The WSJ has learned about the oil industry's readiness for the consequences of escalation in the Middle East

Oil production in the largest exporting countries is prepared to cope with the consequences of the armed confrontation between Israel and Iran. This was reported by The Wall Street Journal on June 17.

"Global oil production is in an acceptable state to handle anything other than catastrophic disruptions. Saudi Arabia produces more, as well as Guyana, Brazil and Canada," the article says.

According to the publication, this was a lesson for US President Donald Trump that oil prices "should not influence strategic decisions about whether to help Israel win the war" or whether to continue to impose sanctions against Russia.

The authors of the article acknowledged that with the help of the Chinese and Indian sides, Russia bypassed the price ceiling for its oil exports set by the G7 countries.

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In case of closure of the Strait of Hormuz, oil prices may exceed $100

The day before, Bloomberg reported on the difficulties of the European Union in lowering the price limit for Russian oil due to the armed conflict between Israel and Iran. It was clarified that the recent rise in oil prices amid the escalation in the Middle East also complicated the option in which the G7 partners would act without Washington's participation.