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☆ The US economy may be barrelling towards stagflation, an outcome worse than recession
▼ + stars: | 2024-04-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

The provides the backdrop for stagflation, which can't be combated with rate cuts. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . With additional help from high government spending and the dollar's de-coupling from gold, inflation surged into double digits, while the economy tumbled. The period was so tumultuous that it undid long-standing macroeconomic theories, and required the Fed to step up its role in the economy.

Persons: —, David Donabedian, It's, listlessness, stagflation, Paul Volcker, Jamie Dimon, we've, Pooja Sriram, Powell Organizations: Service, CIBC Private Wealth, OPEC, Economic, of New, Barclays Locations: of New York

☆ Middle East escalation could trigger energy shock that fuels inflation, World Bank warns
▼ + stars: | 2024-04-25 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The outbreak of a major conflict in the Middle East could trigger an energy shock that pushes oil prices above $100 a barrel, fuels inflation and results in higher interest rates for longer, the World Bank warned Thursday. The governments in Jerusalem and Tehran appear to have decided against escalation after exchanging direct strikes on each other's territory for the first time. Oil prices have pulled back nearly 4% from recent highs as investors have discounted the probability of a wider war in the Middle East. The World Bank, however, cautioned that the situation in the region remains uncertain. "The world is at a vulnerable moment: a major energy shock could undermine much of the progress in reducing inflation over the past two years," said World Bank Chief Economist Indermit Gill.

Persons: Israel, Indermit Gill Organizations: World Bank, Bank Locations: Isfahan Refinery, Iran, Isfahan, Jerusalem, Tehran

☆ Citi upgrades energy sector, says geopolitical tensions could keep oil prices higher for longer
▼ + stars: | 2024-04-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The energy sector should continue to outperform as oil prices are likely to remain higher for longer on geopolitical risk even without a major escalation in the Middle East, according to Citi. The energy sector has gained 13% this year, outperforming the broader S & P 500 . .GSPE .SPX YTD mountain S & P 500 energy sector outperforms Refinery stock Marathon Petroleum is leading the sector's performance with a gain of 33% year to date. "Our commodity team see higher for longer oil given the geopolitical risk even as a severe escalation seems unlikely." "However, in the short-term, the global reflation theme and tensions in the Middle East are keeping prices supported," the Citi team told clients.

Persons: Dirk Willer Organizations: Citi, Energy, Marathon Petroleum, Exxon Mobil, Chevron, Brent Locations: Refinery, Israel, Iran, Rafah, Russia, Saudi Arabia

☆ Oil prices retreat as U.S. crude build, rate cut concerns come to the fore
▼ + stars: | 2024-04-22 | by ( ) www.cnbc.com time to read: +3 min

The front month U.S. West Texas Intermediate (WTI) crude contract for May , which expires on Monday, fell 12 cents to $83.02 a barrel. Iran is the third largest producer in the Organization of the Petroleum Exporting Countries, or OPEC, according to Reuters data. ANZ analysts said in a note that volatility in the Middle East will keep oil markets "jittery". On Saturday, a blast at an Iraqi military base killed a member of a security force that includes Iran-backed groups. Separately, on Sunday, Iran-backed Lebanese group Hezbollah said it downed an Israeli drone that was on a combat mission in southern Lebanon.

Persons: Brent, Tina Teng, Austan Goolsbee Organizations: West Texas, Chicago Federal, Energy, U.S . House, Organization of, Petroleum, ANZ, Hezbollah Locations: Israel, Iran, U.S, Ukraine, China, Iraqi, Sunday, Lebanese, Lebanon, Gaza

☆ 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

☆ White House will 'make sure gas prices remain affordable' heading into summer, Biden advisor says
▼ + stars: | 2024-04-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

President Joe Biden's top economic advisor said Thursday that the White House will "make sure gas prices remain affordable" when asked whether the administration would consider tapping the Strategic Petroleum Reserve. We'll continue to monitor closely and want to make sure that those gas prices remain in current ranges," Brainard said. U.S. crude oil hit a high of $87.67 per barrel this year before pulling back to around $83 a barrel. The White House is keeping a close eye on "geostrategic risk" in the Middle East, Brainard said. Daniel Yergin, vice chairman of S&P Global, said oil prices above $90 presents a problem for the broader market.

Persons: Lael Brainard, Joe Biden's, Brainard, Biden, Lloyd Austin, John Podesta, Tuesday Biden, –, Daniel Yergin, It's, Yergin, CNBC's Organizations: AAA, Summit, Strategic Petroleum Reserve, JPMorgan, Brent, P Global Locations: East, Eastern Europe, Israel, Ukraine, Iran

☆ Direct Iran-Israel war could spike oil by $30 to $40, Bank of America says
▼ + stars: | 2024-04-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

A direct war between Israel and Iran could lead to substantially higher oil prices through 2025, according to Bank of America. This scenario assumes that Iran's crude oil production falls by up to 1.5 million barrels per day due to the war. Crude oil prices have fallen for three consecutive trading sessions in the wake of Iran's weekend missile and drone assault against Israel. The bank has penciled in the first Fed interest rate cut in December, and oil prices would come down by then though remain elevated. "Should supply losses build up regionally, it may also prove difficult to access spare production capacity, so oil prices would likely settle above $150/bbl for several months," the bank's analysts forecast.

Persons: Brent, Israel, Michael Bloom Organizations: Bank of America, Israel, Bank, Federal, bbl, Israeli Locations: Israel, Iran, OPEC, U.S

☆ Oil prices rise as Israel weighs response to Iran attack
▼ + stars: | 2024-04-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Tuesday amid heightened tensions in the Middle East after Israel's military chief said his country would respond to Iran's weekend missile and drone attack amid calls for restraint by allies. Oil prices rose on Tuesday amid heightened tensions in the Middle East after Israel's military chief said his country would respond to Iran's weekend missile and drone attack amid calls for restraint by allies. Oil prices had ended Monday's session lower after Iran's weekend attack on Israel proved to be less damaging than anticipated, initially easing concerns of a quickly intensifying conflict that could displace crude barrels. Iran produces more than 3 million barrels per day of crude oil as a major producer within the Organization of the Petroleum Exporting Countries, or OPEC. That would maintain pressure on policymakers to unveil more economic stimulus measures that could boost oil prices.

Persons: Brent, Benjamin Netanyahu Organizations: Israel's, Monday, Organization of, Petroleum Locations: Israel, Iran, Damascus, China

☆ Iran's attack on Israel: OPEC+ isn't close to 'panic stage,' Argus Media editor says
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIran's attack on Israel: OPEC+ isn't close to 'panic stage,' Argus Media editor saysNader Itayim, Mideast Gulf editor at Argus Media, says "so long as we don't see an impact on physical supply, I'd say we shouldn't expect much from OPEC+ even if prices do rise a little bit and we do get closer … to that $100 per barrel mark."

Persons: Nader Itayim Organizations: Argus Media Locations: Israel, Mideast, OPEC

☆ Here’s how the Israel-Iran conflict affects the oil market
▼ + stars: | 2024-04-15 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

Oil prices spiked Friday to levels not seen since October in anticipation of just such an escalation but on Monday were subdued. “It is the most significant chokepoint in the global oil market,” Richard Bronze, co-founder and analyst at data firm Energy Aspects, told CNN. A renewed crackdown would, however, “create upward pressure on global prices” at an inopportune moment, Tagliapietra said. A tight oil marketDespite Iran’s barrage of drones and missiles, the conflict had a relatively muted impact on the global oil market Monday. Oil prices have already risen sharply since hitting a low in early February.

Persons: London CNN —, Brent, Israel —, Simone Tagliapietra, ” Richard Bronze, Tagliapietra, Joe Biden’s, WTI, Russia — Organizations: London CNN, West Texas Intermediate, CNN, International Energy Agency, Hamas, Organization of, Petroleum, United Arab Emirates, Traders Locations: Israel, Iran, Syria, Paris, Gaza, Tehran, Hormuz ‘, Hormuz, Brussels, China, Strait, Saudi Arabia, Kuwait, United States, Ukraine, Washington, Damascus, OPEC, Russia, Brazil, Guyana, Canada

☆ Wall Street still isn't fretting about geopolitics, even after Iran attacked Israel
▼ + stars: | 2024-04-15 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe market served up another reminder of its indifference to geopolitics on Monday, as traders seemingly shrugged off the potential impact of Iran's strikes on Israel. Signs that the conflict between the two countries won't escalate any further have calmed the market's nerves, XTB research director Kathleen Brooks said on Monday. "The dollar opened the week fairly muted and US bond yields are slightly higher, suggesting that there was no flight to safe havens." Anyone who's been following markets for the past two years won't be surprised at traders' muted reaction to the latest tensions in the Middle East.

Persons: —, pare, Kathleen Brooks, Joe Biden, Brooks, who's, Jamie Dimon, Ray Dalio, Neal Shearing, Shearing, isn't Vladimir Putin, Xi Jinping, Ali Khamenei —, Jerome Powell Organizations: Service, Brent, West Texas, Business, JPMorgan, Bridgewater, Capital Economics, Federal Reserve, Fed Locations: Israel, Iran, Tehran, OPEC

☆ Oil prices could see 'super spike well above $100' if conflict escalates after Iran's attack on Israel
▼ + stars: | 2024-04-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Any disruption in its capacity to supply global markets could send oil prices higher, analysts told CNBC. Insufficient investment makes supply more fragile and increases the chance of a super spike well above $100 if supply is disrupted. Stock Chart Icon Stock chart icon Oil prices since the start of the year. "I think oil prices will go to all time highs this cycle, due to a decade of under-investment in exploration and development," Young added. Oil prices have climbed in recent months on trade disruptions and delays caused by Red Sea maritime attacks from the Houthis, who claim solidarity with the Palestinian people.

Persons: Saeid Arabzadeh, Israel reigniting, Andy Lipow, Daniel Hagari, Josh Young, Brent, Young, Morgan Stanley's Organizations: Afp, Getty, OPEC, CNBC, Brent, Lipow Oil Associates, Israel Defense Forces, Bison, Iran's United Nations, underinvestment, U.S, West Texas Locations: Persian, Iran, Hormuz, Oman, Israel, Damascus, Syria, Asia

☆ 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 head back up on Middle East jitters
▼ + stars: | 2024-04-12 | by ( ) www.cnbc.com time to read: +2 min

A view of an oil well at Arab Desert in Jebel Dukhan, Bahrain on March 4, 2024. Oil prices rose in early trade on Friday on heightened tensions in the Middle East, where Iran has promised to retaliate for a suspected Israeli air strike on its embassy in Syria, which could risk disruptions to supply from the oil producing region. Israel is keeping up its war in Gaza but is also preparing for scenarios in other areas, Prime Minister Benjamin Netanyahu said on Thursday. "The European Central Bank's decision to leave policy rates unchanged ... was expected, but accompanying statements open the door for near-term monetary easing," S&P Global Market Intelligence said in a note. However in the U.S., Federal Reserve officials signalled on Thursday no rush to cut interest rates, as sticky U.S. inflation remains a concern.

Persons: Ayatollah Ali Khamenei, Benjamin Netanyahu Organizations: Brent, U.S, West Texas, Israel, Washington, ANZ Research, Organization of, Petroleum, P Global Market Intelligence, Federal Locations: Jebel Dukhan, Bahrain, Iran, Syria, Damascus, Gaza, Israel, Tehran, Europe, U.S

☆ Energy stocks are hot again. The rally could have more fuel to burn
▼ + stars: | 2024-04-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

These robust gains come after a lackluster year for energy stocks. The energy sector fell roughly 5% in 2023, underperforming the broader S&P 500’s double-digit gains as concerns about the global economy hurt energy demand. Some investors say that energy stocks are poised for more gains, given the continued geopolitical turmoil and the US economy’s resilience. Energy stocks often do well when the economy is strong, since there’s more energy demand to fuel goods- and services production. Plug Power shares have slipped 34% this year, SolarEdge Technologies shares have tumbled 25% and Enphase Energy shares have slid 8%.

Persons: Nancy Curtin, “, ”, Bob Doll, he’s, Donald Trump, Trump, Matt Egan, ” Alex Durante, Read, Alicia Wallace, Price Organizations: CNN Business, Bell, New York CNN — Energy, Marathon Petroleum, Exxon Mobil, Occidental Petroleum, Halliburton, West Texas, Brent, Federal Reserve, Energy, RBC Capital Markets, Crossmark Global Investments, Organization of, Petroleum, Clean Energy, SolarEdge Technologies, Enphase Energy, Tax Foundation, CNN, Trump, of Labor Statistics, PPI Locations: New York, Ukraine, OPEC, China, Mexico

☆ 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

☆ Bad news for Biden (and all Americans): Inflation is creeping higher at the worst time
▼ + stars: | 2024-04-11 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

But, if you’re President Joe Biden, now is a particularly bad time for inflation to reaccelerate. On the other hand, bad economic data, especially regarding inflation, almost certainly guarantees people aren’t going to be feeling better about the economy. Significant progress over the past two years in getting inflation down from multi-decade highs has been of little help to struggling Americans. “We have more to do to lower costs for hardworking families,” he said. The shelter index, a broader component of the inflation report that covers a majority of housing expenses, is up 5.7% year-over-year.

Persons: CNN Business ’, New York CNN — There’s, Joe Biden, Biden, hasn’t, Ron Klain, ”, Ian Maule, he’s, CNN Biden, “ Organizations: CNN Business, New York CNN, Labor, Politico, Biden, Center, CNN, Republican Locations: New York, Las Vegas , Nevada

☆ Oil consolidates gains amid concerns of worsening Middle East crisis
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: +2 min

Oil prices held steady in early Asian trading on Thursday after gaining a dollar a barrel in the prior session as investors braced for a worsening of the Middle East crisis, potentially involving Iran, the third-largest oil producer in OPEC. Oil prices held steady in early Asian trading on Thursday after gaining a dollar a barrel in the prior session as investors braced for a worsening of the Middle East crisis, potentially involving Iran, the third-largest oil producer in OPEC. A Bloomberg report on Wednesday said the U.S. and its allies believe major missile or drone strikes by Iran or its proxies against Israel are imminent. "The market has become increasingly concerned that the Israel-Hamas war could escalate across the Middle East, putting oil supply at risk," ANZ analyst Daniel Hynes said. Oil traders will also be looking out for a monthly oil market report from the OPEC due to be published later on Thursday, and the International Energy Agency's oil market report due on Friday.

Persons: Antony Blinken, Yoav Gallant, Daniel Hynes Organizations: Brent, U.S, West Texas, Hamas, Bloomberg, Israeli, U.S . State Department, ANZ, International Energy Locations: Iran, Gaza, Israel, Syria, U.S, United States

☆ Oil steady as U.S. crude stock build offsets Middle East uncertainty
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack is shown near the Callon Petroleum vicinity on March 27, 2024 in Monahans, Texas. Oil prices held steady in early trade on Wednesday after two straight days of losses, as worries about tighter supply due to uncertainty over Gaza ceasefire talks were offset by a bigger-than-expected build in U.S. crude inventories. Brent crude futures were flat at $89.42 per barrel at 0010 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 2 cents to $85.25. Meanwhile, U.S. crude stocks climbed last week by 3.03 million barrels, according to market sources citing American Petroleum Institute figures. Separately, the government raised its forecast for U.S. crude oil output, expecting an increase of 280,000 bpd to 13.21 million bpd in 2024, up 20,000 bpd from an earlier forecast from the U.S. Energy Information Administration (EIA).

Persons: Brent, WTI Organizations: Brent, U.S, West Texas, Iran, Organization of, Petroleum, American Petroleum Institute, U.S . Energy Information Administration, EIA, Revolutionary Guard's Locations: Monahans , Texas, Gaza, Israel, Cairo, Iran, Hormuz, Turkey

☆ Oil prices break two-day losing streak after Israel threatens to strike Iran if attacked
▼ + stars: | 2024-04-10 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures rose Wednesday after two days of losses as Israel threatened to attack Iran if the Islamic Republic strikes Israel directly. The West Texas Intermediate contract for May delivery gained 31 cents, or 0.36%, to $85.54 a barrel. Oil prices pulled back after the consumer price index rose 0.4% for March and 3.5% over the previous year, compared with expected gains of 0.3% and 3.4%, respectively. Israel warned OPEC member Iran Wednesday it would attack the Islamic Republic if Tehran strikes Israel. "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 Supreme Leader Ayatollah Ali Khamenei.

Persons: Israel, Brent, Israel Katz, Ayatollah Ali Khamenei Organizations: Quds Force, West Texas Intermediate, Iran Locations: Jerusalem, Syria, Tehran, Iran, Islamic Republic, Israel, Republic

☆ Bill Gross says this income play is ‘Better than AI.’ How you can get in on it
▼ + stars: | 2024-04-09 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Energy prices are surging, and an income-oriented play is getting some love from legendary investor Bill Gross. Better than AI," noting that these master limited partnerships have climbed by double-digits in the past 12 months. MLPs offer investors a way to bet on the exploration, transport and processing of oil and gas. Though the partnership isn't subject to federal income tax, the limited partners face taxes on the income they collect. That means MLP investors could find themselves going on extension to file returns: In that case, they could file their returns as late as Oct. 15.

Persons: Bill Gross, Gross, Stephen Ellis, Ellis Organizations: West Texas, Brent, American Pipeline, NuStar Energy, Morningstar, midstream, Enterprise Products Partners, Targa Resources, Energy, Partners, . Gas, . Enterprise Products, MLP Locations: Asia

☆ 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

☆ Energy, the new momentum trade? Why the sector's strong gains can increase from here
▼ + stars: | 2024-04-08 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

The energy sector has pulled up from behind to overtake nearly every other sector of the market this year and may still have room to advance, according to analysts. The energy sector has gotten a lift as crude oil prices are on a tear this year after plummeting in the last quarter of 2023. The refiners Marathon Petroleum , Phillips 66 and Valero also hit all-time highs on Friday. Diamondback Energy is trading at all-time highs Monday dating back to its IPO in October 2012, while ConocoPhillips is at levels that have not been seen since November 2022. "We think it's a theme that has more to go as well," Ginsberg said of the energy sector rally.

Persons: Jonathan Krinsky, Krinsky, it's, Rob Ginsberg, Brent, Iran teeter, Ginsberg, Valero Organizations: Energy, BTIG, Exxon Mobil, Wolfe Research, Fund, JPMorgan, OPEC, refiners, Petroleum, Phillips, Diamondback Energy, ConocoPhillips Locations: Ukraine, Israel, Iran, Occidental

☆ Oil price surge is the No. 1 threat to the US economy, Moody’s economist warns
▼ + stars: | 2024-04-08 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

But there is a growing threat to that sunny economic backdrop: surging oil prices. Global oil prices are flirting with $92 a barrel amid worries about a wider war in the Middle East. US oil prices surged above $87 a barrel late last week for the first time since late October, leaving them up about 21% this year. First, drone attacks on oil refineries deep inside Russia helped lift oil prices last month. Beyond the Middle East tensions, oil and gas prices have been boosted by OPEC and its allies, which continue to restrain supply.

Persons: “, ”, Mark Zandi, Moody’s, Donald Trump, Trump, ” Zandi, hasn’t, Andy Lipow, Brent, ” Helima Croft, Joe Brusuelas, ” Brusuelas, Brusuelas, Vincent Reinhart, Mellon, ” Reinhart, he’s, Patrick De Haan, ” De Haan Organizations: New, New York CNN, Federal Reserve, Wall, CNN, “, Iranian Revolutionary Guards, Lipow Oil Associates, CIA, RBC Capital Markets, RSM, AAA, OPEC, Lipow Locations: New York, Iran, Russia, Syria, Israel, Quds, “

☆ Surging oil prices may challenge the Federal Reserve's inflation fight
▼ + stars: | 2024-04-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

Mounting geopolitical tensions stemming from conflict in the Middle East and Eastern Europe have helped drive oil prices to five month highs, challenging the Federal Reserve's fight against inflation. U.S. crude oil gained 4.5% this week, touching $87 a barrel on Friday before settling at $86.91. Rising energy prices may affect the timing or magnitude of interest rate cuts, he said. The Federal Reserve is focused on bringing down core inflation, which excludes volatile energy and food prices. Escalating attacks are coming against a backdrop of an already tightening global crude market.

Persons: Brent, Bart Melek, Andy Lipow, Lipow, Bob Yawger, Yawger, Netanyahu, Manish Raj, White, Biden, John Kilduff, Kilduff, Melek, Saudi Arabia doesn't Organizations: Federal, American Automobile Association, West Texas, TD Securities, Lipow Oil Associates, Mizuho Americas, Valero, Philips, Marathon Petroleum, Velandera Energy Partners, Kyiv, JPMorgan, Financial Times, Again Capital, Bank of America, Saudi Locations: East, Eastern Europe, Iran, Israel, Ukraine, Damascus, Kyiv, Ukrainian, Russia, Saudi Arabia

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