Iran Missile Strikes, Oil Price Rises
This is a Iran news story, published by MSN, that relates primarily to UAE news.
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sudden oil price surgeTelegraph
•Europe should sincerely hope the markets are right about Iran
70% Informative
Oil prices have risen 6pc since Iran 's attack on Israel , taking it to heights not seen since August .
The Middle East looks like a tinderbox, and the Middle East is a 'tinderbox' Oil prices are highly inelastic: because nobody can easily change course, huge price movements are needed to bring supply and demand back in line.
A cessation of Iranian exports could give a hefty price shock well into double digits.
A doubling of oil prices would knock off somewhere between 1-2pc of euro area GDP.
That sort of rise is well within the range of possibilities for a large regional conflict damaging exports from Saudi Arabia and the UAE .
It would also tip the eurozone from weak growth of 1pc to stagnation or recession.
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