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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIsrael is making sure it has 'all options on the table,' John Bolton saysJohn Bolton, former U.S. national security advisor, weighs in on speculation that Israel could hit Iran's oil facilities.
Persons: John Bolton Organizations: Israel Locations: U.S, Israel
Oil prices rise on Israel-Iran conflict fears and U.S. storm
  + stars: | 2024-10-10 | by ( ) www.cnbc.com   time to read: +1 min
Oil prices rose in early Asian trade on Thursday on concerns about potential supply disruptions in the Middle East, with Israel planning to strike oil-producer Iran, and on spikes in fuel demand as a major storm barreled into Florida. The world's largest oil producer and consumer has been hit by a second major storm, Hurricane Milton, which made landfall on Florida's west coast, spawning tornadoes and threatening surges of seawater. The storm has already driven up demand for gasoline in the state, with about a quarter of fuel stations selling out of supplies, which has helped support crude prices. Further underpinning prices, investors remained wary of a potential escalation in tensions between Israel and Iran, with Israeli Defense Minister Yoav Gallant promising an Israeli strike against Iran would be "lethal, precise and surprising". Even with threats to the oil-producing Middle Eastern region top of mind, weak demand continues to underpin the fundamental outlook.
Persons: Iran, Hurricane Milton, Yoav Gallant, Joe Biden, Benjamin Netanyahu, Israel's Organizations: Brent, U.S . West Texas, Israeli, U.S . Energy, Administration, Reuters, American Petroleum Institute Locations: Israel, Florida, U.S, Hurricane, Florida's, Iran, China, North America
Ukraine said it struck a military airfield in Russia overnight, marking the latest deep strike. AdvertisementUkrainian forces struck an ammunition depot at a military airfield in Russia overnight, the latest in a string of long-range attacks targeting Moscow's war machine. In the past two days, the Ukrainian military has said it caused damage at a key Russian ammunition depot, a drone storage facility, and now another ammo depot at an airfield. It's unclear if the latest ammunition depot stored these weapons. pic.twitter.com/17z39WI2YI — OSINTtechnical (@Osinttechnical) October 9, 2024Ukraine has targeted several Russian ammunition depots since mid-September.
Persons: , Khanskaya, Russia's Su, Russia's, we've, We've Organizations: Service, Khanskaya, Base, 272nd Training Aviation Base, Ukrainian, GRAU Arsenal, Institute for Locations: Ukraine, Russia, Kyiv, Republic, Adygea, Ukrainian, Maykop, Adygea Republic, Khanskaya, Russia's Bryansk, North Korea, Iran, Karachev, Bryansk Oblast, Bryansk, Russia's Krasnodar, Crimea
CNN —An Israeli airstrike killed at least 28 people and wounded dozens more sheltering at a school in Deir al-Balah, central Gaza, on Thursday, the Palestine Red Crescent Society said. The attack on the Rafidah school injured at least 54 Palestinians, according to the Red Crescent. Thursday’s strike is the latest to hit a school in Gaza. Last month, an Israeli strike on a school compound near Gaza city, killed at least 22 people, mostly women and children, according to Palestinian officials. Israel confirmed it carried out the strike, saying it had targeted a Hamas command post and killed several fighters.
Persons: Israel Organizations: CNN, Palestine Red Crescent Society, Crescent . Locations: Deir al, Gaza, Palestine, Crescent, Al, Daraj, Gaza City, Israel, Lebanon, Iran
Gold ticks up, U.S. inflation data in focus
  + stars: | 2024-10-10 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices nudged higher on Thursday, while traders await a key U.S. inflation data due later in the day to gauge the Federal Reserve's future monetary policy stance. Spot gold rose 0.2% to $2,614.00 per ounce by 0246 GMT, after easing for the previous six sessions. The U.S. Consumer Price Index for September is due at 1230 GMT and Producer Price Index data on Friday. Markets see an 80% chance of a 25-basis-point Fed rate cut in November. Dallas Fed Bank President Lorie Logan called for gradual cuts and said that the U.S. central bank should not rush.
Persons: Price, Ilya Spivak, Spivak, Mary Daly, Lorie Logan, Israel's Organizations: U.S, Consumer, Treasury, Fed, San Francisco Fed Bank, Dallas Fed Bank Locations: U.S, Iran
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIsrael doesn't seem interested in de-escalating tensions with Iran: JBC ViennaJohannes Benigni, director at JBC Vienna, discusses Iran's missile strikes on Israel and how Israel might retaliate.
Persons: Israel doesn't, JBC Vienna Johannes Benigni Organizations: Israel, JBC, JBC Vienna Locations: Iran, JBC Vienna, Israel
Israel has been targeting Hezbollah's leaders with a series of air strikes. Hezbollah's leadership crisis may lead to internal power struggles and strategic shifts. AdvertisementIsrael is continuing its relentless campaign to dismantle Hezbollah's leadership. Israel says it killed Hezbollah chief Hassan Nasrallah in an airstrike on Beirut. As well as taking out Hezbollah's leadership with strikes in Lebanon and Gaza, Israel is also weighing up a counterattack against Iran after it launched a ballistic missile attack.
Persons: , Hassan Nasrallah, Hezbollah's, Fu'ad, Ali Karaki, Ibrahim Aqeel, Hashem Safieddine, Israel, Chris McGrath, Benjamin Netanyahu, it's, Netanyahu, Mohammed Albasha, Albasha, Antony Loewenstein, KAWNAT HAJU, William F, Wechsler, Abbas al, Mireille Rebeiz, Nasrallah, Al, Ahmet Kaya Organizations: Service, Israel, Palestine, Sky News, Getty, Atlantic Council, Rafik Hariri Center and Middle, Islamic Jihad Organization, Middle East, Dickinson College, UK's National Institute of Economic, Social Research, CNN Locations: Israel, Syria's, Golan, Beirut, Chris McGrath Israeli, US, Lebanon, AFP, Rafik, Buenos Aires, Iran, Pennsylvania, Gaza
This article is part of the Opinion series At the Brink,about the threat of nuclear weapons in an unstable world. It follows a decades-long freeze on designing, building or testing new nuclear weapons. The new buildings and cutting-edge machinery will eventually process the uranium needed to make the next generation of American nuclear weapons. Now there are an estimated 12,000 nuclear weapons in the world. It is undeniably true that the world is becoming more contentious, and nuclear weapons do deter our adversaries.
Persons: Melissa Durkee’s, Adalie, , Warren Air Force Base Missiles Ellsworth Air Force Base Pantex Plant Minot Air Force Base Dyess Air Force Base Lockheed Martin Tinker, Todd Weeks, Weeks, you’re, Eric Helms, Helms, it’s, , aren’t, Robin Darnall, she’s, , can’t, Northrop Grumman, Nunn, Walter Schweitzer, Mr, Schweitzer, Robert Oppenheimer, didn’t, Jay Coghlan, Charles McMillan, Greg Mello Organizations: U.S, Preston Veterans ’ Memorial, Dynamics, U.S . Navy, Preston Veterans ’, The Times Naval Base Kitsap Lawrence Livermore National Laboratory Northrop Grumman Nevada National Security, Air Force Base Malmstrom Air Force Base Sandia National Laboratories Los Alamos National Laboratory, Warren Air Force Base Missiles Ellsworth Air Force Base Pantex Plant Minot Air Force Base Dyess Air Force Base, Warren Air Force Base Missiles Ellsworth Air Force Base Pantex Plant Minot Air Force Base Dyess Air Force Base Lockheed Martin Tinker Air Force Base Offutt Air Force Base Kansas City National Security, Chaffee, Air Force Base Whiteman Air Force Base, Security, Laboratory Naval Submarine Base, Bay Northrop, Newport News Shipbuilding General Dynamics Electric, Submarines, Submarines Connecticut Rhode Island, Submarines Connecticut Rhode Island Virginia General Dynamics Electric, General Dynamics, Columbia, Engineering, Republican, Democratic, Office, General Dynamics Electric, Navy, NASCAR, Manhattan, Reactor, The Energy Department, National Nuclear Security Administration, Energy Department, National Nuclear Security, Fort, Missiles Wyoming North Dakota, Missiles Wyoming North Dakota Colorado Nebraska Montana America’s, The Air Force, Minuteman III, Air Force, Warren Air Force Base, Sentinel, Banner, Soviets, Air Force Base, McCurdy, Pentagon, Montana Farmers Union, Mexico South, Environmental Protection Agency, Los Alamos, Nuclear Watch, Alamos County, Atomic, Los Alamos Study, United States Locations: Preston, Conn, New England, America, Russia, China, North Korea, Iran, United States, Savannah, Manhattan, Washington, Submarines Connecticut, Submarines Connecticut Rhode Island Virginia, Narragansett, Rhode Island, Quonset, R.I, Groton, Soviet Union, Rhode Island , Connecticut, Virginia, Columbia, Tennessee, Oak Ridge, Tenn, Hiroshima, Nagasaki, Texas, Fort Knox, Missiles Wyoming North Dakota Colorado, , Wyoming , Nebraska , Colorado , Montana, North Dakota, Plains, F.E, Wyoming, Nebraska, Banner County, Great Falls, Mont, Mexico, Mexico South Carolina, New Mexico, Los Alamos, N.M, Savannah River, S.C, Colorado, Rocky, Alamos, Nuclear Watch New Mexico, Santa Fe
"You have an opportunity to save Lebanon before it falls into the abyss of a long war that will lead to destruction and suffering like we see in Gaza," Netanyahu said in a video address Tuesday delivered in English. Israeli soldiers raise their national flag in Lebanon's southern border village of Maroun al-Ras. And Wednesday, a video, geolocated by NBC News, stoked outrage: Israeli soldiers raising the country's flag on the outskirts of a border village. Lebanese people who spoke to NBC News on Wednesday bristled at Netanyahu’s warning, with some also mocking the footage of Israeli soldiers planting the flag in the southern village of Maroun Al-Ras. Israel’s invasion of Lebanon amid its 1982 civil war resulted in a nearly two-decade occupation of the country’s south.
Persons: Benjamin Netanyahu, Netanyahu, Israel's, Scott Peterson, ” Netanyahu, Gerges, , ” Yossi Mekelberg, Mekelberg, , Hisham Karameh, ” “, ” Karameh, Matthew Miller Organizations: Israeli, United Nations, Getty, Israel, . Security, London School of Economics, NBC News, Chatham House’s, North Africa, Health Ministry, AFP, State Department Locations: Israel, Gaza, Lebanon, Beirut, Iran, East, Maroun, Maroun Al, ” “ Israel, , Dahieh
Hurricane Milton makes its way toward Florida. Hurricane Milton plows toward FloridaFlorida is, once again, bracing for a direct hit as Hurricane Milton approaches the state and the window to evacuate closes. A storm surge of up to 15 feet is forecast along a stretch of the coast that includes Tampa, St. Petersburg and Sarasota. Florida is especially vulnerable to storm surge because “it doesn’t take much to push water over land that would be dry,” said Cody Fritz, the Storm Surge Unit Team Lead at the National Hurricane Center. “Where?”Follow our live blog for the latest forecasts and information about Hurricane Milton.
Persons: Milton, Harris, Trump, Hurricane Milton, , Cody Fritz, Helene, they’re, , , ’ ”, Mark Prompakdee, Read, Sen, Sherrod Brown, Chuck Todd, Elon Musk, Josh Shapiro, Musk, Trump’s Butler, Benjamin Netanyahu, Lloyd Austin, Yoav Gallant, Joe Biden, Lisa Marie Presley, it’s Grazer, Ethel Kennedy, Robert F, Kennedy, Tama, David Ingram, — Elizabeth Robinson, Elizabeth Robinson Organizations: NBC, National Hurricane Center, Storm Surge, Twin, NBC News, Hurricane, More Hurricane Milton, Trump, Democratic, Trump ”, Saints, Republicans, White, Tech, Pennsylvania Gov, Washington D.C, U.S . Defense, Israeli, ISIS, Border Patrol, Biden, Alaska Locations: Florida, Arizona, Hurricane, Florida Florida, Tampa, St, Petersburg, Sarasota . Florida, St . Petersburg, Twin City, Hurricane Milton, More, battlegrounds, Phoenix, Utah, Ohio, Trump’s Butler , Pennsylvania, Washington, U.S, Iran, Afghan, Oklahoma, America, San Francisco
Propagandists seeking to influence elections around the globe have tried to use ChatGPT in their operations, according to a report released Wednesday by the technology’s creator, OpenAI. OpenAI said in its report that this year it has stopped people who tried to use ChatGPT to generate content about elections in the U.S., Rwanda, India, and the European Union. They also used ChatGPT to create social media posts in support of those sites, according to the report. They were part of a larger campaign that repeatedly spammed pro-party posts on X, a documented propaganda campaign that posted messages — often the same few messages — more than 650,000 times. According to OpenAI’s report, they also tried to get ChatGPT to tell them the default login credentials for other companies that provide industrial control systems software.
Persons: OpenAI, It’s, it’s, Donald Trump’s, ChatGPT, , Washington didn’t, Ben Nimmo, ” Nimmo Organizations: European Union, U.S, Patriotic, United Nations, Treasury Department, Embassy Locations: U.S, Rwanda, India, Iran, Russia, China, Israel, Israeli, Jordan, cybersecurity, Washington
CNN —Air France has opened an investigation into how a jet flying from Paris to Dubai went over Iraq as Iranian missiles fired at Israel crossed the same airspace, the airline said Wednesday. The missiles had to pass through Iraq’s airspace to reach Israel. Air France Flight AF662 was flying over Iraq when the Iranian attack began at around 4:45 p.m. UTC (11.45 a.m. “Thanks to the information we gathered we were able to identify a forthcoming attack on Israel by Iran, involving the launch of ballistic missiles,” Air France said. “As a result, and without waiting for instructions from the Iraqi authorities, Air France decided to suspend the overflight of the country’s airspace by its aircraft from 5 p.m. UTC [12 p.m.
Persons: Hassan Nasrallah, AF662, , Benjamin Netanyahu Organizations: CNN — Air, Israel, Air, CNN, ” Air, “ Air France, Air France Locations: CNN — Air France, Paris, Dubai, Iraq, Iranian, Israel, Iran, Lebanon, ” Air France, Air France, Tehran
No matter who voters choose, whether it is former President Donald Trump or Vice President Kamala Harris , Liwag doesn't expect a meaningful shake-up in the outlook for defense stocks. Still, the analyst notes that even cases where an administration cuts defense spending, stocks can still carve out gains. During the Obama administration, the defense budget fell 3.3%, but defense stocks gained 2.1%. The defense stocks Morgan Stanley covers have outperformed the S & P 500 since Russia's invasion of Ukraine, Liwag said. "Historically, the conventional wisdom has been that Republicans are positive for defense spending and defense stocks, while Democrats are negative," Harned said.
Persons: Bernstein, Douglas Harned, Lockheed Martin, Morgan Stanley, Kristine Liwag, Donald Trump, Kamala Harris, Liwag, Bernstein's Harned, Harned, Harris, Wolfe Research's, Tobin Marcus, Marcus, Ronald Epstein, Epstein, Trump, Northrop, Obama, Northrop Grumman, Morgan Stanley's, Michael Ciarmoli, Truist, Leonardo Organizations: P Aerospace, Defense, Industry, L3Harris Technologies, Lockheed, CNBC, " Bank of America, Democratic, Senate, Republican, U.S . House, Trump White House, Republican Senate, Trump, Abrams, Space Force, Northrop Grumman, General Dynamics, Hamas, Dynamics, Northrop, Gulfstream, Leonardo DRS, Moog, Republicans Locations: Ukraine, U.S, Russia, Crimea, Iran, Israel
CNN —Nearly six months after Columbia University banned Khymani James, a Pro-Palestinian student activist, who said “Zionists don’t deserve to live,” the coalition that had apologized on his behalf rescinded its statement of regret – and advocated for armed resistance against Israel. “Last spring, in the midst of the encampments, Columbia University Apartheid Divest (CUAD) posted a statement framed as an apology on behalf of Khymani James,” CUAD posted Tuesday night on Instagram. “Where you’ve exhausted all peaceful means of resolution, violence is the only path forward.”Columbia, in a statement, said Wednesday that it decried any calls for acts of violence. “We aspire to be an open campus but cannot be open while we are uncertain of safety,” Columbia said in its statement. This week, with social media mixing calls for armed violence in the Middle East with defenses of local statements calling for violence, the balance tips to safety.”
Persons: Khymani James, don’t, , , ” CUAD, James, I’m, , we’ve, ” James, Israel, Katrina Armstrong, Benjamin Netanyahu, Columbia Organizations: CNN, Columbia University, Israel, Columbia University Apartheid, ” Columbia, Columbia, Hamas, Israel’s, Colleges Locations: Columbia, Palestine, Israel, America, Iran, Gaza
Nouriel Roubini says stagflation risk will rise if Donald Trump wins the election. AdvertisementThe US economy might confront a fate more challenging than a recession if Donald Trump retakes the White House, famed economist Nouriel Roubini said. According to Roubini, Trump's proposals would fuel these two key ingredients: lower growth and higher inflation. In July, JPMorgan's chief global strategist David Kelly called Trump's tariff and immigration policy mix an "elixir for stagflation." AdvertisementRoubini said tensions in the Middle East make the threat of stagflation under Trump worse.
Persons: Nouriel Roubini, Donald Trump, Doom, , Donald Trump retakes, Trump, Kamala Harris, stagflation, Roubini, Larry Summers, David Kelly Organizations: Greenwich Economic, Treasury, Service, Bloomberg, Barclays, Republican, Peterson Institute, Trump Locations: Greenwich, Israel, Iran
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. Both West Texas Intermediate and Brent futures retreated 4.63% during U.S. trading hours Tuesday, halting the red-hot rally oil prices have experienced the past week. The central bank's likely to make another half-point cut in November, Paul Bloxham, HSBC's chief economist for Australia and New Zealand, told CNBC. On the back of such turbulence, CNBC Pro asks two strategists whether now's the time to invest in China.
Persons: It's, Paul Bloxham, HSBC's Organizations: Central, CNBC, Technology, Nasdaq, Google, U.S . Department of Justice, U.S, The New York Times, West Texas Intermediate, Brent, Reserve Bank of New, CSI, CNBC Pro Locations: New York, United States, Jerusalem, Israel, Zealand, Reserve Bank of New Zealand, Australia, New Zealand, China
Biden has grown frustrated that Netanyahu appears to brush off his advice and recommendations, and to publicly reject his attempts at lowering regional temperatures. Biden last week made clear he expected to speak with Netanyahu ahead of any potential reprisal against Iran for its missile onslaught. Still, she acknowledged the significance of the conversation, the first between Biden and Netanyahu since August 21. Still, Biden was insistent that he speak to Netanyahu ahead of Israel’s next steps, believing it important to convey his views directly. The White House, which has declined to comment on those reports, has insisted the two men maintain a functional relationship.
Persons: Joe Biden, Benjamin Netanyahu, Israel’s, , Karine Jean, Pierre, Biden, Netanyahu, Donald Trump, Biden’s, Biden “, , unstick, Kamala Harris, Dana Bash, Hurricane Milton, Simon Harris, Still, Bob Woodward, ” Jean, Pierre said Organizations: CNN, Wednesday, , Hurricane Locations: Iranian, Lebanon, Iran, Israel, Beirut, , Gaza, New York, Gaza . Irish, Washington, Ireland, Israel’s
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThis is Netanyahu's opportunity to go after the head of the 'Axis of Resistance,' Ensah Advisory Partners saysSyga Thomas, Ensah Advisory Partners CEO, discusses what potential moves Israel could make against Iran.
Persons: of, Syga Thomas Locations: Israel, Iran
Crude oil futures drifted lower Wednesday after sliding more than 4% the previous day. The rally spurred by the risk of a wider Middle East war has stalled out amid uncertainty over how Israel will retaliate against Iran for last week's ballistic missile strike. Chinese policymakers' failure to deliver new economic stimulus measures at a press briefing this week also held energy prices in check. Though prices are falling, Goldman Sachs sees global benchmark Brent jumping by $10 to $20 per barrel if an Israeli strike disrupts Iranian crude oil production, according to a Tuesday research note. Here are Wednesday's energy prices at around 8:02 a.m.
Persons: Goldman Sachs Organizations: Brent Locations: Israel, Iran
Oil prices steadied in Asian trading on Wednesday, as traders weighed uncertainty surrounding developments in the Middle East conflict against continued bearish fundamentals. Brent crude futures rose 11 cents, or 0.14%, to $77.29 a barrel by 02:23 GMT. Prices had plunged more than 4% in the previous session on a possible Hezbollah-Israel ceasefire, but markets remain wary of a potential Israeli attack on Iran's oil infrastructure. Hezbollah officials on Tuesday appeared to back off from a truce in Gaza as a condition for a ceasefire in Lebanon. The U.S. EIA on Tuesday downgraded its 2024 forecast for global oil demand growth by 20,000 barrels per day (bpd), to 103.1 million bpd, because of weaker industrial production and manufacturing growth in the U.S. and China.
Persons: Hezbollah's, Naim Qassem, Hurricane Milton, Tony Sycamore Organizations: Brent, . West Texas, Macquarie, Reuters, American Petroleum Institute, U.S, EIA, IG . Florida Locations: Israel, Iran, Gaza, Lebanon, U.S, China, Hurricane, Coast, Tampa
After Iran launched approximately 200 ballistic missiles at Israel last week, U.S. military officials discussed options for joining Israel in its retaliation against Iran, according to two U.S. officials familiar with the discussions. The U.S. has long supported Israel with intelligence and that support could continue during Israel’s retaliatory strikes against Iran, the two officials said. Senior U.S. military officials have also discussed conducting very limited strikes against Iranian targets, the two officials said. Strikes inside Iran have been discussed, as have strikes on targets outside Iran, though strikes of any kind are less likely than intelligence sharing, the officials said. And U.S. officials say Israel has made it clear that it is not ruling out a response during the Yom Kippur holiday this week.
Persons: Lloyd Austin, Yoav Gallant, Israel, Gallant, Austin, Hassan Nasrallah, Benjamin Netanyahu, Washington . Austin, Nasrallah, Pat Ryder, ” Ryder, “ We’ve, , Michael “ Erik ” Kurilla Organizations: Defense, Israeli, U.S, Austin, Israel, Senior U.S, Islamic Revolutionary Guards Corps, Iran, Pentagon, United Nations General Assembly, , ” Senior U.S, U.S . Central Command Locations: United States, Iran, Washington, Israel, U.S, Yemen, Syria, Iraq, Beirut, New York, Washington .
Foreign adversaries will try to shake Americans’ confidence in the legitimacy of election results in November by giving voice to false claims or spreading their own disinformation about ballot counting, U.S. intelligence officials said Tuesday. In its latest assessment of foreign threats to the election, intelligence officials said the main foreign powers seeking to shape the outcome of the vote — Russia, China and Iran — also were focusing on meddling in congressional and state races. China’s election influence efforts were focused on “tens” of races, with Beijing denigrating particular candidates with a variety of social media and other online activities, the intelligence official added. Officials also said foreign adversaries are getting more skilled at using Americans to spread their manufactured falsehoods. Intelligence officials reiterated that Russia’s disinformation campaign is directed at undermining Vice President Kamala Harris and her fellow Democrats as Moscow seeks to undercut Western support for Ukraine.
Persons: , Iran —, , Kamala Harris, Donald Trump’s, Joe Biden, Biden Organizations: Intelligence, Ukraine, Democratic Locations: Russia, China, Iran, U.S, Cuba, Havana, Ukraine, Kyiv, Beijing, Moscow
Speaking at the Cipher Brief security conference in Sea Island, Georgia, Burns said Iran has advanced its nuclear program by stockpiling uranium enriched to near weapons-grade levels. CIA Director William Burns during a hearing of the House (Select) Intelligence Committee in Washington, D.C., on March 12, 2024. Iran has developed the “means of delivery” for a potential nuclear weapon by building up its missile arsenal, he said. The JCPOA imposed strict limits on Tehran’s nuclear program while easing economic sanctions on the country. Estimates vary as to how much time it would take Iran to build a viable nuclear weapon once it has acquired enough fissile material.
Persons: William Burns, Burns, Anna Moneymaker, ” Burns, Ayatollah Ali Khamenei, Donald Trump, , , , Israel Organizations: CIA, Intelligence, Washington , D.C, Iran’s Locations: Iran, U.S, Iranian, Sea Island , Georgia, Washington ,, Tehran “, Lebanon, Israel, Gaza, United States, Russia
Crude oil futures fell about 2% on Tuesday, as the rally on geopolitical risk took a pause while the market waits for Israel to strike back against Iran. "Oil can keep ascending only for so long purely based on perceptions and not actual supply disruption," Tamas Varga, an analyst at oil broker PVM, said in a Tuesday note. Oil prices have surged about 13% through Monday's close since Iran fired around 180 ballistic missiles at Israel last week, raising fears that Israel might retaliate by hitting Iran's crude industry. ET:The market was also disappointed that Chinese officials did not announce any new stimulus plans at a press briefing Tuesday. In early September, oil prices hit their lowest level since December 2021.
Persons: Tamas Varga, Israel, Phil Flynn Organizations: Iran, Price Futures Locations: Israel, Iran, China
In 2022, oil flow in the Strait of Hormuz averaged 21 million barrels per day, according to the U.S. Energy Information Administration (EIA). Saul Kavonic, senior research analyst at MST Financial, said supply disruptions along the Strait of Hormuz could send oil prices significantly higher. Oil prices traded more than 3% on Monday, extending gains even after notching their sharpest weekly gain since early 2023 last week. "But seeing where the oil price sits right now the market doesn't seem to hold much probability for such a development at all," he added. "A significant disruption to these flows would be enough to push oil prices to new record highs, surpassing the record high of close to $150/bbl in 2008," he added.
Persons: Alan Gelder, Wood Mackenzie, CNBC's, Iraq —, Gelder, Saul Kavonic, Kavonic, Bjarne Schieldrop, SEB, Brent, Schieldrop, Warren Patterson, Patterson Organizations: Nurphoto, U.S . Energy Information Administration, Energy, Brent, U.S, West Texas, ING, bbl, United Arab Emirates, Space Shuttle Columbia Locations: Persian, Bushehr, Iran, Hormuz, Oman, Strait, Israel, Saudi Arabia, Kuwait, Iraq, UAE, Gulf, Muscat
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