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☆ Oil rises in early Asian trading, Middle East tensions remain in focus
▼ + stars: | 2024-04-23 | by ( ) www.cnbc.com time to read: +1 min

Oil prices edged higher in early Asian trading on Tuesday, reversing losses from the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East. Oil prices edged higher in early Asian trading on Tuesday, reversing losses from the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East. Both benchmarks fell 29 cents in the previous session on signs that a recent escalation of tensions between Israel and Iran had little near-term impact on oil supplies from the region. Barclays analysts said on Monday that risks to their $90 a barrel forecast for this year's Brent prices remain skewed higher. U.S. crude oil inventories are expected to have increased last week while refined product stockpiles likely fell, according to a preliminary Reuters poll of analysts.

Persons: Brent Organizations: Global, Brent, U.S, West Texas, ANZ, Barclays Locations: East, Israel, Iran

☆ Why the oil market shrugged as Iran and Israel appeared on the brink of war this week
▼ + stars: | 2024-04-20 | by ( ) www.cnbc.com time to read: +3 min

U.S. crude oil and global benchmark Brent finished out the week about 3% lower, despite the fact that Iran and Israel traded direct strikes against each other's territory for the first time. Fears that oil prices could shoot to $100 a barrel or above did not materialize. The market has essentially erased the risk premium associated with the Iran-Israel tensions after traders bid up prices last week on war fears. "These skirmishes did not impress the oil markets, which believe that no disruption to oil flows will occur." Papic said a sustained war between Israel and Iran is difficult to imagine and may even be practically impossible.

Persons: Ali Mohammadi, Israel, Manish Raj, John Kilduff, Marko Papic, Papic, Brent, Kilduff, CNBC's Organizations: Persian Gulf, Bloomberg, Getty, Brent, Israel's, Israel, Traders, Velandara Energy Partners, Again, International Atomic Energy Agency, Clocktower Locations: Bandar Abbas, Iran, Israel, U.S, Damascus, Syria, Tehran

☆ Goldman Sachs: 3 top energy stocks to buy with valuations at 30-year lows for investors hoping to hedge against higher inflation and flaring tensions in the Middle East
▼ + stars: | 2024-04-16 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Energy stocks have finally caught fire in an increasingly uncomfortable backdrop for investors. Another compelling selling point for energy stocks is that there will be strong long-term demand for oil, Kostin wrote. "Our commodities strategists expect long-term energy demand will remain solid, in part because of increased global energy demand from the structural rise in transportation needs in EMs and AI." All three stocks will enjoy resilient long-term energy demand, Kostin wrote. Each firm has pulled back lately alongside the slight dip in oil prices and would benefit if the rally resumes.

Persons: Goldman Sachs, Brent, David Kostin, Kostin, They're Organizations: Business, Oil, Hamas, Goldman Sachs Energy, Commodities, Mutual, Marathon Petroleum, Schlumberger, ConocoPhillips Locations: East, Israel, Iran, Syria

☆ Morgan Stanley sees 'hot summer' ahead for energy sector, gives its favorite picks
▼ + stars: | 2024-04-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

A robust oil outlook on stronger-than-expected demand this year should provide a "hot summer" for energy stocks, according to Morgan Stanley. The investment bank has upgraded the energy sector to "attractive" as crude oil demand forecasts have improved on better-than-expected growth in the major economies. Morgan Stanley's top picks to play the oil rally are BP , TotalEnergies and Repsol . Strong demand combined with geopolitical risk should support Brent prices of $94 a barrel by the end of the summer, according to Rats and his colleagues. BP YTD mountain BP shares year to date BP stands out with a compelling distribution yield of nearly 11%, according to Morgan Stanley analysts.

Persons: Morgan Stanley, Morgan Stanley's, Martijn, Brent, Morgan Organizations: BP Locations: Ukraine

☆ Oil prices could spike to $100 if Iran directly attacks Israel, analyst says
▼ + stars: | 2024-04-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

The price of global benchmark Brent crude oil could spike to $100 a barrel if Iran directly attacks Israel, a former senior White House energy official said. @LCO.1 YTD mountain Brent crude oil, YTD Oil rallied last week after a missile attack destroyed Iran's consulate in Damascus, Syria, killing seven Iranian military officials. "If Iran attacks from its territory, Israel will react and attack Iran," Israeli Foreign Minister Israel Katz said on the social media platform X , tagging Ayatollah Khamenei. Defense Secretary Lloyd Austin made clear that the Biden administration is worried about rising energy prices during congressional testimony Tuesday. "Certainly, those attacks could have a knock-on effect in terms of the global energy situation," Austin told the Senate Armed Services Committee.

Persons: Bob McNally, McNally, George W, Brent, YTD Oil, Israel, Ayatollah Ali Khamenei, Khamenei, Israel Katz, Biden, terrify, Daniel Yergin, Yergin, CNBC's, Natasha Kaneva, Lloyd Austin, Austin Organizations: Brent, White House, Rapidan, Bloomberg News, YTD, Israel, Iran, Rapidan Energy, Biden, P Global, JPMorgan, Defense, Senate Armed Services Committee Locations: Iran, Israel, U.S, Washington, Damascus, Syria, OPEC, Tehran, Islamic Republic, Strait, Hormuz, Persian, Kyiv, Ukraine

☆ JPMorgan says U.S. 'not out of the woods' on inflation, stay overweight commodities
▼ + stars: | 2024-04-09 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Investors should stay overweight on commodities with a focus on energy to hedge against inflation as interest rate cuts will likely to come later than originally forecast, according to JPMorgan. Economic growth is also coming in stronger than expected with JPMorgan revising global growth upward by 0.5% in the first half of this year. "However, ongoing growth resilience and sticky inflation raise the odds of fewer cuts," Kolanovic cautioned clients. Kolanovic advised investors to stay overweight on commodities with a focus on energy as oil prices rally. The U.S., however, could tap the strategic petroleum reserve as a countermeasure if the situation escalates and deteriorates further, according to JPMorgan.

Persons: Marko Kolanovic, Inflation, Kolanovic, Brent Organizations: JPMorgan, Reserve, Russia Locations: U.S, Western Europe, Ukraine, Russia

☆ Global oil price hits seven-month high as Middle East tensions rise
▼ + stars: | 2024-04-02 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —The global price of oil rose Tuesday to its highest level in seven months, propelled, in part, by concerns that mounting tensions in the Middle East could crimp supply. Brent crude, the world’s oil benchmark, climbed as much as 1.8% to $89 a barrel, the highest since early September, before paring those gains slightly mid-afternoon in Europe. Meanwhile, West Texas Intermediate crude, the US benchmark, also rose 1.8% to reach a five-month high of $85 a barrel. “You’ve got ongoing Ukrainian attacks on Russian refineries… Houthi attacks on shipping in the Red Sea,” as well as a “general sense that the Middle East is less stable than it was a year ago,” he told CNN. Geopolitical tensionsWriting about higher oil prices Tuesday, Sophie Lund-Yates, lead equity analyst at financial services company Hargreaves Lansdown, singled out escalating geopolitical tensions in the Middle East following an airstrike on Iran’s embassy in Syria Monday.

Persons: Richard Bronze, “ You’ve, ”, Sophie Lund, Yates, Hargreaves Lansdown, Israel, —, specter, Brent, Bill Weatherburn Organizations: London CNN, Brent, West, CNN, Revolutionary Guards, Organization of, Petroleum, Lund, Capital Economics Locations: Europe, West Texas, Brent, United States, Red, ”, Syria Monday, Iran, Syria, Israel, Tehran, Quds, OPEC, Iran’s, Damascus, Gaza, China

☆ Oil prices climb to five-month high on escalating Middle East tensions and fresh supply threats
▼ + stars: | 2024-04-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

A flare stack burns beyond oil storage tanks at the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk, Tatarstan, Russia, on Tuesday, March 5, 2019. Oil prices on Tuesday rose to their highest level since October as investors closely monitored fresh supply threats amid an escalating conflict in the Middle East and a Ukrainian drone strike on a major Russian oil refinery. International benchmark Brent crude futures for June delivery traded at $88.58 per barrel at 1:15 p.m. London time, up $1.2 per barrel from the previous session. U.S. West Texas Intermediate (WTI) futures with May expiry stood at $84.97 per barrel, roughly $1.3 per barrel higher. PVM's Varga warned that the potential for direct Iranian involvement in the Israel-Hamas war could spark a "region-wide conflict with plausible impact on oil supply."

Persons: Tatneft PJSC, Brent, Tamas Varga, Israel, PVM's Varga, Rustam Minnikhanov, Minnikhanov, Russia —, — CNBC's Elliot Smith Organizations: Oil Refining, Petrochemical, Brent, . West Texas, Sky News, Organization of, Petroleum Locations: Nizhnekamsk, Tatarstan, Russia, Ukrainian, London, haven't, Iran, Syrian, Damascus, Tehran, Israel, Ukraine, Moscow, OPEC

☆ JPMorgan says oil could rise to nearly $100 a barrel on Russia's 'surprising' actions ahead of U.S. election
▼ + stars: | 2024-03-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The price of global benchmark Brent crude oil could surge to $100 a barrel ahead of the U.S. election as Russia slashes its output, according to JPMorgan. "The shift in Russia's oil strategy is surprising," Natasha Kaneva, head of global commodities strategy at JPMorgan, told clients in a note Wednesday. Russia's cuts could push Brent to $90 in April and nearly $100 by September, which would put pressure on the Biden administration in the runup to the November presidential elections, Kaneva wrote. The White House could, however, tap the strategic petroleum reserve with space to release up to 60 million barrels, Kaneva wrote. Demand destruction, in turn, would result in lower crude prices, according to the analyst.

Persons: Natasha Kaneva, Brent, Biden, Kaneva Organizations: Brent, JPMorgan, Reuters Locations: Russia, Saudi Arabia, Moscow, OPEC, U.S

☆ Crude oil showing signs of a breakout as it tops $80. What traders say happens next
▼ + stars: | 2024-03-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

U.S. crude oil futures might be showing signs of a break out after topping $80 this week, though some analysts caution against reading too much into the move. The move higher came after the International Energy Agency forecast a crude supply deficit this year and Ukraine attacked several oil refineries in Russia. U.S. crude performed the same pattern this week, wiping out and closing above last week's intraday high of $80.67. U.S. crude has also held above its 200-day moving average of $78.13 a barrel almost all month, he said. As the market enters a supply deficit this year, Riyadh could start rolling barrels back on the market, Melek said.

Persons: Matt Maley, Miller, Tom Fitzpatrick, R.J, O'Brien, WTI, Brent, Fitzpatrick, Maley, Malley, Bart Melek, Melek, We're, Carter Worth, It's, it's, Worth Organizations: West Texas Intermediate, International Energy Agency, SPDR, Energy, TD Securities, U.S, Worth Locations: Ukraine, Russia, Saudi Arabia, Saudi, Riyadh, U.S, United States

(AP) — A divided Missouri Supreme Court upheld voting districts drawn for the state Senate on Wednesday, rejecting a legal challenge that claimed mapmakers should have placed a greater emphasis on keeping communities intact. The high court's 5-2 decision means the districts, first used in the 2022 elections, will remain in place both for this year's elections and ensuing ones. While a Republican Senate committee supported the Senate map enacted in 2022 by a panel of appeals court judges, a GOP House committee sided with Democratic-aligned voters suing for the districts to be overturned. The third prioritizes “contiguous” and “compact” districts, and the fourth requires communities to be kept whole in districts if possible under the equal population guidelines. The Supreme Court said a trial judge correctly decided that the constitution makes “compact” districts a higher priority than keeping communities intact.

Persons: Judge Kelly Broniec, Mike Parson's, Judge W, Brent Powell, Judge Paul Wilson, ” Powell, Chuck Hatfield, ” Hatfield, I’m, Pro Tem Caleb Rowden, ” Organizations: JEFFERSON CITY, Republicans, Republican, GOP, Democratic, Republican Gov, Pro Locations: Mo, Missouri, Buchanan, Louis, Hazelwood, ”

☆ Oil prices set for sixth straight weekly fall as OPEC+ cuts underwhelm
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsDec 1 (Reuters) - Oil prices extended losses on Friday, and looked set for a sixth straight week of declines, as voluntary oil output cuts agreed by OPEC+ producers fell short of market expectations. Saudi Arabia, Russia and other members of OPEC+ agreed to voluntary output reduction of 900,000 bpd in addition to extending 1.3 million bpd in production cuts already in place. Delegates had earlier discussed as much as 2 million bpd in new output curbs. Goldman Sachs said its December forecast for Brent was "moderately tilted" to the downside of its previously estimated range, calling the oil producers' move a "temporary response," and "difficult to implement." Separately, Brazil said on Thursday it would join the OPEC+ next year, though such a move wouldn't bind the south America's largest country to production cuts.

Persons: Tatiana Meel, Brent, Goldman Sachs, Goldman, Laura Sanicola, Stephen Coates, Kim Coghill Organizations: REUTERS, OPEC, Brent, . West Texas, Thomson Locations: Nakhodka, Russia, Saudi Arabia, UAE, Iraq, Kuwait, Kazakhstan, Algeria, Brazil, OPEC

☆ Goldman Sachs forecasts higher returns on commodities
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

[1/2] Oil, miniatures of oil barrels and U.S. dollar banknote are seen in this illustration taken, June 6, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 13 (Reuters) - Goldman Sachs expects increased returns on commodities over the next 12 months, buoyed by higher spot prices amid easing monetary policy and recession fears while the asset class also strengthens on hedging against geopolitical supply risks. The bank has forecast returns of 21% on commodities over a 12-month horizon on the oil-heavy S&P GSCI Commodity Index, led by returns of about 31% from energy and 17.8% from industrial metals. Commodity returns will also be bolstered by OPEC-driven declines in oil inventories and demand for so-called green metals, primarily from China, Goldman said. In metals, Goldman forecast a sharp tightening in copper and aluminium stocks into the middle of the decade, driving up prices from the second half of 2024.

Persons: Dado Ruvic, Goldman Sachs, Goldman, Brent, Harshit Verma, David Goodman Organizations: REUTERS, U.S . Federal Reserve, European Central Bank, OPEC, Energy, Thomson Locations: China, Bengaluru

☆ Starlink’s rapid growth and influence has made it an indispensable part of Elon Musk’s SpaceX
▼ + stars: | 2023-11-11 | by ( Magdalena Petrova | ) www.cnbc.com time to read: +3 min

In this article ETL-FRTMUSAMZNVSAT Follow your favorite stocks CREATE FREE ACCOUNTElon Musk's SpaceX is known for its frequent launches, which now dominate the space industry. But the satellites that the rockets send to space are just as important for the company as the launches. SpaceX launched its first batch of Starlink satellites in 2019. Whereas prior satellite service providers have ramped up to anywhere at most between 500,000 to a little bit over a million subscribers. "Starlink's importance to SpaceX overall as a company is imperative.

Persons: Elon, Starlink, Brent Prokosh, Prokosh, Kari Bingen, Metin Organizations: SpaceX, Aerospace Security, Center for Strategic, International Studies, Independence, Anadolu Agency, Getty Locations: Russia, Ukraine, Kherson

☆ Brazil's Petrobras lifts 2023 forecast for oil and gas output
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Brazil's state-run oil company Petrobras logo is pictured at its building in Rio de Janeiro, Brazil July 17, 2023. REUTERS/Ricardo Moraes Acquire Licensing RightsCompanies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Nov 9 (Reuters) - Brazil's state-run oil company Petrobras (PETR4.SA) raised its projection for oil and gas production this year, after posting a 41.5% decrease in third-quarter profit on Thursday. Latin America's top oil producer posted a recurring net profit of 27.2 billion reais ($5.51 billion), while analysts polled by LSEG had expected 28.74 billion reais. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the period shrank 27.6% to 66.19 billion reais ($13.41 billion). Petrobras also said it will pay shareholders 1.344365 reais per share, totaling 17.5 billion reais in dividends.

Persons: Ricardo Moraes, LSEG, Fabio Teixeira, Chris Reese, Lincoln Organizations: Petrobras, REUTERS, Petroleo Brasileiro SA Petrobras, RIO DE, PETR4, Thomson Locations: Brazil's, Rio de Janeiro, Brazil, RIO DE JANEIRO, Brent, Santos, Campos

Net profit fell to $32.6 billion for the quarter to Sept. 30, above the $31.8 billion expected by 12 analysts in a company-provided forecast. The Saudi oil producer said lower oil prices and volumes were partially offset by a reduction in production royalties, which are linked to Brent prices. Chevron (CVX.N) and Exxon Mobil (XOM.N) last month reported sharp year-on-year falls in third-quarter profit as energy prices cooled. Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. Back in 2021, Saudi Arabia's de facto ruler, Crown Prince Mohammed bin Salman, said that Saudi Aramco would sell more shares, with the proceeds going to bolster the PIF, the Vision 2030's main funding source.

Persons: Brent, Aramco's, Dado Ruvic, Prince Mohammed bin Salman, Hadeel Al Sayegh, Yousef Saba, Miral Fahmy, Jason Neely, Tomasz Janowski Organizations: DUBAI, Saudi Aramco, Chevron, Exxon Mobil, Reuters Graphics, OPEC, Aramco, REUTERS, Investment Fund, Energy, RBC, Riyadh bourse, Wall Street, Thomson Locations: Saudi, Reuters Graphics Saudi Arabia, Saudi Arabia, Aramco, Riyadh

An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Brent January crude futures rose 0.3%, or 28 cents, to $85.30 a barrel by 0330 GMT, after falling more than 1% on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract's expiry on Tuesday. Interest rate hikes aimed at taming inflation can slow economic growth and reduce oil demand, while rate cuts to spur spending could increase oil consumption. The Fed, which will end its meeting on Wednesday, is expected to hold rates steady, according to a poll by CME's Fedwatch tool.

Persons: Brent, Edward Moya, CME's, Goldman Sachs, Antony Blinken, Mohi Narayan, Emily Chow, Jamie Freed Organizations: Kyodo, U.S . Federal Reserve, . West Texas, Treasury, Federal, Market, American Petroleum Institute, Central Bank, Bank of England, Israel, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, DELHI, Israel, ., U.S, Europe, China, East, Gaza, New Delhi, Singapore

☆ Oil gains ahead of Fed meeting as Middle East conflict persists
▼ + stars: | 2023-11-01 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged up in early Asian trade on Wednesday ahead of key global central bank meetings this week including the U.S. Federal Reserve, as the market also closely watches the latest developments in the Israel-Hamas conflict. Brent January crude futures rose 36 cents, or 0.4%, to $85.38 a barrel by 0040 GMT, after falling $1.33 on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract's expiry on Tuesday. Interest rate hikes aimed at taming inflation can slow economic growth and reduce oil demand, while rate cuts to spur spending could increase oil consumption. The Fed, which will end its meeting on Wednesday, is expected to hold rates steady, according to a poll by CME's Fedwatch tool.

Persons: Brent, Edward Moya, CME's, Goldman Sachs, Antony Blinken Organizations: Raffles, U.S . Federal Reserve, . West Texas, Treasury, Federal, Market, American Petroleum Institute, Central Bank, Bank of England, Israel Locations: Yantai, East China's Shandong province, Israel, ., Europe, East, Gaza, U.S

The decision by Saudi Arabia and Russia to extend the voluntary cuts drove up oil prices to over $90 a barrel in late September. Saudi crude exports to China rose to nearly 1.6 million bpd in September, up from 1.2 million bpd in August and 1.37 million bpd in July, Kpler data showed. U.S. CRUDE EXPORTS FALLAs the U.S. sees less crude imports, it has exported less oil to Europe. U.S. crude exports to Europe fell to 1.86 million bpd in September and 1.84 million bpd in August, from 2.01 million bpd in July, Kpler data showed. Tight supply led the premium for front-month Brent crude futures to rise to as much as $3.26 a barrel above the second month , the highest since 2022.

Persons: Lucy Nicholson, Matt Smith, Smith, refiners, Vortexa's Rohit Rathod, Adi Imsirovic, Brent, Stephanie Kelly, Alex Lawler, David Gregorio Our Organizations: Port, REUTERS, Brent, Organization of, Petroleum, Total U.S, Americas, Kpler, West, Surrey Clean Energy, CSIS, Midland, P, Insights, Thomson Locations: Port of Long Beach, Port of Los Angeles, Los Angeles , California, U.S, Saudi Arabia, Europe, Russia, Nigeria, Algeria, Saudi, China, Richmond , California, Los Angeles, Midland, Brent

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSummary Oil prices drop on Friday but gain over 1% for the weekHamas releases two US hostages in GazaEarlier, Israeli minister said troops to see Gaza 'from inside'Global oil market already faces supply concernsBENGALURU, Oct 20 (Reuters) - Oil prices settled lower on Friday after the Islamist group Hamas released two U.S. hostages from Gaza, leading to hopes the Israeli-Palestinian crisis could de-escalate without engulfing the rest of the Middle East region and disrupting oil supplies. Brent crude futures fell 22 cents, or 0.2%, to settle at $92.16 a barrel. U.S. West Texas Intermediate crude futures for November delivery , which expired after settlement on Friday, fell 62 cents, or 0.7%, to $88.75 a barrel. Hamas' armed wing released two U.S. hostages from Gaza - a mother and her daughter - "for humanitarian reasons" in response to Qatari mediation efforts in the war with Israel, its spokesman Abu Ubaida said on Friday. "The report took some of the risk premium out of the market," said Phil Flynn, analyst at Price Futures Group.

Persons: Andrew Kelly, Abu Ubaida, Phil Flynn, Yoav Gallant, John Kilduff, Kilduff, Giovanni Staunovo, Brent, Staunovo, Shariq Khan, Paul Carsten, Florence Tan, Sudarshan, Shri Navaratnam, Jason Neely, David Gregorio, Jane Merriman Organizations: REUTERS, Hamas, Brent, . West Texas, Price Futures, Israeli, Pentagon, UBS, U.S . Commodity Futures Trading Commission, Thomson Locations: Manhattan , New York City, U.S, Gaza, BENGALURU, Hamas, Israel, Yemen, New York, Saudi Arabia, Russia

☆ Oil prices jump again as explosion at Gaza hospital jacks up tensions in the Middle East
▼ + stars: | 2023-10-18 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

The flare-up came after an explosion at a Gaza hospital fueled investors’ fears that the crisis in the Middle East will escalate. AdvertisementAdvertisementOil prices flared up again Wednesday after a devastating explosion at a hospital in Gaza fueled investors' fears that the ongoing crisis in the Middle East will escalate. The commodity's next move will be driven by how Joe Biden responds to the hospital explosion, according to analysts. "Oil prices rallied 2% following the deadly explosion at the Gaza hospital as it boosts tensions across the Middle East just before the arrival of US President Joe Biden," deVere Group CEO Nigel Green said. AdvertisementAdvertisement"Clearly, the US is a major influence in the Middle East due to its economic interests, military presence, national security concerns, strategic alliances, and diplomacy efforts," he added.

Persons: Brent, —, Joe Biden, Biden, Jordan, Nigel Green, – Organizations: Service, West Texas, Hamas Locations: Gaza, Israel, Palestine, Iran, Saudi Arabia, East

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. The conflict in the Middle East has had little impact on global oil and gas supplies, and Israel is not a big producer. Iran's Oil Minister Javad Owji said on Friday oil prices are expected to reach $100 per barrel due to the current situation in the Middle East, according to the ministry's news agency SHANA. If the U.S. tightens enforcement of sanctions on Iran's oil exports due to any role it may have in the conflict, then Iran's oil supply could fall. On the U.S. supply front, drillers this week added four oil rigs in the biggest weekly rise since March, Baker Hughes said.

Persons: Brent, WTI, Israel, Javad Owji, SHANA, Iran's, Hossein Amirabdollahian, Andrew Lipow, Baker Hughes, Stephanie Kelly, Paul Carsten, Katya Golubkova, Andrew Hayley, Marguerita Choy, David Gregorio, Paul Simao Organizations: REUTERS, Companies, . West Texas, Iran's Oil, Hezbollah, U.S, Wall Street, Lipow Oil Associates, The, of, Petroleum, drillers, U.S . Commodity Futures Trading Commission, Thomson Locations: Cushing , Oklahoma, U.S, Gaza Saudi Arabia, Israel, Gaza, Tehran, Lebanese, Saudi Arabia, Moscow, Ukraine, Russia, Iran, China, New York, London, Tokyo, Beijing

A strong dollar typically weighs on oil prices as it makes the commodity more expensive for holders of other currencies, dampening demand for crude. Oil prices in September hit 10-month highs as Saudi Arabia and Russia cut a combined 1.3 million barrels per day (bpd) of supply until the end of the year. Oil prices are currently high in part in response to the OPEC+ cuts. This supply shock is expected to dampen consumer purchasing power, weigh on economic growth and eventually depress oil demand, JP Morgan analysts said. And given high interest rates in key Western economies, the combination of relatively high oil prices and the strong dollar cannot last for a long time, said Saxobank analyst Ole Hansen.

Persons: Dado Ruvic, Brent, Colin Asher, Francesco Pesole, Morgan, Ole Hansen, Tamas Varga, PVM, Simon Webb, Sharon Singleton Organizations: REUTERS, U.S ., Reuters Graphics Reuters, U.S, Mizuho, U.S . Federal Reserve, ING, Reuters, Thomson Locations: Saudi Arabia, OPEC, Russia, Israel, Palestinian

☆ 'Cheap' and 'compelling': Pros name the oil stocks to buy — giving one over 120% upside
▼ + stars: | 2023-10-10 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Oil prices jumped 4% on Monday during Asia hours , in the wake of the attack. Young said names in international and offshore oilfield services should pick up as oil prices rebound. "It just executed a large set of acquisitions and is well positioned for higher oil prices and more interest in the sector." Generally, Young said oil and gas stocks are "particularly compelling." Neuhauser said small-cap energy stocks that have leveraged to increased oil prices are the ones to own right now.

Persons: Josh Young, Young, Saturday . Young, Antony Blinken, Biden, CNBC's, David Neuhauser, Stocks, Neuhauser, Scott Nations Organizations: Bison, Hamas, Saturday ., United Nations, Reuters, U.S . Energy Information Administration, Livermore Partners, CNBC Pro, Nasdaq, Weatherford, Vital Energy, Exxon, Global Energy, Vista Energy, Jadestone, Brent, Scott, Chevron, ConocoPhillips Locations: Israel, Asia, Iran, U.S, Tehran, Strait, Hormuz

☆ Stock futures are little changed Monday evening as Israel-Hamas war raises geopolitical concerns: Live updates
▼ + stars: | 2023-10-09 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

U.S. stock futures were near the flat line on Monday night as Wall Street assessed the impact and risks of a protracted conflict from the Israel-Hamas war. Futures linked to the S&P 500 ticked down 0.01%, while Nasdaq 100 futures added 0.07%. In the wake of the attacks, investors have also raised concerns of how tougher sanctions on Iran could affect global oil supply. Tightened sanctions on Iran and subsequent disruptions to Iran's oil supply "would have more of an impact on oil markets," said BMO Capital Markets chief investment officer Yung-Yu Ma. "I think the oil markets have a little bit of a buffer here.

Persons: Dow, Brent, Meera Pandit, Yung, Yu Ma, Ma Organizations: Dow Jones Industrial, Nasdaq, West, Energy, Israel, West Bank, Asset Management, Capital Markets, Investors Locations: Israel, West Texas, Aqsa, Gaza, Iran

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