Baghdad: Global economic reports announced today, Saturday, that oil prices rose by about 2% after the attack on Iran, with Brent crude reaching $72.48 per barrel, amid fears of potential disruptions to oil supplies. Barclays Bank stated that “Brent crude could rise to around $80 per barrel in the event of any major supply disruption,” noting that “the market is suffering from a ‘risk premium’ due to geopolitical tensions, although any escalation may not necessarily lead to an immediate supply disruption.”

According to National Iraqi News Agency, Barclays warned that “markets are under structural pressure due to declining inventories and shrinking spare capacity while demand remains stable,” adding that “any further escalation could push prices even higher, while the absence of any physical supply disruptions could lead to a price drop of $3 to $5 per barrel.”