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☆ Oil prices fall on fear of high U.S. interest rates depressing demand
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: +2 min

Oil storage drums stacked in the Keihin industrial area of Kawasaki, Kanagawa Prefecture, Japan, on Monday, April 15, 2024. Oil prices fell in early Asian trade on Tuesday, with investors anticipating higher-for-longer U.S. inflation and interest rates will depress consumer and industrial demand. "Fears of weaker demand led to selling as the prospect of Fed rate cut became more distant," said analyst Toshitaka Tazawa at Fujitomi Securities. Lower interest rates reduce borrowing costs, freeing up funds which could boost economic growth and demand for oil. OPEC+ could extend some voluntary output cuts if demand fails to pick up, people with knowledge of the matter previously told Reuters.

Persons: Toshitaka Tazawa, Philip Jefferson, Michael Barr, Raphael Bostic, Ebrahim Raisi, Ayatollah Ali Khamenei, Mohammed Bin Salman, Fujitomi's Tazawa Organizations: Brent, . West Texas, Federal, Fujitomi Securities, Atlanta Fed, Reuters, Saudi Arabia's Crown, Iranian, Investors, Organization of, Petroleum Locations: Kawasaki, Kanagawa Prefecture, Japan, Saudi, OPEC

☆ Biden to release 1 million barrels of gasoline to reduce prices at the pump ahead of July 4
▼ + stars: | 2024-05-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The Biden administration will release 1 million barrels of gasoline from reserves held in the Northeast to reduce prices at the pump ahead of the Fourth of July holiday and summer driving season. Rising energy prices stirred speculation in April that the Biden administration might tap the Strategic Petroleum Reserve in Texas and Louisiana ahead of the November presidential election. Though gasoline prices have come down over the past month, broader inflation has remained stubborn, irking consumers. The barrels will be sold from storage sites in New Jersey and Maine that are part of the Northeast Gasoline Supply Reserve, which was established after Superstorm Sandy knocked out refineries in 2012. The Biden administration released 180 million barrels from the SPR in 2022 as energy prices spiked in the wake of Russia's invasion of Ukraine.

Persons: Joe Biden, Biden, Jennifer Granholm, Lael Brainard, Superstorm Sandy Organizations: Eisenhower, Strategic Petroleum Reserve, White, National Economic, AAA, Retailers, Department of Energy, DOE, Northeast Gasoline Supply, Superstorm Locations: Washington ,, Israel, Texas, Louisiana, Iran, New Jersey, Maine, Ukraine

☆ Oil prices drift lower but remain stuck in narrow range as market struggles to find catalysts
▼ + stars: | 2024-05-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

Crude oil futures fell more than 1% on Tuesday in the absence of major market catalysts to support prices. U.S. crude oil and global benchmark Brent have traded in a $3 range this month since selling off from April highs after traders rolled back geopolitical risk premium as fears of a wider Middle East war eased. Investors are now focusing more on fundamentals but the lack of near-term catalysts will likely keep prices rangebound for the time being, Helima Croft, head of commodity strategy at RBC Capital Markets, told clients in a Tuesday note. Here are today's energy prices:Production cuts by a coalition of OPEC+ members have provided a floor for oil prices after last month's selloff. The cartel will meet next weekend to review its production policy.

Persons: Helima Croft Organizations: Brent, Investors, RBC Capital Markets, OPEC

☆ Brent oil gains after Iran's President dies, Saudi flags issue with King's health
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +3 min

Brent crude futures extended gains on Monday, inching up amid political uncertainty in major producing countries after Iran's president died in a helicopter crash and the Saudi crown prince cancelled a Japan trip, citing health issues with the king. Brent gained 10 cents, or 0.1%, to $84.08 a barrel by 0454GMT, after rising to $84.30 earlier, its highest since May 10. He added that WTI prices may rebound further toward $83.50 after rising above the 200-day moving average of $80.02. Despite the volatility in the region, oil prices moved only slightly. "Continuity in Saudi strategy is expected regardless of this health issue," he added.

Persons: Brent, Ebrahim Raisi, Saudi Arabian Crown Prince Mohammed bin Salman, King Salman, Yoshimasa Hayashi, Tony Sycamore, Sycamore, Warren Patterson, Patterson, Saul Kavonic, Prince Mohammed Bin Salman's Organizations: Brent, . West Texas, Saudi, Saudi Arabian Crown, Iranian, IG, ING, The, of, Petroleum, Petroleum Reserve Locations: Fort Stockton , Texas, Saudi, Japan, East Azerbaijan, Saudi Arabian, China, U.S, United States, Washington

☆ Oil little changed after Iran's president dies in helicopter crash
▼ + stars: | 2024-05-20 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Iranian President Ebrahim Raisi looks on during a TV interview, in Tehran, Iran May 7, 2024. Policy in OPEC's third-largest producer is not expected to change, with Vice President Mohammad Mokhber taking over as interim president as the country prepares for new elections within 50 days. President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian perished in the crash in Iran's East Azerbaijan province in poor weather. Crude oil futures were little changed Monday after Iran's president and foreign minister died in a helicopter crash. A coalition of OPEC+ members are voluntarily cutting output by 2.2 million barrels per day to support prices.

Persons: Ebrahim Raisi, Mohammad Mokhber, Hossein Amirabdollahian, Brent Organizations: OPEC Locations: Tehran, Iran, Iran's East Azerbaijan, Russia

☆ Oil prices rise on moderate U.S. inflation data, strong demand
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices extended gains from the previous session on Thursday on signs of stronger demand in the U.S. where data showed slower inflation than markets expected, strengthening the argument for an interest rate cut which could result in even stronger demand. U.S. crude oil, gasoline and distillate inventories fell, reflecting a rise in both refining activity and fuel demand, showed data from the Energy Information Administration, or EIA. Crude inventories fell 2.5 million barrels to 457 million barrels in the week ended May 10, the EIA said, versus the 543,000 barrel consensus analyst forecast in a Reuters poll. Signs of slowing inflation and stronger demand were supporting prices, ANZ Research said in a client note, as is geopolitical risk which it said remains elevated. Gains were constrained after the IEA trimmed its forecast for 2024 oil demand growth, widening the gap between its view and that of producer group OPEC.

Persons: Brent Organizations: U.S, West Texas Intermediate, Federal Reserve, Energy Information Administration, EIA, ANZ Research, OPEC, Global, Organization for Economic Co Locations: Nolan , Texas, U.S, East, Gaza, Rafah, Qatar, Egypt, Israel

☆ U.S. energy secretary to visit Saudi Arabia, UAE next week, officials say
▼ + stars: | 2024-05-11 | by ( ) www.cnbc.com time to read: +2 min

U.S. Energy Secretary Jennifer Granholm will visit Saudi Arabia and the United Arab Emirates next week to work on "climate co-operation" and other issues, two Biden administration officials told Reuters on Friday. The visit will run from Tuesday through Thursday, with Granholm visiting the UAE first, one of the officials said. "Specifically, for the Department of Energy, it will move forward work both countries are doing on climate cooperation and to diversify the energy economy." Saudi Arabia and UAE are both members of OPEC, which is debating whether to extend output cuts. Those talks are being led on the U.S. side by White House officials and the State Department, but not Granholm.

Persons: Jennifer Granholm, Granholm, Biden Organizations: Energy, Natural Resources, U.S . Department of Energy, . Energy, United Arab Emirates, Biden, Reuters, UAE, U.S, Department of Energy, Zero, White House, State Department Locations: Saudi Arabia, U.S, Qatar, UAE, Israel, Saudi, East

☆ Restaurants are competing for frugal diners’ dollars
▼ + stars: | 2024-05-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

For some restaurants, it feels like a battle to get them to spend. Olive Garden-parent Darden Restaurants saw same-restaurant sales dip during its most recent quarter. Darden saw sales from households with incomes above $150,000 climb from the prior year. What to expect in Friday’s jobs reportThe US job market has been on a roll for the past three years. That’s about 25,000 more jobs per month than last year and 111,000 more per month than in 2019.

Persons: ”, Laxman Narasimhan, “, we’ve, Ian Borden, Ricardo Cardenas, Scott Sheffield, “ Mr, —, Matt Egan, Read, Alicia Wallace, ” Julia Pollak, ZipRecruiter Organizations: CNN Business, Bell, New York CNN, Starbucks, Darden, OPEC, Federal Trade Commission, Sheffield, Organization of, Petroleum, Saudi Arabia, Regulators, Pioneer Natural Resources, CNN, of Labor Statistics Locations: New York, China, Olive, American, Saudi, Sheffield, Texas, OPEC, Russia

☆ Oil steadies, heads for weekly drop on U.S. economy worries
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: +1 min

Oil prices edged up in early trade on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for weekly losses on U.S. economic uncertainty and limited crude supply disruptions caused by the Israel-Hamas war. Brent headed for a 6.3% weekly decline, while and WTI moved towards a loss of 5.6% on the week. The market is now looking towards U.S. economic data and indicators of future crude supply from the world's top producer. Higher rates typically weigh on the economy and that can reduce oil demand. Also on Friday, energy services firm Baker Hughes is due to release its weekly count of oil and gas rigs, an indicator of future crude output.

Persons: Brent, WTI, Baker Hughes Organizations: Brent, . West Texas, Organization of, Petroleum, U.S . Bureau of Labor Statistics, Federal Reserve Locations: Israel, U.S, Russia

☆ Scott Sheffield, former Pioneer CEO, accused of trying to conspire with OPEC to inflate prices
▼ + stars: | 2024-05-02 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Scott Sheffield, the founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday. Regulators say Sheffield, then the CEO of Pioneer Natural Resources, used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia. Unlike with OPEC nations, US oil production is supposed to be decided by the free market, not by coordination among the major players. The FTC said that while Sheffield was discussing efforts to coordinate output with other Texas producers, the Pioneer CEO said: “If Texas leads the way, maybe we can get OPEC to cut production. Exxon said that in response to the FTC’s concerns, it will not add Sheffield to its board.

Persons: New York CNN — Scott Sheffield, “ Mr, —, Kyle Mach, Sheffield “, Douglas Farrar, Sheffield, ”, Exxon Organizations: New, New York CNN, OPEC, Federal Trade Commission, Sheffield, Organization of, Petroleum, Saudi Arabia, Regulators, Pioneer Natural Resources, FTC, ExxonMobil, Competition, CNN, Railroad Commission, Texas, Exxon Locations: New York, American, Saudi, Sheffield, Texas, OPEC, Russia, FTC’s, Saudi Arabia

☆ FTC accuses ex-Pioneer CEO of colluding with OPEC, blocks him from Exxon board seat
▼ + stars: | 2024-05-02 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The FTC filed a complaint alleging that Scott Sheffield attempted to collude with representatives of OPEC to reduce oil and gas output to increase prices at the pump and inflate Pioneer's profits. "The FTC has a responsibility to refer potentially criminal behavior and takes that obligation very seriously," spokesman Doug Farrar told CNBC. In response, Exxon agreed to keep Sheffield off its board, the oil major said in a statement Thursday. The FTC alleged that Sheffield repeatedly held private conversations with high-ranking OPEC representatives to assure them that Pioneer and its competitors in the Permian Basin were working to keep oil output artificially low. "Notwithstanding, Pioneer and Mr. Sheffield are not taking any steps to prevent the merger from closing," the company said in the statement.

Persons: Scott Sheffield, Doug Farrar, Exxon, Sheffield, Sheffield's, Lina Khan, — CNBC's Pippa Stevens, Mary Catherine Wellons, Lina Khan's Organizations: Federal Trade Commission, Natural Resources, OPEC, Exxon Mobil, Pioneer, FTC, Justice Department, Wall Street, CNBC, Exxon, Sheffield

☆ Oil falls for a third day as U.S. crude inventories swell
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell for a third day on Wednesday on rising crude inventories and production in the U.S., the world's biggest oil consumer, along with increasing hopes of a ceasefire agreement in the Middle East. Brent crude futures for July fell 47 cents, or 0.5%, at $85.86 a barrel by 0005 GMT. U.S. West Texas Intermediate crude for June declined 53 cents, or 0.6%, to $81.40 per barrel. U.S. crude oil inventories swelled last week by 4.906 million barrels, while gasoline and distillate stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline inventories fell by 1.483 million barrels, and distillates fell by 2.187 million barrels.

Persons: distillates Organizations: Brent, . West Texas, American Petroleum Institute, Energy Information Administration, Organization of, Petroleum, Reuters Locations: U.S, Israel, Egypt, Iran, Iraq, Nigeria

☆ Exxon Mobil reaches agreement with FTC, poised to close $60 billion Pioneer deal
▼ + stars: | 2024-05-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

The Federal Trade Commission will wave through Exxon Mobil 's roughly $60 billion acquisition of Pioneer Natural Resources after reaching an agreement with the energy giant, a source familiar with the matter told CNBC. The FTC will not block the deal now that the regulator and Exxon have reached a consent agreement, the source said. The agreement will bar Pioneer's former CEO Scott Sheffield from joining the Exxon board. Exxon first announced the deal for Pioneer in October, in an all-stock transaction valued at $59.5 billion. Shares of Exxon and Pioneer were both little changed in extended trading Wednesday.

Persons: Scott Sheffield, Darren Woods, — CNBC's Pippa Stevens, Mary Catherine Wellons Organizations: Federal Trade Commission, Exxon Mobil, Natural Resources, CNBC, FTC, Exxon, Sheffield, Bloomberg News, Pioneer

☆ Good news: The worst could be over for gas prices this spring
▼ + stars: | 2024-04-30 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

US gas prices have stopped rising and even briefly dipped in recent days. Now, there is growing hope that gas prices are at or near a peak for the spring – or perhaps even for the year. ‘Could have been much worse’Of course, none of this is to say gas prices are cheap. A spike in gas prices would be the last thing President Joe Biden needs as he struggles to convince voters of his economic message before November. Why gas prices have cooledThere are multiple reasons why gas prices have stopped rising for the moment.

Persons: Patrick De Haan, “ I’m, ” De Haan, Tom Kloza, ”, Andy Lipow, “, De Haan, Joe Biden, Lipow, ” Lipow, Kloza Organizations: New, New York CNN, OPEC, AAA, CNN, “, Oil Price Information Service, Lipow Oil Associates, Drivers, Federal Reserve, Biden, US Strategic Petroleum Reserve, Coast, Colorado State University Locations: New York, Israel, Iran, Covid, California, De Haan ., Washington, Syria, West Texas, New Mexico, Saudi Arabia, Russia

☆ Watch CNBC's full interview with OPEC Secretary General Haitham al Ghais
▼ + stars: | 2024-04-29 | 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 EmailWatch CNBC's full interview with OPEC Secretary General Haitham al GhaisHaitham Al Ghais, OPEC Secretary-General, speaks to CNBC's Dan Murphy the World Economic Forum in Riyadh about OPEC’s response to the war in Gaza, Iran sanctions and other major energy issues.

Persons: Haitham al, Al, CNBC's Dan Murphy Organizations: World Economic Locations: Al Ghais, Riyadh, Gaza, Iran

☆ Oil prices drop as reports say Israel and Hamas could soon head for cease-fire talks
▼ + stars: | 2024-04-29 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Oil prices fell as reports on Monday indicated that Israel and Hamas could engage in cease-fire talks this week. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOil prices dropped Monday with energy markets eyeing fading geopolitical risks as Israel and Hamas reportedly move toward cease-fire talks. Cease-fire discussions could begin as soon as Tuesday if both parties agree to meet Cairo, the report said. Analysts say they see as much as a 20% surge for stocks in the sector as conflict and supply disruptions keep prices elevated.

Persons: Antony Blinken, —, Brent, Israel, David Rosenberg Organizations: Service, Hamas, West Texas Intermediate, The New York Times, United, Reuters, Bank Locations: Israel, Cairo, United States, Saudi Arabia, Rafah, Russia, Ukraine, OPEC

☆ OPEC secretary general: Not uncommon for us to go through periods of geopolitical tensions
▼ + stars: | 2024-04-28 | 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 EmailOPEC secretary general: Not uncommon for us to go through periods of geopolitical tensionsHaitham Al Ghais, the OPEC secretary general, says at OPEC "we always try to make sure that there's adequate supplies to the market," despite geopolitical tensions and turmoil.

Persons: Al Ghais

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

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