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☆ Oil to post weekly gain as Israel bombs southern Gaza city after rejecting Hamas ceasefire offer
▼ + stars: | 2024-02-09 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

A picture taken from southern Israel near the border with the Gaza Strip on December 21, 2023, shows smoke billowing following Israeli bombardment in the Palestinian territory amid ongoing battles with the Palestinian Hamas militant group. Oil prices are poised to post a weekly again as hopes for a ceasefire in the Israel-Hamas war appeared to fade. Crude prices inched higher Friday with the West Texas Intermediate contract for March last up 7 cents to trade at $76.29 a barrel. Israel is pressing ahead with its war in Gaza, bombarding the southern city of Rafah on the Egyptian border after Prime Minister Benjamin Netanyahu rejected Hamas' proposed terms for a ceasefire. And the U.S. killed a senior militant leader in a drone strike in Baghdad this week, raising tensions with the government of Iraq, a major oil producer.

Persons: Brent, Benjamin Netanyahu Organizations: Hamas, West Texas Intermediate Locations: Israel, Gaza, Rafah, Baghdad, Iraq

☆ Oil prices headed for weekly gains as Israel rejects ceasefire offer
▼ + stars: | 2024-02-09 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose in early trade on Friday, on track for weekly gains, with tensions persisting in the Middle East after Israel rejected a ceasefire offer from Hamas. Brent futures climbed 8 cents, or 0.1%, to $81.71 a barrel by 0119 GMT, while U.S. West Texas Intermediate crude futures rose 17 cents, or 0.2%, to $76.39 a barrel. Oil prices rose about 3% in the previous session as Israeli forces bombed the southern border city of Rafah on Thursday after Prime Minister Benjamin Netanyahu rejected a proposal to end the war in the Palestinian enclave. The tensions have kept oil prices elevated, with Brent and WTI both set to gain 5.7% for the week. It is also voluntarily cutting crude exports by 300,000 bpd and fuel exports by 200,000 bpd from the average May-June level.

Persons: Brent, Benjamin Netanyahu, WTI Organizations: U.S, West Texas, Hamas, Organization of, Petroleum Locations: East, Israel, Rafah, Gaza, Cairo, Egypt, Qatar, Ukraine, OPEC, Russia

☆ Oil rises for a fourth day after U.S. kills militant commander in Iraq, Israel rejects Hamas proposal
▼ + stars: | 2024-02-08 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures prices rose for the fourth day in a row Thursday after the U.S. killed a militant commander in Iraq and Israel rejected a ceasefire proposal by Hamas. The West Texas Intermediate futures contract added 86 cents, or 1.16%, to trade at $74.73 a barrel. Blinken met Israel Prime Minister Benjamin Netanyahu Wednesday to discuss a counterproposal by Hamas that demands a permanent end to the fighting. Netanyahu rejected the Hamas' proposal, vowing to press on to the southern city of Rafah on the border with Egypt and achieve "total victory" in Gaza. The drone strike Wednesday comes after the U.S. hit sites in Iraq and Syria used by Iranian forces and allied militants last weekend.

Persons: Brent, Antony Blinken, Blinken, Benjamin Netanyahu, Netanyahu Organizations: The West Texas Intermediate, U.S, Israel, Hezbollah, U.S . Central Command, U.S . Energy Department Locations: Gaza, U.S, Iraq, Israel, Rafah, Egypt, Baghdad, Syria

☆ Oil edges up with slim progress in Gaza peace talks
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: +1 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Oil prices rose on Thursday after Israel rejected a ceasefire offer from Hamas, as talks continued to try to end the Gaza conflict and wider Middle East tensions that have kept the market on edge since October. A Palestinian Hamas delegation led by senior official Khalil Al-Hayya was due to travel on Thursday to Cairo for ceasefire talks with Egypt and Qatar. On the demand side, a much stronger-than-expected drawdown in gasoline stocks in the U.S. reported on Wednesday continued to buoy the market. The U.S. Energy Information Administration reported U.S. gasoline stocks fell by 3.15 million barrels last week compared with analysts' estimates for a build of 140,000 barrels.

Persons: Israel, Benjamin Netanyahu, Antony Blinken, Khalil Al, Hayya Organizations: del, del Peru SA Talara, Brent, . West Texas, Hamas, U.S . Energy Information Administration, ANZ Research Locations: del Peru, Piura, Peru, Gaza, Palestinian, Cairo, Egypt, Qatar, U.S

☆ Oil edges up on smaller US output growth estimates
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: +1 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Oil prices ticked higher on Wednesday, as growth in U.S. oil production is expected to remain largely steady through 2025, easing worries of excess supply. The EIA also cut its forecast for domestic oil output growth in 2024 by 120,000 barrels per day (bpd) to 170,000 bpd, sharply lower than last year's output increase of 1.02 million bpd. U.S. government data on oil inventory will be released later on Wednesday. U.S. crude stocks are expected to have risen 1.9 million barrels in the last week as production recovered from a cold freeze and refiners started maintenance.

Organizations: del, del Peru SA Talara, Brent, U.S, West Texas, U.S . Energy Information Administration, EIA, Hamas, Traders Locations: del Peru, Piura, Peru, ., U.S, Israel, Gaza, Iranian, Suez, Asia, Europe

☆ Oil prices rise as U.S. crude production is seen growing more slowly this year
▼ + stars: | 2024-02-07 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Crude oil futures rose for a third day as U.S. production this year is expected to grow less than expected, easing worries that the market is oversupplied. The U.S. pumped a record 13.3 million barrels per day of crude oil in December, but output is not expected to surpass this level until early 2025, according to estimates from the Energy Information Agency. On balance, domestic oil output is expected to grow by 170,000 barrels per day this year, down significantly from the EIA's previous forecast of 290,000 bpd. U.S. oil output has raised worries among traders that the market is oversupplied as China's economy and crude demand softens. But the world will face a crude oil supply deficit of 120,000 barrels per day this year, according to EIA estimates.

Persons: Brent, Vicki Hollub, Hollub, Antony Blinken Organizations: The West Texas Intermediate, Energy Information Agency, Occidental Petroleum, CNBC, Iranian Locations: The, U.S, Gaza, Jordan

☆ Oil prices rise as traders weigh Gaza truce talks, U.S. tensions with Iran
▼ + stars: | 2024-02-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil prices rose Tuesday as investors weighed efforts to negotiate a truce in Gaza against a U.S. vow to take further action against militants in the Middle East. Blinken is consulting with allies in the region in an effort to secure a truce in Gaza and prevent the war from spilling over in to a broader regional conflict. Blinken's trip to the region comes after the U.S. again launched airstrikes against Iranian forces and allied militants in Iraq, Syria and Yemen over the weekend. White House National Security Advisor Jake Sullivan said Sunday that the U.S. will take additional, "further action" after the latest weekend strikes. "The heightened tension will undoubtedly entail renewed Houthi hostilities in the Red Sea ensuring persistent re-routing of oil traffic around the Cape of Good Hope," Varga wrote.

Persons: Brent, Antony Blinken, Blinken, Jordan, Jake Sullivan, Tamas Varga, Varga, Good Hope Organizations: Palestinian, Hamas, The West Texas Intermediate, Iranian, White, National Locations: Rafah, Gaza, Israel, The, Egypt, Saudi, U.S, Iraq, Syria, Yemen, Iran, Good

☆ Oil prices mostly flat as Blinken's Middle East visit assessed
▼ + stars: | 2024-02-06 | by ( ) www.cnbc.com time to read: +1 min

This image taken near Calgary, Alberta, where the oil industry is a major economic driver. Oil prices were little moved in early trading on Tuesday, as market participants assessed a visit to the Middle East by U.S. Secretary of State Antony Blinken to discuss a ceasefire offer in the region. Brent crude futures were down 2 cents at $77.97 a barrel as of 00:01 GMT, while U.S. West Texas Intermediate crude futures edged down 3 cents to $72.75. The United States continued its campaign against Iran-backed Houthis in Yemen, whose attacks on shipping vessels have disrupted global oil trading routes. In Russia, two Ukrainian drones struck the largest oil refinery in the country's south on Saturday, a source in Kyiv told Reuters.

Persons: Antony Blinken, Blinken, Saudi Arabia's Organizations: U.S, Brent, West Texas, United, Reuters Locations: Calgary , Alberta, East, Saudi, Rafah, Gaza, United States, Iran, Yemen, Russia, Ukrainian, Kyiv

☆ Oil prices steady on Gaza ceasefire talks even as US plans Middle East strikes
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices stabilized in early Asian trading on Monday after sharp falls last week, amid continued attempts to reach a ceasefire in the Israel-Palestinian conflict even as the U.S. planned new strikes on Iran-backed groups. Brent crude futures inched up 8 cents to $77.41 a barrel by 0131 GMT, while U.S. West Texas Intermediate futures were flat at $72.28 a barrel. However, investors remained wary of any escalation in the Middle East conflict, after the U.S. signaled further strikes on Iran-backed groups in the Middle East in response to a deadly attack on U.S. troops in Jordan. "Oil markets will likely respond by continuing to discount supply disruption risks in the Middle East," he said in a client note on Monday, adding that would likely keep Brent futures below $80 a barrel. Iran exported between 1.2 million and 1.6 million barrels per day of crude oil through most of 2023, representing 1%-1.5% of global oil supply.

Persons: Vivek Dhar, Brent Organizations: Brent, U.S, West Texas, Commonwealth Bank, U.S . Department of Justice, Islamic Revolutionary Guard Corps Locations: Ras Behar, Egypt, Israel, Iran, U.S, Jordan, The U.S, Yemen, China

☆ Oil market will face supply shortage by end of 2025, Occidental CEO says
▼ + stars: | 2024-02-05 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The oil market will face a supply shortage by the end of 2025 as the world fails to replace current crude reserves fast enough, Occidental CEO Vicki Hollub told CNBC on Monday. For now, the market is oversupplied, which has held oil prices down despite the current conflict in the Middle East, Hollub said. But the supply and demand outlook will flip by the end of 2025, Hollub said. The forecast implies a supply deficit unless OPEC ditches current production cuts and boosts its own output. Hollub told CNBC in December that Occidental expects WTI to average around $80 in 2024.

Persons: Vicki Hollub, Hollub, CNBC's Tyler Mathisen, WTI, Brent Organizations: CNBC, Smead Investor Oasis Conference, West Texas Intermediate, Brent, Occidental, CNBC PRO Locations: Occidental, Phoenix, U.S, Brazil, Canada, Guyana, China, OPEC, WTI

☆ Oil prices steady as Fed moves carefully on rate cuts, U.S. pushes for pause in Gaza war
▼ + stars: | 2024-02-05 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil prices were largely flat Monday as the Federal Reserve moves carefully on interest rates cuts, and the U.S. pushes for an extended pause in the Israel-Hamas War. The West Texas Intermediate contract for March dropped 31 cents, or 0.46%, to trade at $71.95 a barrel Monday morning. Powell's comments came after a much stronger jobs report than expected Friday, with the labor market adding 353,000 jobs compared to 185,000 expected. "With the economy strong like that, we feel like we can approach the question of when to begin to reduce interest rates carefully," Powell told CBS' "60 Minutes." Lower interest rates typically boost economic growth which would imply stronger crude oil demand.

Persons: Brent, Jerome Powell, Powell's, Powell, Antony Blinken, Blinken Organizations: Safeway, Federal Reserve, West Texas Intermediate, Federal, CBS, West Bank, Iran's Islamic Revolutionary Guard Corps, U.S, Houthi Locations: Hercules , California, U.S, Israel, Gaza, East, Saudi Arabia, Egypt, Qatar, Iran, Strait, Hormuz, The U.S, Iraq, Syria, Yemen, Red

☆ Chevron earnings fall but shareholders see record windfall in 2023, company raises dividend 8%
▼ + stars: | 2024-02-02 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Chevron said its fourth-quarter profits fell sharply from a year ago, weighed down by a number of impairment charges, but the second largest U.S. oil company still to managed to return a record amount of cash to its shareholders in 2023. The oil major returned $23.6 billion to investors by paying out $11.3 billion in dividends and buying back $14.9 billion in shares last year. It did so even as its profit fell about 40% to $21.3 billion from $35.5 billion in 2022. Chevron said its board approved an 8% increase in the quarterly dividend to $1.63 beginning in March. The segment sagged as U.S. refining profits fell due to lower margins on product sales.

Persons: Wall, Brent Organizations: Chevron, LSEG, West Texas Intermediate, U.S, PDC Energy, ACES Delta Locations: U.S, Gulf of Mexico

☆ Exxon beats earnings expectations even as lower oil prices weigh on profits
▼ + stars: | 2024-02-02 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Exxon Mobil reported quarterly earnings that beat Wall Street's expectations, but the company's profit declined significantly from same period the year prior as oil prices weakened. The company returned $32.4 billion to shareholders in 2023 through $14.9 billion in dividends and $17.4 billion in share buybacks. Excluding those charges, Exxon earned $2.48 per share, beating Wall Street's expectations of $2.21 per share. Exxon's profits from its oil and gas segment declined to $4.1 billion in the quarter, down 49% compared to the $8.2 billion reported in the year ago period. Exxon produced 3.73 million oil equivalent barrels per day in 2023, largely flat compared to the year prior.

Persons: Brent Organizations: Exxon Mobil, Exxon, LSEG, West Texas Intermediate, Natural Resources Locations: Washington , DC, California, U.S, Guyana

☆ Oil prices gain after OPEC+ maintains output cuts
▼ + stars: | 2024-02-02 | by ( ) www.cnbc.com time to read: +2 min

An oil pump jack in Midland, Texas, US, on Thursday, March 2, 2023. Photographer: Sergio Flores/Bloomberg via Getty ImagesOil prices rose in early trade on Friday following a decision by OPEC+ to keep its oil output policy unchanged, clawing back some losses from the previous trading session triggered by unsubstantiated ceasefire reports between Israel and Hamas. Both contracts settled more than 2% lower on Thursday due to the unverified ceasefire reports between Israel and Hamas. On Thursday, two OPEC+ sources said the group has kept its oil output policy unchanged, and will decide in March whether or not to extend the voluntary oil production cuts in place for the first quarter. Lower interest rates would reduce consumer borrowing costs, which can boost economic growth and oil demand.

Persons: Sergio Flores, Brent, Yemen's, Jerome Powell Organizations: Bloomberg, Getty, OPEC, U.S, West Texas, Hamas, of, Petroleum, ANZ Research, U.S . Federal Locations: Midland , Texas, Israel, Iran, Red, Russia, OPEC, U.S .

☆ Oil edges up on U.S. Fed rate signals, China property sector support
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: +2 min

The Equinor ASA offshore oil drilling platform on Johan Sverdrup oil field in the North Sea off the coast of Norway. Global oil prices climbed in early trade on Thursday, supported by signals from the U.S. Federal Reserve on a possible start to rate cuts and as China unveiled new support measures for its embattled property market. Lower rates and economic growth are supportive for oil demand. China, the world's second biggest economy, unveiled new property support measures amid concerns about the fallout from the liquidation of developer Evergrande and as the country ended last year with the worst declines in new home prices in nearly nine years. In the Middle East, worries about attacks by Yemen-based Houthi forces on shipping in the Red Sea are now driving up costs and disrupting global oil trading.

Persons: Johan Sverdrup, Jerome Powell, JPMorgan Organizations: ASA, U.S . Federal, Brent, . West Texas, Federal, JPMorgan, ANZ Research Locations: North, Norway, Global, China, Yemen, Jordan, Red

☆ Oil giant Shell posts full-year profit beat, announces $3.5 billion share buyback
▼ + stars: | 2024-02-01 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

British oil giant Shell on Thursday beat expectations for full-year profit, announcing a 4% increase to its dividend and a $3.5 billion share buyback program. Shell reported adjusted earnings of $28.25 billion for the full-year 2023, a 29% drop compared to its highest-ever annual profit of $39.9 billion the year prior. Analysts had expected Shell's full-year 2023 net profit to come in at $27.5 billion, according to an LSEG-compiled consensus. Shell announced a 4% increase in dividend per share for the fourth quarter and said a share buyback program of $3.5 billion will be carried out over the next three months. The firm added it had now completed another $3.5 billion of share buybacks announced in November last year.

Persons: Shell, Wael Sawan, Sawan, Brent Organizations: Shell, Brent, U.S, West Texas Intermediate, Exxon Mobil, Chevron, BP Locations: Nakuru, Kenya, British, London, Singapore

☆ Oil edges higher as market digests OPEC, Fed decisions
▼ + stars: | 2024-02-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Oil prices edged higher on Thursday as the market digested the outcome of an OPEC committee meeting and the Federal Reserve's decision on interest rates. The OPEC committee said Thursday the group's members were adhering to production cuts after reviewing data from November and December of 2023. The committee proposed no change to OPEC's decision to slash 2.2 million barrels per day from the market this quarter. The Federal Reserve on Wednesday held benchmark interest rates steady and indicated that rates had likely topped out. Lower interest rates typical boost economic growth which buoys oil demand.

Persons: Brent, Jerome Powell Organizations: Federal, West Texas Intermediate, Federal Reserve

☆ Premarket stocks: The Fed isn’t vexing markets. Here’s what might
▼ + stars: | 2024-01-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

But with practically all of Wall Street in agreement that no changes will be made, investors are focused on Fed Chair Jerome Powell’s afternoon press conference where he’ll answer questions about his outlook for monetary policy. Conflict in the Middle East and the Red Sea in particular “poses a risk to global trade,” said EY Senior Economist Lydia Boussour on Tuesday. That’s a huge blow to trade: As much as 15% of global trade and 25%-30% of global container shipments transit through the waterway. “For now, we don’t expect the situation in the Red Sea to substantially alter the outlook for global inflation and global monetary policy this year,” said Boussour. The company reported earnings per share of $2.93, beating Wall Street expectations of $2.79.

Persons: Jerome Powell’s, Powell isn’t, we’ve, ” Johns, Laurence Ball, Kevin Gordon, Charles Schwab, Gordon, ”, There’s, Jay Powell, CNN’s Arlette Saenz, Joe Biden, “, Brent, EY, Lydia Boussour, “ We’ve, Satya Nadella Organizations: CNN Business, Bell, New York CNN, Federal Reserve, ” Johns Hopkins, “, Commerce Department, West Texas Intermediate, International Monetary, Microsoft, Revenue Locations: New York, East, Europe, China, Jordan, Gaza, Suez, Iran

☆ Oil ticks down in Asian trade despite rising Middle East tensions
▼ + stars: | 2024-01-31 | by ( ) www.cnbc.com time to read: +2 min

California produces 311,000 barrels of crude oil every day, around 2.4 percent of all US production, making it the seventh largest producing state in the union. Oil prices edged off in early Asian trading on Wednesday on continued bearish fundamentals, following gains in the previous session amid an escalating conflict in the Middle East. The March Brent crude futures , which expires today, fell 37 cents to $82.50 a barrel by 0146 GMT. But ANZ analysts said in a note that "a strong military response from the U.S." to the drone attack "could still trigger a strong reaction from the market." It appeared to be the most serious peace initiative since the war's first and only brief ceasefire which fell apart in November.

Persons: Fred Holmes, Brent, Tony Sycamore, Biden, Sycamore Organizations: . West Texas, IG, ANZ, U.S . Pentagon, U.S, China Evergrande Group, PMI Locations: Taft, Kern County , California, California, U.S, Jordan, Syria, East, Iran, Israel, Gaza, Red

☆ Oil poised for first monthly gain since September as Middle East on brink of wider conflict
▼ + stars: | 2024-01-31 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Oil prices are on pace for the first monthly gain since September as the U.S. and Iran stand on the brink of a more direct confrontation in the Middle East. The West Texas Intermediate contract for March was last down $1.09, or 1.40%, to trade at $76.73 a barrel on Wednesday. The Brent contract for March was trading at $81.90 a barrel, down 97 cents or 1.17%. Prices fell Tuesday after China factory activity contracted for the fourth consecutive month. The market is also waiting for the Federal Reserve's decision on interest rates Wednesday as well as crude inventory data in the U.S.

Persons: Brent, Tamas Varga Organizations: The West Texas Intermediate, Federal Locations: Iran, The, China, Brent, U.S

☆ Oil edges up as geopolitical concerns support prices
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose in early trade on Tuesday as escalating geopolitical tensions in the Middle East continued to fuel supply concerns. "If U.S.-Iran tensions escalate, particularly through a direct confrontation, the risk rises that Iran's oil supply is adversely impacted. Iran exported 1.2-1.6 million barrels per day of crude oil through most of 2023, Dhar added, representing 1-1.5% of global oil supply. The key concern is Iran threatening a blockade of the Strait of Hormuz, which sees the transit of 15-20% of global oil supply," he added. Meanwhile, U.S. crude oil and distillates inventories were expected to have fallen last week while gasoline stocks were seen rising, a Reuters poll showed.

Persons: Brent, Vivek Dhar, Dhar Organizations: . West Texas, Commonwealth Bank of Australia, U.S, ANZ, Traders, Federal, Market, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy Locations: Hong Kong, China, Washington, Jordan, Iran, Israel, Gaza, Hormuz, Red, U.S

☆ Oil prices edge lower as Hamas considers truce proposal, market monitors U.S. response to attack
▼ + stars: | 2024-01-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

A view of a gas station which ran out of fuel due to Israeli attacks in Rafah, Gaza on October 25, 2023. The West Texas Intermediate contract for March dropped 79 cents, or 1.03%, to trade at $75.99 a barrel. Oil prices edged lower on Tuesday as Hamas considers a temporary truce in Gaza and the market waits to see how the U.S. will respond to a deadly attack on its soldiers in the Middle East. Biden said the U.S. would hold those "responsible to account at a time and in a manner our choosing." "We're not looking to escalate the tensions any more than they already have been escalating."

Persons: Ismail Haniyeh, Brent, Joe Biden, Biden, Lloyd Austin, John Kirby, Kirby Organizations: New York Times, West Texas Intermediate, Traders, Security, White Locations: Rafah, Gaza, U.S, Jordan, Iran, Syria, Iraq, United States, Washington, Tehran

☆ CNBC Daily Open: Big Tech earnings on tap
▼ + stars: | 2024-01-29 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China's luxury reboundChina's luxury sales market is bouncing back. Tech layoffs surgeSilicon Valley's tech companies are slashing headcount at a rapid pace. Since the start of January, some 23,670 workers have been laid off from 85 tech companies, according to the website Layoffs.fyi.

Persons: Google's Bard, Hong, Dow, It's, Brent, Kingsley Jones, Jevons, Tesla, Jones Organizations: Microsoft, CNBC, CSI, Nasdaq, LVMH, Hamas, U.S . West Texas Locations: Asia, Iran, Jordan, U.S

☆ Oil prices higher after Iran-linked drone strikes kill three U.S. troops, Biden vows retaliation
▼ + stars: | 2024-01-29 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

A drone launch during a military exercise in an undisclosed location in Iran captured in a handout image obtained on Aug. 25, 2022. Oil prices advanced early Monday after missiles launched by Iran-backed militants killed U.S. troops in Jordan on the weekend. Global benchmark Brent traded 0.57% higher at $84.03 a barrel, while the U.S. West Texas Intermediate futures rose 0.6% to $78.48 per barrel. They were the first American fatalities from enemy attacks since Israel's war with Hamas began on Oct. 7. "Have no doubt — we will hold all those responsible to account at a time and in a manner our choosing," he said.

Persons: Joe Biden Organizations: Brent, U.S . West Texas, White, Hamas Locations: Iran, Jordan, U.S, Syria, Iraq

☆ Oil jumps 1% after Houthis attack on fuel tanker in Red Sea
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: +2 min

A lone pumpjack located in the middle of a large solar array outside of Bakersfield, Kern County, California. Oil prices jumped 1% on Monday on fuel supply concerns after a missile struck a Trafigura-operated fuel tanker in the Red Sea and as Russian refined products exports are set to fall as several refineries are under repair after drone attacks. Brent crude futures climbed 83 cents to $84.38 a barrel by 2341 GMT after hitting a session-high of $84.80. "Disruptions to supply have been limited, but that changed on Friday after an oil tanker operating on behalf of Trafigura was hit by a missile off the coast of Yemen," ANZ analysts said in a note. "With oil tankers linked to the U.S. and UK now under threat of attack, the market is likely to reprice the risk of disruptions."

Persons: Brent, Trafigura, Yemen's Organizations: . West Texas, Commodities, ANZ, Middle, Organization of, Petroleum Locations: Bakersfield, Kern County , California, Yemen, Middle East, Russia, OPEC

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