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 were little changed early Monday, with global benchmark Brent crude hovering above $90 a barrel, as investors monitored the Israel-Hamas war amid fears the conflict could escalate, threatening supplies.
Price action Market drivers Oil rose sharply on Friday, with traders appearing reluctant to hold short positions ahead of the weekend as Israel prepared for an expected ground incursion into Gaza. Fears the Israel-Hamas war could spill over, perhaps involving Iran and threatening supplies from the Mideast saw traders rebuild a risk premium after an initial spike last Monday was mostly erased in subsequent sessions.
“Aside from the influence of geopolitics, however, oil market fundamentals were mixed as U.S production surged to a new record high , but consumer demand rebounded as well and economic data continued to indicate a resilient labor market, both of which support the case for higher prices,” analysts at Sevens Report Research wrote in a Monday note.
“Looking ahead, as long as the war between Israel and Hamas continues, there will be a geopolitical fear bid in the market as oil infrastructure in the region will face an elevated threat of being targeted,” they said. Commodities Corner: Israel-Gaza war scenarios: Here’s what might lift oil prices to $95, $100 and $115 a barrel
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