G7 leaders to meet over Iran's attack on Israel

: Crude oil, Metals, Natural gas, Oil products, Petrochemicals
24/04/14

Leaders of the G7 will meet today, 14 April, to co-ordinate a diplomatic response to Iran's overnight air attack on Israel, which ushered a new phase in a six-month conflict that is threatening regional escalation.

G7 presidency Italy "has organized a conference at leaders' level for the afternoon of today," Italian prime minister Giorgia Meloni said on X, formerly Twitter. US President Joe Biden has pledged a co-ordinated G7 diplomatic response and condemned the Iranian assault.

Iran fired hundreds of drones and missiles against Israel on the evening of 13 April, according to the country's state-owned news agency Irna. Almost all were intercepted before they reached Israeli airspace and there were no fatalities reported by Israel. One civilian was injured and an air force base in southern Israel was lightly damaged, according to the Israel Defence Forces (IDF).

The Iranian attack came in response to a suspected Israeli air strike on the vicinity of Iran's embassy compound in Damascus, Syria, on 1 April. Tehran's foreign minster Hossein Amir-Abdollahian said Iran considers this to be the end of its operation.

But energy markets, which have been supported in recent weeks by a geopolitical risk premium, will face a week of uncertainty about whether Israel will retaliate. The front-month June Ice Brent contract was trading at $90.45/bl before markets closed for the weekend, and hit a more-than five month high of $92.18/bl on Friday, 12 April.

Israeli officials said the attack was "a severe and dangerous escalation" from Tehran. Israel's war cabinet is meeting today to discuss a response.

"We will build a regional coalition and exact the price from Iran in the fashion and timing that is right for us," said cabinet minister Benny Gantz.

The US is urging Israel to claim victory for its defence, in an apparent effort to discourage Israeli prime minister Benjamin Netanyahu's government from feeling compelled to retaliate. While noting that Israel ultimately will make the decision as to how to respond, White House national security communications co-ordinator John Kirby, in a televised interview today, hailed what he called Israel's "incredible military achievement" in defending itself against the attack. Very little managed to penetrate the defensive shield, "and the damage was extraordinarily light," he said.

The US military played a role in helping to defend against the attack, bringing down "several dozens of drones and missiles," Kirby said. UK prime minister Rishi Sunak said the Royal Air Force shot down "a number of Iranian attack drones".

Israel's western allies are urging it to show restraint as they try to prevent a wider conflict in the Middle East, which could directly affect oil producers and send energy prices soaring. President Biden is especially keen to avoid such a scenario in an election year.

By Bachar Halabi and David Ivanovich

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24/12/05

Opec+ delays unwinding of 2.2mn b/d cut again: Update

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Opec+ eight to delay, extend unwinding of 2.2mn b/d cut

24/12/05

Opec+ eight to delay, extend unwinding of 2.2mn b/d cut

Dubai, 5 December (Argus) — Some Opec+ members have agreed to push back by three months, to April, a plan to gradually return 2.2mn b/d of production to the market, delegate sources told Argus . Eight countries ꟷ Saudi Arabia, Russia, Iraq, Kuwait, the UAE, Kazakhstan, Algeria, Oman ꟷ were scheduled to begin unwinding the 2.2mn b/d cut over 12 months, starting from January. But three delegate sources today said the group will delay the start of this plan to April. The full amount will be returned over 18 months, according to one of the sources. This would reduce the amount of oil being introduced to the market every month. But the return of this output should, in theory, be partly offset by members who have pledged to compensate for exceeding their production targets this year. Argus calculations show that of the eight countries, only Algeria does not have any overproduction to compensate for. Iraq has the most, followed by Kazakhstan, Russia and Gabon. By Nader Itayim, Bachar Halabi and Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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24/12/05

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Nippon, US Steel deal will be blocked: Trump

24/12/04

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Williams sues ET over gasline fight: Clarification

24/12/04

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