Mediterranean crude oil differentials were stable on Friday as investors gauged the impact of Israeli strikes on Iran.
* Differentials for Mediterranean crude oil grades, including Caspian CPC Blend and Azeri BTC Blend, have firmed in recent sessions, two traders said, though specific trade details were scant.
* Israeli attacks on Iran have not hit Iran’s oil facilities. The worst case for oil is a “major cut down” on traffic through the Strait of Hormuz, which would hit exports of Middle Eastern crudes and oil products, Sparta Commodities analysts said on Friday.
PLATTS WINDOW
* No bids or offers were made for CPC Blend or Azeri BTC in the Platts window on Friday, a trade source said.
NEWS
* Israel launched a huge wave of airstrikes across Iran on Friday, blasting Iran’s huge underground nuclear site, wiping out its entire top echelon of military commanders and killing nuclear scientists in the biggest ever direct attack between the foes.
* Israel’s attack on Iran is unlikely to cause a major disruption to oil supply, analysts at two major banks said, but a worst-case scenario involving blockades in the Strait of Hormuz could push prices above $100 per barrel, Goldman Sachs said.
* The IEA said on Friday it was ready to release oil stocks should the market experience shortages following Israel’s attack on Iran, drawing criticism from rival OPEC which said the statement would only create fear in the market.
(Reporting by Robert Harvey; Editing by Alison Williams)