William Watts is MarketWatch markets editor. In addition to managing markets coverage, he writes about stocks, bonds, currencies and commodities, including oil. He also writes about global macro issues and trading strategies. During his time at MarketWatch, Watts has served in key roles in the Frankfurt, London, New York and Washington, D.C.
Oil futures rose Friday, recovering from a tumble of more than 3% the previous session, but remain on track for monthly losses as a risk premium tied to fears the Israel-Hamas war could threaten crude supplies eroded.
Price action Market drivers WTI has largely erased gains seen since the Oct. 7 attack on southern Israel by Hamas from Gaza, while Brent has significantly trimmed its gains since the start of the war despite continued risks of a wider conflict. The biggest worry surrounds Iranian oil flows, which could see up to 1 million barrels a day of crude knocked off the market if the U.S. were to more strictly enforce sanctions on the country’s exports, said Warren Patterson and Ewa Manthey, commodity analysts at ING, in a note.“In the absence of supply disruptions from the region, it is difficult to see a significant and sustained upside in prices,” they said.
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