Soleimani’s killing and its impact: HPCL Chairman sees crude cooling down if Iran doesn’t strike big
NEW DELHI: Oil prices will give up the recent surge if there is no major retaliatory action by Iran within weeks since the top Iranian general’s killing has raised regional tension and stoked fears of supply disruption but hasn’t changed the actual demand-supply situation, chairman of Hindustan Petroleum Corp has said.
“The news has been factored in the price. Now it’s about the perception of the people, whether it will escalate or not,” HPCLNSE -4.66 % chairman MK Surana told ET in an interview. “Some new trigger can only take it further in the next few weeks. But if there is none, prices will come down.”
Oil prices had climbed about $3 on Friday to reach $69 a barrel. Increased risk perception, efforts at short-covering, and speculation could still drive oil prices up a bit but not beyond $75 a barrel, Surana said.
