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☆ U.S. crude oil hovers near $83 after Iran says it will not escalate conflict with Israel
▼ + stars: | 2024-04-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf. Crude oil futures edged lower on Monday after Iran said it will not escalate the conflict with Israel. The West Texas Intermediate contract for May lost 46 cents to $82.68 a barrel, while June Brent futures fell 89 cents to $86.40 a barrel. U.S. crude oil and Brent fell 3% last week. Iranian Foreign Minister Hossein Amirabdollahian told NBC News the Islamic Republic does not plan to respond to Israel's retaliatory strike launched Friday.

Persons: Brent, Hossein Amirabdollahian, Amirabdollahian Organizations: The West Texas Intermediate, May, NBC Locations: Iranian, Iran, Israel, The, Islamic Republic

☆ European markets head for mixed open after Wall Street logs another day of declines
▼ + stars: | 2024-04-18 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

Crude oil futures fell more than 3% Wednesday as the market dismissed the risk of a wider war between Israel and Iran that could disrupt supplies. The West Texas Intermediate contract for May delivery lost $2.76, or 3.23%, to $82.60 a barrel. June Brent futures were down $2.87, or 3.19%, at $87.15 a barrel. U.S. oil and the global benchmark are down more than 3.5% for the week. "Theories of Iran-Israel tension disrupting oil supplies have fizzled out," said Manish Raj, managing director of Velandera Energy Partners.

Persons: Brent, Manish Raj, — Spencer Kimball Organizations: The West Texas Intermediate, Velandera Energy Partners Locations: Israel, Iran, The, U.S

☆ U.S. oil falls below $83 as war fears ease after Israel refrains from immediate Iran counterattack
▼ + stars: | 2024-04-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures were mixed Thursday after a selloff earlier in the week as traders discounted fears of a war between Israel and Iran that could disrupt crude supplies. The West Texas Intermediate contract for May delivery added 4 cents, or 0.05%, to settle at $82.73 a barrel. U.S. crude oil had gained nearly 1% to a session high of $83.47 before pulling back. Oil sold off more than 3% Wednesday as Israel has refrained so far from striking back against Iran for the Islamic Republic's unprecedented weekend air assault, reducing fears of a major war in the Middle East. U.S. crude oil and the global benchmark have fallen below the prices reached after Israel's airstrike against Iran's diplomatic compound in Damascus, Syria at the start of the month, the event that triggered the current round of hostilities.

Persons: Brent, we've, Phil Flynn Organizations: The West Texas Intermediate, Oil, Price Futures Group, Israel's Locations: Israel, Iran, The, Damascus, Syria

☆ U.S. crude oil falls below $85 as traders discount Iran-Israel war risk
▼ + stars: | 2024-04-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices. U.S. crude oil fell for the third consecutive trading session on Wednesday, dipping below $85 a barrel as the market dismissed the risk of a wider war between Israel and Iran that could disrupt supplies. The West Texas Intermediate contract for May delivery fell 46 cents, or 0.55%, to $84.89 a barrel. June Brent futures were down 51 cents, or 0.57%, at $89.51 a barrel. U.S. oil and the global benchmark are down just under 1% this week.

Persons: Brent, John Evans, PVM Organizations: U.S, The West Texas Intermediate Locations: Gaza, Israel, Iran, The, U.S

☆ Oil prices fall for second day as U.S. expects limited Israel response to Iran attack
▼ + stars: | 2024-04-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Iran on April 14 urged Israel not to retaliate militarily to an unprecedented attack overnight, which Tehran presented as a justified response to a deadly strike on its consulate building in Damascus. (Photo by ATTA KENARE / AFP) (Photo by ATTA KENARE/AFP via Getty Images)Crude oil futures fell for a second day Tuesday as the U.S. expects a limited response from Israel to an unprecedented air assault by Iran, reducing fears that the Middle East is on the verge of a broader regional war. Four U.S. officials told NBC News they expect an Israeli response to Iran's attack to be limited in scope and most likely to involve strikes on Iranian forces and their proxies outside Iran. Israel's War Cabinet met for several hours Monday to weigh how Israel should response. An Israeli official told NBC News after the meeting that a response may be "imminent."

Persons: ATTA KENARE, Brent, Jorge Leon Organizations: Getty, West Texas Intermediate, U.S, NBC News, Rystad Energy Locations: Persian, Israel, Tehran, Iran, Damascus, AFP

☆ British investment bank says buy defense stocks, brace for $100 oil and 10% stock market correction
▼ + stars: | 2024-04-15 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Oil prices were slightly lower Monday as Israel, aided by the U.S., fended off Iran's aerial barrage. The investment bank believes aerospace and defense stocks could outperform in the short run in light of growing geopolitical risks. The biggest ETF in the industry is the iShares U.S. Aerospace & Defense ETF (ITA) , with about $5 billion in assets under management. Invesco Aerospace & Defense ETF (PPA ) and SPDR S & P Aerospace & Defense ETF (XAR) are two other popular offerings. To be sure, Liberum thinks the stock market could quickly reverse any losses as soon as the tensions in the Middle East ease.

Persons: Israel retaliating, Liberum, — CNBC's Michael Bloom Organizations: Liberum, U.S ., Federal Reserve, West Texas Intermediate, May, U.S . Aerospace & Defense ETF, ITA, Invesco Aerospace & Defense ETF, P Aerospace & Defense ETF Locations: Iran, Israel, Damascus, Syria, U.S

☆ Oil prices fall slightly after Israel fends off large-scale aerial attack by Iran
▼ + stars: | 2024-04-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

An anti-missile system operates after Iran launched drones and missiles towards Israel, as seen from Ashkelon, Israel April 14, 2024. Iran launched more than 300 drones and missiles against military targets in Israel on Saturday in an attack that President Joe Biden described as "unprecedented." The air assault was the first time Iran has directly attacked Israeli territory, senior U.S. military officials told reporters in a call Sunday. The attack was launched from locations in Iran, Iraq, Syria and Yemen, the officials said. More than 100 ballistic missiles were fired at Israel as well as land attack cruise missiles and drones, a senior administration official said.

Persons: Israel, Brent, Joe Biden, Biden, Daniel Hagari, John Kilduff, Netanyahu, Jorge Leon, Leon Organizations: The West Texas Intermediate, May, Nevatim Air Force Base, Israel Defense Forces, Again, Rystad Energy, Sunday, U.S, Islamic Locations: Iran, Israel, Ashkelon, U.S, The, Iraq, Syria, Yemen, Damascus

☆ Oil prices bounce back as Israel reportedly preparing for Iran attack this weekend
▼ + stars: | 2024-04-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

File photo of Israeli F-16 fighter jets performing during an air show over the beach in the Israeli coastal city of Tel Aviv on May 5, 2022. Crude oil futures rose Friday as Israel is reportedly preparing for a direct attack by Iran this weekend, in what would be the biggest escalation of Middle East tensions since the start of the Israel-Hamas war last October. Israel is preparing for a direct attack by Iran on southern or northern Israel as soon as Friday or Saturday, a person familiar with the matter told The Wall Street Journal. A person briefed by Iran's leadership told the Journal that no final decision has been made, though plans for a strike are under discussion. The U.S. embassy in Jerusalem Thursday restricted government employees and their family from personal travel outside Tel Aviv, Jerusalem and Be'er Sheva "out of an abundance of caution" until further notice.

Persons: Israel, Brent Organizations: Hamas, The West Texas Intermediate, Wall Street Locations: Tel Aviv, Iran, Israel, U.S, Jerusalem

☆ Oil prices slip as inflation fears haunt the market
▼ + stars: | 2024-04-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures fell on Thursday as worries about inflation overshadowed fears of a potential Iranian strike on Israel for the moment. Oil prices rose more than 1% Wednesday after Bloomberg News reported that the U.S. and its allies see an Iranian strike against Israel as imminent. But futures dipped in morning trading Thursday as inflation fears also haunt the market after a hotter than expected consumer price index reading for March. Lower interest rates typically stimulate economic growth, which fuels crude oil demand. Stubborn inflation is also raising questions about whether the U.S. economy will clinch a soft landing this year.

Persons: Brent Organizations: The West Texas Intermediate, Bloomberg News, Federal Locations: Miami , Florida, The, Israel, Iranian, U.S

☆ 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

☆ Oil falls for second day as rally pauses while traders take stock of Middle East tensions
▼ + stars: | 2024-04-09 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures fell for a second day Tuesday as the recent rally paused while traders took stock of where the conflict in Middle East was heading. The West Texas Intermediate contract for May delivery fell 48 cents, or 0.56%, to $85.95 a barrel. But Barclays head of equity derivatives strategy Stefano Pascale said there are still upside risks to oil prices, particularly from geopolitical tensions in the Middle East, despite the recent rally taking a pause. "Further melt-up may reawaken inflationary concerns, derailing the equity rally," Pascale told clients in a note Tuesday. Investors will be closely watching the March consumer price index reading on Wednesday to see how oil prices have impacted headline inflation.

Persons: Yoav Gallant, Brent, Israel, Stefano Pascale, Pascale Organizations: Gaza, The West Texas Intermediate, Barclays Locations: Rafah, Gaza, Middle East, The

☆ Oil prices fall after Israel reduces troop presence in Gaza
▼ + stars: | 2024-04-08 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Iranians attend the funeral procession for seven Islamic Revolutionary Guard Corps members killed in a strike in Syria, which Iran blamed on Israel, in Tehran on April 5, 2024. U.S. crude oil futures fell Monday after Israel reduced its troop presence in Gaza. The West Texas Intermediate contract for May delivery fell 48 cents, or 0.55%, to settle at $86.43 a barrel. Israel withdrew forces from the southern Gaza city of Khan Younis over the weekend, bringing its troop levels in the enclave to one of the lowest levels since the war with Hamas began last October. Negotiations on a ceasefire between Israel and Hamas are ongoing in Cairo.

Persons: Israel, Brent, Khan Younis Organizations: Islamic Revolutionary Guard Corps, The West Texas Intermediate, Hamas Locations: Syria, Iran, Israel, Tehran, Gaza, The, Khan, Cairo . U.S

☆ U.S. crude oil touches $87, forms 'golden cross' pattern in sign of momentum as Middle East tensions boil
▼ + stars: | 2024-04-05 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Oil prices have rallied to five-month highs and are on pace for a weekly gain as tensions boil in the Middle East with Israel closing embassies over threats from Iran. U.S. crude and Brent entered a "golden cross" this week, which is when the 50-day moving average outpaces the 200-day moving average. Investors typically view a golden cross as an indication of positive momentum and the potential for further upside. The 50-day moving average for U.S. crude of $79.07 a barrel is slightly outpacing its 200-day moving average of $79.02. Brent's 50-day moving average is $83.74 a barrel, above the 200-day moving average of $83.54.

Persons: Israel, Brent Organizations: The West Texas Intermediate, Brent Locations: Yemen, Saudi, Sanaa, East, Israel, Iran, The, Damascus, Iranian

☆ U.S. crude oil hovers around $85 as traders take stock of rally
▼ + stars: | 2024-04-04 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 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 March 5, 2019. Crude oil futures were flat Thursday, taking a breather as traders took stock of the market after prices advanced more than 2% this week to hit the highest level since October. The West Texas Intermediate contract for May delivery gained 2 cents to $85.45 a barrel, while the Brent contract for June delivery was unchanged at $89.35. Oil prices have rallied this year, booking three consecutive months of gains with U.S. crude adding 19% while Brent is up about 16%. The rally comes as the wars in Eastern Europe and the Middle East raise renewed fears about supply disruptions.

Persons: Tatneft PJSC, Brent Organizations: Oil Refining, Petrochemical, The West Texas Intermediate Locations: Nizhnekamsk, Tatarstan, Russia, Eastern Europe, Ukraine

☆ Oil holds to gains as market monitors OPEC+ policy, geopolitical tensions
▼ + stars: | 2024-04-03 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures on Wednesday clung to recent gains as mounting geopolitical tensions and OPEC+ policy lift prices. The West Texas Intermediate contract for May delivery gained 28 cents, or 0.33%, to settle at $85.43 a barrel. Crude futures are at their highest level since late October. Some members of OPEC and allies led by Russia, called OPEC+, are voluntarily cutting 2.2 million barrels per day of production through at least the second quarter. The group's Joint Ministerial Monitoring Committee concluded a meeting Wednesday without recommending changes to OPEC+ current production policy, according to two delegates.

Persons: Brent Organizations: West Texas Intermediate, Energy Information Administration Locations: Midland, Odessa, Texas, U.S, Russia

☆ Oil prices edge lower after booking strong first quarter
▼ + stars: | 2024-04-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

An energy installation on a property leased to Devon Energy Production Company by the Catholic Archdiocese of Oklahoma City is seen near Guthrie, OklahomaCrude oil futures ticked slightly lower Monday, taking a breather after a strong first quarter. The West Texas Intermediate contract for May delivery lost 33 cents, or 0.4%, to $82.84 a barrel in the first day of trading for the second quarter. The Brent contract for June delivery dropped 40 cents, or 0.49%, to $86.57 a barrel. U.S. crude and Brent also booked three consecutive months of gains. WTI is up 15.5% for the year while Brent is up 12.3%.

Persons: Brent, WTI Organizations: Devon Energy Production Company, Catholic Archdiocese of, West Texas Intermediate Locations: Catholic Archdiocese of Oklahoma, Guthrie , Oklahoma

☆ Oil prices fall on large U.S. crude stockpile increase
▼ + stars: | 2024-03-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

An oil pumpjack in a field in Grandfalls, Texas, on March 24, 2024. Crude oil futures fell for a second day Wednesday after an industry report pointed to large build in U.S. petroleum stockpiles. The West Texas Intermediate contract for May delivery dipped 41 cents, or 0.5%, to $81.21 a barrel Wednesday. The Brent contract for May delivery shed 49 cents, or 0.57%, to $85.76 a barrel.

Persons: Brent Organizations: West Texas Intermediate Locations: Grandfalls , Texas

☆ Oil holds steady as Ukraine drone strikes, Red Sea crisis cause disruptions
▼ + stars: | 2024-03-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The Charles Eddie, a crude oil tanker owned by Euronav SA, a Belgian shipping company, sails northbound on the Suez Canal in Ismailia, Egypt. Crude oil futures held steady on Tuesday as the wars in Eastern Europe and the Middle East disrupt supplies. Ukraine has escalated its drone strikes against Russian oil refineries, knocking an estimated 900,000 barrels per day of capacity offline, according to Goldman Sachs. The disruptions' impact on crude prices will likely be mixed, with a decline in refinery demand bearish while a potential reduction in Russian oil exports bullish, Goldman noted. The Red Sea disruptions combined with Russian shipping frictions has given crude prices up to a $4 boost per barrel due to larger than expected draws from commercial stocks, according to Goldman.

Persons: Charles Eddie, Brent, Goldman Sachs, Goldman Organizations: Euronav SA, The West Texas Intermediate Locations: Belgian, Suez, Ismailia, Egypt, The, Eastern Europe, Ukraine

☆ Oil prices rise as Ukraine strikes Russian refineries
▼ + stars: | 2024-03-25 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

Smoke billows after Ukraine's SBU drone strikes a refinery, amid Russia's attack on Ukraine, in Ryazan, Ryazan Region, Russia, in this screen grab from a video obtained by Reuters, March 13, 2024. Crude oil futures rose Monday as Ukraine drone strikes disrupt Russian oil refining capacity. The West Texas Intermediate contract for April gained 38 cents, or 0.47%, to $81.01 a barrel. A Ukrainian drone strike caused a fire at the Kuibyshev oil refinery in the city of Samara over the weekend. Industry sources told Reuters that one of the major refining units at the facility was knocked out after the attack.

Persons: Brent Organizations: Reuters, West Texas Intermediate Locations: Ukraine, Ryazan, Ryazan Region, Russia, Ukrainian, Samara

☆ 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

☆ Oil prices head to weekly gain as crude market expected to tighten
▼ + stars: | 2024-03-15 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into California Air Resources Board (CARB) gasoline, CARB diesel fuel, and other petroleum products, in Carson, California, U.S., March 11, 2022. Crude oil futures fell slightly Friday after booking gains in two consecutive sessions, but are on pace to close out the week higher. The West Texas Intermediate contract for April fell 48 cents, or 0.59%, to $80.78 a barrel. The Brent contract for May lost 46 cents, or 0.54%, to $84.96 a barrel. U.S. crude and the global benchmark are up 3.5% week to date so far.

Persons: Brent Organizations: Angeles Refinery, California Air Resources Board, West Texas Intermediate, May Locations: Angeles, California, Carson , California, U.S

☆ U.S. crude rises above $80 as oil supply deficit forecast for 2024
▼ + stars: | 2024-03-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The U.S. flag is displayed at Tesoro's Los Angeles oil refinery in Los Angeles, CaliforniaThe West Texas Intermediate contract for April rose 86 cents, or 1.08%, to $80.58 a barrel. Crude oil futures rose on Thursday, adding to the previous session's gains as the International Energy Agency now forecasts a supply deficit for 2024. The move came after the IEA forecast a slight supply deficit for the year rather than a surplus, as the organization assumes OPEC+ will keep its production cuts in place through 2024. Oil prices rose more than 2% Wednesday after Ukrainian drone attacks this week on Russian oil refineries. U.S. crude has gained 12% in 2024, while the global benchmark has gained 9.8%.

Persons: Brent Organizations: U.S, Los Angeles , California The West Texas Intermediate, International Energy Agency, IEA Locations: Los Angeles, Los Angeles , California, OPEC

☆ Oil prices rise as U.S. inventories fall, Ukraine strikes Russian refineries
▼ + stars: | 2024-03-13 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

A view of an oil well at Arab Desert in Jebel Dukhan, Bahrain on March 4, 2024. Crude oil futures were jolted out of their recent slump Wednesday after industry data showed falling U.S. crude inventories and Ukraine attacked Russian oil refineries again. The West Texas Intermediate contract for April gained $1.16, or 1.5%, to $78.72 a barrel. The Brent contract for May added $1.13, or 1.38%, to $83.05 a barrel. U.S. crude and the global benchmark have been on a recent losing streak as traders worried about demand in China and robust supply in the Americas, particularly the U.S.

Persons: Brent Organizations: West Texas Intermediate Locations: Jebel Dukhan, Bahrain, Ukraine, China, Americas, U.S

☆ Oil prices edge lower as traders evaluate latest U.S. inflation data
▼ + stars: | 2024-03-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Oil rig pumpjacks, also known as thirsty birds, extract crude from the Wilmington Field oil deposits area near Long Beach, California, on July 30, 2013. Crude oil futures edged lower Tuesday as traders assessed the latest U.S. inflation data and what it may mean for the Federal Reserve's decision making on interest rates this year. Though the monthly gain was in line with expectations, the annual rate came in slightly ahead of the 3.1% forecast. Federal Reserve Chairman Jerome Powell told Congress last week that the central bank is waiting for more data to indicate that inflation is moving sustainably at 2% before cutting interest rates. Lower rates typically stimulate economic growth, which fuels crude demand.

Persons: Brent, Jerome Powell Organizations: Federal, West Texas Intermediate, May Locations: Wilmington, Long Beach , California

☆ Oil extends last week's losses ahead of key inflation, crude data
▼ + stars: | 2024-03-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Working oil pumpjacks on the outskirts of Maricopa in Kern County, California, on September 21, 2023. Oil prices ticked lower on Monday, extending losses from last week as traders wait for a new round of inflation data. Most investors are expecting the Fed to cut rates in June. Lower rates typically stimulate economic growth, which fuels crude demand. OPEC and the IEA will also release their monthly oil market reports on Tuesday and Thursday this week.

Persons: Brent Organizations: The West Texas Intermediate, International Energy Agency, Traders, Federal Reserve Locations: Maricopa, Kern County , California, China

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