Commodities Analysis by Investing.com (Barani Krishnan) covering: Brent Oil Futures, Crude Oil WTI Futures, ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Bloomberg Crude Oil. Read Investing.com (Barani Krishnan)'s latest article on Investing.
That one of the world’s fiercest wars now is being fought right next some of the biggest oil exporters probably justifies some geopolitical risk to be attached to. But a daily move of up to a few percent will require the supply of oil itself to be impacted — not just hypothetically but in real barrel terms.
Israel’s ambassador to the United Nations, Gilad Erdan, claimed knowledge on Sunday of meetings in Syria and in Lebanon by Iran and its proxies to help plan the attacks. Hamas itself has publicly acknowledged receiving support from Iran. “They seem to love the power play they are getting out of this, the Iranians,” observed John Kilduff, partner at New York energy hedge fund Again Capital. “So long as Washington doesn’t take sanctions on Iranian oil to the next stage, these antics alone won’t be enough to sustain the rally in oil.”
In Iran’s case, since late 2022, Washington has virtually turned a blind eye to surging Iranian oil exports that bypassed US sanctions as it allowed an informal détente with Tehran to get more of the Islamic Republic’s oil onto the world market to offset OPEC+ production cuts. In fact, the administration will likely be more effective in denying Iran some of the cold cash it needs from oil.
Crude exports hit a record high just shy of 4 million barrels per day in the first half of the year, the EIA said in a separate report on Wednesday.
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