Iran Calls for Israel Boycott and Oil Embargo, But Analysts See Little Impact
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Iran's foreign minister called for Islamic countries to boycott Israel, including stopping oil shipments, causing a brief spike in crude prices.
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The embargo prospect conjured memories of the 1973 Arab oil embargo on countries supporting Israel during the war.
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Analysts said an embargo would likely have little impact since Israel gets oil from Kazakhstan and Azerbaijan, not Gulf states.
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Israel appears to have diverse oil sources and a month's supply in storage if shipments are disrupted.
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Major producers like Saudi Arabia unlikely to join Iran's call, but Israel's ports and shipments remain vulnerable.