Oil expected to rise in wake of Iran's attack on Israel

Oil prices are expected to rise when markets open on Monday following Iran's attack on Israel over the weekend after they reached a six-month high on Friday, according to analysts who noted that Israel's response Iran launched over 300 drones and missiles at Israel from Iran, which the Israeli Defense Forces repelled the bulk of with assistance from the U.S., France, Jordan and the United Kingdom.

It is only reasonable to expect stronger prices when trading resumes," Tamas Varga of oil broker PVM told Reuters. "Having said that, there has been no impact on production so far and Iran has said that 'the matter can be deemed concluded.'" "However fierce and painful the initial market reaction will be, the rally could prove to be short-lived unless supply from the region is materially disrupted," he added.

The key is whether Iran will consider this retaliation a measured and final response, unless Israel decides to escalate," Brian Jacobsen, chief economist for Annex Wealth Management, told Reuters. "In 2020, Iran considered its response to the U.S.'s killing of General Soleimani in a measured and equitable response.

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