Written by 7:48 pm Economy

Fuel prices in Morocco await repercussions of Iranian attacks on Israel

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Iran’s attack on Israel have created fears across the world about the possibility of oil price hikes internationally and the impact on the Moroccan market, especially since the prospects for a rise in the price per barrel were stronger before the Iranian attack.

After the Republic of Iran announced that “the operation successfully hit its targets,” Moroccan analysts described it as a “new geopolitical play,” although energy specialists did not look at the subject with much reassurance, fearing that the market would experience real tremors, after Iranian President Ebrahim Raisi threatened Israel again on Sunday.

The threat was clear: “The response will be stronger to any reckless step that Israel and its allies may take,” referring to the US.

This is precisely what Moroccan analysts fear could create a “new hotbed of war” in the Middle East “allied with the repercussions of the Russian-Ukrainian war on the regional and international geopolitical map and lead to the exhaustion of the hydrocarbon market.”

Amine Bennouna, a specialist in energy affairs and strategic analysis, said that “fluctuations in the energy market are rapid and the price of a barrel rises all at once after every military tension.”

“Iran’s military attack on the Hebrew state has not yet led to any significant increase, although Iran’s threats to respond after the attack on its consulate in Damascus raised expectations that the price of oil would rise.”

In a statement to Hespress, Bennouna predicted that “things could evolve, especially if Israel retaliates and US warships intervene in the Gulf region.”

“This shift could result in a development in the supply of oil product.”

“The shift in the situation on the ground could lead to Iran closing the Strait of Hormuz, which is a sensitive and strategic point in the transit of supplies destined for export,” the expert tells Hespress.

Since the world and Morocco was highly affected by fuel price hikes after the Russia-Ukraine conflict started, fuel prices in the kingdom had just started stabilizing.

“The hydrocarbon sector in Morocco is affected by these changes, especially since we import oil and are not a country that produces it,” points out the analyst.

“Prices could rise again, but this remains subject to the expansion of the war in the Middle East, which has significant repercussions at the global level.”

Bennouna concluded saying:”Expectations currently seem weak, the image remains incomplete, but every other blow or attack could reach Morocco’s domestic prices, even if the impact is minor.”

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