💰🇸🇦 Saudi Arabia makes big $$$ from Israel-Iran war

The war between Israel and Iran may become a BOON for oil-producing countries such as Saudi Arabia due to the ongoing increase in oil prices.

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The Financial Times predicted that Saudi Arabia will likely try to use the unrest to capture a larger share in the global oil market.

Last month, JP Morgan's forecast showed Brent crude reaching $66 per barrel this year, Israel’s sneak attack against Iran caused the price to surge to $74 on June 13 (at some point during the day, this brand of oil traded as high as $78.5), a 7% increase in just one day.

This price surge may be a boost to Saudi Arabia as the International Monetary Fund in April estimated that the kingdom would need a high oil price (over $90) to balance its budget.

American economist Steve Hanke also warned that high oil prices, if sustained, will “cut” the US GDP growth and serve as “another nail in the coming US economic recession's coffin.”

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