Tensions rise in Middle East in the event that Iran attacks Israel in response to the assassination of former Hamas political leaderIsmail Haniyeh, in Tehran on July 31. With the aim of «defend Israel»the US has sent more troops and military equipment to the area to increase the available resources. US Defense Secretary Lloyd Austin «reiterated the US commitment to take all possible measures to defend Israel and highlighted the strengthening of the posture and capabilities of the US military force throughout the Middle East in light of rising regional tensions,» according to the statement issued by the Pentagon press secretary, Major General Pat Ryder. This includes the dispatch of a guided missile submarine to the region, as well as speed up the transit of an aircraft carrier strike group equipped with F-35C fighter jetsIn this regard, it is worth remembering that Iran and Hezbollah have vowed to respond to the killingsby Israel, of Hamas political leader Ismail Haniyeh in Tehran and Hezbollah military commander Fuad Shukr in Beirut. «The leader brother, martyr fighter Ismail Haniya, leader of the movement, died as a result of a Treacherous Zionist raid on his residence in Tehranafter participating in the inauguration ceremony of the new Iranian president,» Hamas said in a statement. In turn, the mayor of Tehran, Alireza Zakani, and the former commander of the Iranian Revolutionary Guard, Mohsen Rezaei, warned that Israel will pay a heavy price. Iran's Supreme Leader Ayatollah Ali Khamenei also said that It is the «duty» of the Shiite country to punish Israel for this action. «The criminal and terrorist Zionist regime has prepared the ground for severe punishment with this action,» he said; while for Masoud Pezeshkian, president of Iran, the country «will defend its territorial integrity, dignity and honor» and will make «The invading terrorists regret their cowardly action». For his part, a spokesman for the Iranian Foreign Ministry said that «Strengthening stability and security in the region will be achieved by punishing the aggressor and creating a deterrent effect against Israel.» This situation has caused a oil price surge which has risen by 3.54% in the case of the barrel West Texas ($79.55) and 2.76% for the barrel of Brent ($81.86). «Operators remain Aware of latent tensions in the Middle East«ANZ analysts explain. «Rising tensions could pose a significant threat to global oil supplies. The risk of attacks on oil infrastructure is a major concern for traders, as such disruptions could drastically reduce crude availability, driving up prices. This uncertainty is compounded by concerns about the production levels from other major producers, such as OPEC+, which has been carefully managing output to support prices,» says George Pavel of Capex.com.
OPEC CUTS DEMAND PROJECTION
The Organization of the Petroleum Exporting Countries (OPEC) ha revised downwards its forecast for global oil demand for this year by 135,000 barrels per day, so it now anticipates a total of 104.32 (mb/d) million barrels per day for the whole of 2024. «Total world oil demand is anticipated to reach 135,000 barrels per day, 104.3 mb/d in 2024driven by strong demand for air travel and road mobility, including trucking, as well as healthy industrial, construction and agricultural activities in non-OECD countries. Global growth forecasts are subject to many uncertaintiesincluding global economic developments,» he details. The poster explains that «this slight revision reflects the actual data received in the first quarter of the year and in some cases during the second, in addition to a softened expectation on the China's oil demand growth in 2024″.
