The 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.
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.Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0...
Israel's position as a minor crude producer should not overshadow the potential significance of the conflict's impact on oil’s outlook, particularly if major players in the space become entangled in the situation. For example, if strong evidence emerges linking Iran to the terrorist attacks, the West could be forced to impose new economic sanctions on the country, with the aim of blocking its energy exports, a move that could further tighten markets.
On the other hand, if WTI manages to resume its advance, initial resistance appears at $88.00. Although it may be difficult for buyers to overcome this barrier, a breakout could reinforce the upward pressure and pave the way for a retest of this year's high.
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