose to near $90 a barrel, while West Texas Intermediate crude for May delivery rose to more than $85 a barrel. This rise is due to fears of disruptions in oil supplies as a result of the escalation between Iran and Israel. Citibank raised its short-term forecast for oil to $88 per barrel from $80, taking into account increased risks.

Société Générale expects that crude oil prices in the foreseeable future will be greatly affected by geopolitical factors. Seokjin Bank raised its forecast for Brent crude to $91 per barrel in the second quarter and $87.5 per barrel for West Texas Intermediate crude. JP Morgan expects oil forecasts to remain at $90 per barrel through May, with the possibility of rising if there is an Israeli military response to the Iranian attack.