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☆ U.S. crude oil falls below $81 a barrel as market brushes off looming Iran oil sanctions
▼ + stars: | 2024-04-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

A general view of Isfahan Refinery, one of the largest refineries in Iran and is considered as the first refinery in the country in terms of diversity of petroleum products in Isfahan, Iran on November 08, 2023. U.S. crude oil fell below $81 a barrel on Tuesday, the lowest level since March, as the market brushed off the threat of additional sanctions on Iranian oil. Here are the latest energy prices:The House of Representatives passed legislation over the weekend that would broaden sanctions against Iran's oil exports to include foreign ports, vessels and refineries that knowingly process crude from the Islamic Republic. The Senate could vote on the bill as soon as this week.

Locations: Isfahan Refinery, Iran, Isfahan, Islamic Republic

☆ Leon Cooperman says roughly 15% of his family office assets are in energy stocks
▼ + stars: | 2024-04-23 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Billionaire investor Leon Cooperman said he is significantly invested in energy stocks, citing the rise in oil prices given the Middle East conflict. The chair and CEO of the Omega Family Office said roughly 15% of his family office assets are in energy, at a time when oil prices have been spiking and weighing on the broader equity market. Cooperman has favored energy stocks in the past. The S & P 500 energy sector advanced more than 47% that year. Energy prices have recently come off their highs after Iran and Israel signaled they are not interested in a wider conflict.

Persons: Leon Cooperman, Cooperman, CNBC's, —, Yun Li, Spencer Kimball Organizations: Omega Family Office, West Texas Locations: Iran, Israel

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ Wall Street's scenarios for the Israel-Iran conflict from here and its impact on the oil market
▼ + stars: | 2024-04-15 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

The oil market has brushed off Iran's weekend air assault against Israel, with futures trading as much as 1.5% lower on Monday. Oil prices could spike above $100 a barrel depending on how Israel responds to the attack, the analyst wrote. Attack 'well-telegraphed' Iran's attack, though unprecedented, did little actual damage as Israel and the U.S. intercepted nearly all the drones and missiles. The Islamic Republic warned, however, it would strike harder next time if Israel responds to the weekend attack. Potential threats include Iran seizing ships associated with Israel in the Strait of Hormuz; Israel attacking Iranian oil and gas assets; or Iran striking energy assets of its neighbors if Israel hits too hard.

Persons: Israel, Maximilian Layton, Layton, Brent, Helima Croft, CNBC's, Natasha Kaneva, Kaneva, Goldman, Daan Struyven, RBC's Croft, Jan Stuart, Piper Sandler, Stuart Organizations: Citi ., Brent, Citi, RBC Capital Markets, RBC, U.S, United Nations, Islamic, JPMorgan, CNBC Locations: Israel, Iran, Damascus, Syria, Tehran, Lebanon, Republic, Islamic Republic, Goldman Sachs, Strait, Hormuz, Iranian

☆ 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

☆ Ukraine’s attacks on Russian oil refineries shows the growing threat AI drones pose to energy markets
▼ + stars: | 2024-04-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Ukraine's campaign of attacks against Russian oil refineries is demonstrating how relatively cheap drones that utilize artificial intelligence could pose a major threat to global energy markets. Ukraine-launched drones have hit 18 Russian oil refineries this year with a combined capacity of 3.9 million barrels per day, according to report published by JPMorgan earlier this month. Some 670,000 bpd of Russian refining capacity is currently offline due to the strikes, according to the bank. "Certainly, those attacks could have a knock-on effect in terms of the global energy situation," Austin told the Senate Armed Services Committee. The deployment of AI drones also has broader implications for global energy markets, according to Bob Brackett, a senior research analyst at Bernstein.

Persons: Natasha Kaneva, Lloyd Austin, Biden, Austin, we've, John Kilduff, Bob Brackett, Bernstein, Brackett Organizations: Reuters, JPMorgan, Kyiv, . Defense, Senate Armed Services Committee, Financial, Again Locations: Ukraine, Ryazan, Ryazan Region, Russia, Taneco, Kyiv, Moscow, Russian, China, India

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ Big oil is racing to scale up carbon capture to slash emissions but the challenges are immense
▼ + stars: | 2024-04-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +14 min

Some climate activists accuse the industry of simply investing in carbon capture as way to extend the use of oil and gas. The technology typically uses chemical absorption to capture carbon dioxide emitted from the chimney of an industrial plant. "The economic viability of carbon capture and sequestration is a challenge today because the cost of building most plants in order to capture carbon dioxide are very significant," the executive said. About two-thirds of the industry's carbon dioxide emissions come from chemical reactions that occur when breaking down limestone. SLB this month announced a nearly $400 million investment in Aker Carbon Capture, a pure-play carbon capture company based in Norway, in an effort to accelerate deployment of the technology at commercial scale.

Persons: Chin Lee, Biden, SLB, Fred Majkut, Majkut, Adam Miklos, Miklos, Baker Hughes, Olivier Le Peuch, Alessandro Bresciani, Jeff Gustavson, Gustavson, steelmaker Nucor, Linde, Dan Ammann, Ammann, Fatih Birol, We're, SLB's Majkut Organizations: Chevron, Houston Chronicle, Hearst Newspapers, Department of Energy, RTI International, International Energy Agency, Exxon, Rystad Energy, Clean Investment Monitor, United Nations ., Gulf Coast, CF Industries, Talos Energy, Carbonvert, IEA Locations: Winnie, Mississippi, Vicksburg, Schlumberger, United States, Paris, Chevron, United Kingdom, U.S, Aker, Norway, Houston, Port Arthur , Texas, Gulf, Louisiana, Beaumont , Texas, Mississippi , Louisiana, Texas, Bayou, Port Arthur

☆ 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

☆ 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

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