Oil up over 4%, reset by Mideast crisis; all eyes on Iranian supply
Investing.com - Crude prices were up 4% Monday as the latest Middle East crisis reintroduced geopolitical risk into the oil trade in a way unseen in years, resetting markets that just days ago were depressed more by concerns over the global economy., crude for delivery in November was up $3.72, or 4.5%, to $86.51 per barrel by 13:30 Eastern US . The US crude benchmark rose to as high as $87.23 earlier.for the most-active December contract was up $3.50, or 4.1%, to $88.08.
Iran is tacitly known to be behind Hamas at all times. To reinforce that notion, an adviser to Iranian Supreme Leader Ali Khamenei said Tehran supported the operation against Israel that had reportedly killed some 1,300 people at the time of writing, and led to the abduction of dozens of Israelis by ground forces of the militant group.
“While there’s a huge immediate shock value, as well as durability and elasticity, in this crisis, what will matter in the end is the actual impact on oil supply, not implied,” Kilduff said. “Are the Iranians without doubt the sponsors of this attack, and if so, will the war vowed by Israel end up severely debilitating Iran’s oil shipments?”
With the Israelis vowing commensurate response for one of the worst attacks ever on their soil, a counter engagement against Tehran, either unilaterally by Jerusalem, or with the combined might of the United States, could have ramifications for the oil trade. As of Monday, production cuts by the global group of oil producers known as OPEC+ looked set to continue as well, with no change indicated by Saudi Energy Minister Abdulaziz bin Salman.
“Yes, we may be delayed with a decision on what to do, but I would not forfeit the precautionary approach, even if it goes beyond a month or two, or three or four months, or five months,” he added.
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Commodities Week Ahead: Mideast Crisis a Reset for Oil, Gold BullsCommodities Analysis by Investing.com (Barani Krishnan) covering: XAU/USD, Gold Futures, Brent Oil Futures, SPDR® Gold Shares. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
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Hamas attack on Israel thrusts Biden into Mideast crisis and has him fending off GOP criticismPresident Joe Biden has been thrust into a Middle East crisis that risks expanding into a broader conflict and has left him fending off criticism from GOP presidential rivals that his administration’s policies led to this moment
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Hamas attack on Israel thrusts Biden into Mideast crisis and has him fending off GOP criticismPresident Joe Biden has been thrust into a Middle East crisis that risks expanding into a broader conflict and has left him fending off criticism from GOP presidential rivals that his administration’s policies led to this moment. The potential for prolonged and expanding violence could test Biden’s leadership on both the world stage and at home as he tries to navigate between demonstrating unflinching support for Israel and fostering a broader peace in the combustible Mideast. Sympathetic milita
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Hamas attack on Israel thrusts Biden into Mideast crisis and has him fending off GOP criticismPresident Joe Biden has been thrust into a Middle East crisis that risks expanding into a broader conflict and has left him fending off criticism from GOP presidential rivals that his administration’s policies led to this moment.
Leer más »
Hamas attack on Israel thrusts Biden into Mideast crisis and has him fending off GOP criticismPresident Joe Biden has been thrust into a Middle East crisis that risks expanding into a broader conflict and has left him fending off criticism from GOP presidential rivals that his administration’s policies led to this moment
Leer más »
Hamas attack on Israel thrusts Biden into Mideast crisis and has him fending off GOP criticismPresident Joe Biden has been thrust into a Middle East crisis that risks expanding into a broader conflict and has left him fending off criticism from GOP presidential rivals that his administration’s policies led to this moment
Leer más »