The prospect of an oil embargo arising from the conflict between Israel and militant groups contributed to a sharp but brief jolt in oil prices on Wednesday.
Iran’s foreign minister, Hossein Amir-Abdollahian, called for Islamic countries to boycott Israel, including stopping oil shipments, according to Iranian media.
He was speaking at a meeting of the Organization of Islamic Cooperation in Jeddah, Saudi Arabia.
Although Israel imports nearly all its oil, analysts said that such an embargo would probably have little immediate impact, because the country does not buy oil from major Persian Gulf producers like Saudi Arabia and the United Arab Emirates or Iran.
Instead, Kazakhstan, where oil is mostly produced by joint ventures involving Western companies including Chevron and Exxon Mobil, and Azerbaijan are among Israel’s biggest suppliers.
Persons:
Hossein Amir
Organizations:
Israel, of Islamic Cooperation, United Arab, Chevron, Exxon Mobil
Locations:
Israel, Jeddah, Saudi Arabia, Gulf, United Arab Emirates, Iran, Kazakhstan, Azerbaijan, Nigeria