Oil prices have risen on concerns of supply disruptions as tensions in the Middle East continue to roil markets. Is an Oil Embargo akin to 1973 a possibility?
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.2023-10-06 19:00:08have held relatively steady through the European session following the gap in prices over the weekend. WTI closed last week at $82.74 a barrel before opening last night around the $85.00 a barrel mark as the turmoil between Israel and Palestine intensified.
The oil embargo initiated by Saudi Arabia, along with other Arab members of the Organization of Arab Petroleum Exporting Countries , began on October 17, 1973. This event is commonly referred to as the "1973 oil crisis" or the "Arab oil embargo." The embargo was a response to the support provided by Western countries, particularly the United States, to Israel during the Yom Kippur War, which began on October 6, 1973.
The more realistic option at this stage remains tighter sanctions on Iranian Oil as we have seen rhetoric ramped up in some quarters blaming the current Iranian Regime for orchestrating such attacks. Iran has recorded a production increase over the past 12 months to about 600k barrels a day and have also been selling some of its stockpiles both on and offshore, which had kind of offset the cuts by Russia and Saudi Arabia.
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