The attack on Israel has the potential to lead to upward pressure on oil prices in the near term, especially if irrefutable evidence surfaces linking Iran to the acts of terrorism witnessed over the past weekend.
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Wall Street IG Client Sentiment: Our data shows traders are now net-short Wall Street for the first time since Sep 21, 2023 when Wall Street traded near 34,068.90.Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.29% 🇬🇧GBP: 0.22...
Although Israel is not a major crude producer, the ongoing conflict's implications for oil could be substantial if major players are drawn into the crisis. For instance, should conclusive evidence emerge implicating Iran in the terrorist incidents in any way, the West could be forced to impose new economic sanctions on the Islamic Republic's energy sector, a situation that could further tighten markets.
On the other hand, if WTI manages to resume its rebound, initial resistance is situated at $85.00. While surmounting this obstacle may pose a challenge for buyers, a successful breakout has the potential to bolster the bullish momentum, opening the path for a move to $87.25, followed by $88.40. On further strength, a retest of the yearly high becomes more likely.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil Price Forecast: Geopolitical Turmoil to Spur Bullish Energy Market SentimentThe attack on Israel could exert upward pressure on oil prices in the near term, especially if conclusive evidence emerges linking Iran in any way to the terrorist violence witnessed this past weekend.
Read more »
Canadian Dollar on-balance after holiday Monday, Crude Oil trades softlyThe Canadian Dollar (CAD) is trading flat against the US Dollar (USD) through the Tuesday market session, with only minor moves on the top and bottom
Read more »
WTI Crude Oil trading flat after post-weekend surge, testing $85West Texas Intermediary (WTI) Crude Oil prices jumped on Monday after the long-running Gaza Strip conflict between Israel and Palestinian Hamas saw it
Read more »
Crude Oil Futures: Extra rebound loses tractionCME Group’s flash data for crude oil futures markets noted traders reduced their open interest positions for the second session in a row on Monday, th
Read more »
Closing prices for crude oil, gold and other commoditiesBenchmark U.S. crude oil for November delivery fell 41 cents to $85.97 a barrel Tuesday. Brent crude for December delivery fell 50 cents to $87.65 a barrel. Wholesale gasoline for November delivery rose 2 cents to $2.26 a gallon. November heating oil rose 5 cents to $3.02 a gallon. November natural gas was unchanged at $3.38 per 1,000 cubic feet. Gold for December delivery rose $11 to $1,875.30 an ounce. Silver for December delivery rose 3 cents to $21.95 an ounce and December copper fell 2 cent
Read more »
Crude Oil Futures: There is room for further declineConsidering advanced prints from CME Group for crude oil futures markets, open interest reversed two consecutive daily pullbacks and increased by arou
Read more »