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☆ 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

☆ 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

☆ 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

☆ A veteran day trader shares a chart pattern he uses to bet on volatile oil contracts that he says gives him a 90% win ratio
▼ + stars: | 2024-04-21 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

In a previous interview with Business Insider, he explained one of his main strategies: using the Fibonacci retracement tool to trade on price volatility. He aims to place a stop-limit buy order on a contract slightly above a previous high. It's based on the assumption that when the price begins to rally upward, it attracts more traders to the market and increases price action. ET, a time when market participation can increase for the oil market and create unpredictable conditions, he sold earlier at $79.24. He also avoids trading oil contracts when there are headlines about geopolitical instability or a breakout of war because they create uncertainty.

Persons: he's, It's, Vernier Organizations: Business, West Texas, CME Group West Texas, Traders, American Petroleum Institute, Energy Information Administration

☆ Oil disruption fears in the Middle East are getting real after reports of an Israel strike on Iran
▼ + stars: | 2024-04-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Read previewOil prices jumped while stocks sold off after reports of an escalation in Middle East tensions. International benchmark Brent crude oil futures rose as much as 4.2% before trading 2.8% higher at $89.54 a barrel at 11:15 p.m. EDT. The strike on Friday came days after Iran attacked Israel on Saturday with a barrage of more than 300 missiles and drones. Israel didn't claim responsibility for the strike, but Iran held it accountable and vowed retaliation. Oil markets shrugged off Iran's attack on Israel as the market assessed the conflict would remain contained.

Persons: —, Israel didn't, Israel, Kyle Rodda, Rodda Organizations: Service, Brent, US West Texas, Business, ING, Stock Locations: East, Israel, Iran, Iran's, Damascus, Syria

☆ Oil prices jump 3% on reports of explosions in Iran
▼ + stars: | 2024-04-19 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: 1 min

A view of oil-well in action during sunset at Elk Hills Oil Field as gas prices on the rise in California, United States on April 14, 2024. Oil prices jumped more than 3% after unconfirmed reports of explosions near the Iranian city of Isfahan. Iran's Fars news agency reported that explosions were heard near the Isfahan airport, but emphasized that the reasons were unknown. Global benchmark Brent traded 3.63% higher at $90.27 a barrel, while the U.S. West Texas Intermediate rose 3.66% to $85.76 per barrel. Spot gold prices surged to a fresh all-time high of 2,411.09 per ounce, while the yen strengthened 0.45% to 153.93 against the U.S. dollar.

Organizations: Brent, U.S . West Texas, U.S . Locations: Elk, California, United States, Iranian, Isfahan, Iran's Fars, U.S

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

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

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

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

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

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

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

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

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

☆ Middle East tensions pose the biggest threat to rate cuts, European Central Bank policymaker says
▼ + stars: | 2024-04-17 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Tensions in the Middle East pose the biggest threat to a prospective interest rate cut from the European Central Bank, according to ECB policymaker Robert Holzmann. "At this stage, I think the biggest threat is geopolitics, because we have seen what's happened in the Middle East," Austrian central bank governor Holzmann told CNBC's Karen Tso on Wednesday. Holzmann singled out ramifications for energy prices as the single most important factor in terms of Europe's fight to tame inflation. "As summer approaches we can start reducing the level of restriction in monetary policy, provided that inflation continues to fall as projected." He recently told Reuters that the ECB could moderate rates in June, indicating a growing consensus for a near-term move.

Persons: Robert Holzmann, Holzmann, Karen Tso, policymaker Olli Rehn, Rehn Organizations: European Central Bank, ECB, International Monetary, Bank of, Brent, U.S, West Texas, Reuters Locations: Austrian, Hormuz, Iran, Israel, Russia, Ukraine, Bank of Finland, London

☆ 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

☆ Oil prices could see 'super spike well above $100' if conflict escalates after Iran's attack on Israel
▼ + stars: | 2024-04-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Any disruption in its capacity to supply global markets could send oil prices higher, analysts told CNBC. Insufficient investment makes supply more fragile and increases the chance of a super spike well above $100 if supply is disrupted. Stock Chart Icon Stock chart icon Oil prices since the start of the year. "I think oil prices will go to all time highs this cycle, due to a decade of under-investment in exploration and development," Young added. Oil prices have climbed in recent months on trade disruptions and delays caused by Red Sea maritime attacks from the Houthis, who claim solidarity with the Palestinian people.

Persons: Saeid Arabzadeh, Israel reigniting, Andy Lipow, Daniel Hagari, Josh Young, Brent, Young, Morgan Stanley's Organizations: Afp, Getty, OPEC, CNBC, Brent, Lipow Oil Associates, Israel Defense Forces, Bison, Iran's United Nations, underinvestment, U.S, West Texas Locations: Persian, Iran, Hormuz, Oman, Israel, Damascus, Syria, Asia

☆ Asia-Pacific markets fall amid Israel-Iran tensions with spotlight on oil, gold and bitcoin
▼ + stars: | 2024-04-15 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Pedestrians cross an intersection in the Shibuya district of Tokyo, Japan, on Tuesday, Feb. 6, 2024. Asia-Pacific markets slipped Monday as traders weighed the impact of Iran's drone attack on Israel over the weekend, with focus also on key economic data from China and Japan later in the week. The U.S. intervened to directly help Israel shoot down nearly all of the incoming munitions, Biden said in a statement Saturday. India will release its wholesale inflation figures for March later in the day, while China will announce its first quarter GDP numbers on Tuesday. Japan will release its March trade data and inflation numbers on Wednesday and Friday, respectively.

Persons: Joe Biden, Israel, Biden Organizations: Brent, . West Texas Locations: Shibuya, Tokyo, Japan, Asia, Pacific, Israel, China, Iran, U.S, India

☆ Oil prices fall after Iran attack as market draws down risk premium
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell at Asia's open on Monday, as market participants dialed back risk premiums following Iran's attack on Israel late on Saturday which the Israeli government said caused limited damage. The attack involving more than 300 missiles and drones was the first on Israel from another country in more than three decades. Oil benchmarks had risen on Friday in anticipation of a retaliatory attack by Iran, touching their highest levels since October. But prices still ended the week down about 1% after the International Energy Agency lowered its forecast for oil demand growth this year. A "less certain path to Fed rate cuts" because of persistent U.S. inflation also weighed on prices, Sycamore said.

Persons: Brent, Tony Sycamore, Jorge Leon, Analysts, Sycamore Organizations: West Texas, Israel's, Iran, International Energy Agency, Rystad Energy Locations: Tutong district, Brunei, Israel, Iran, Damascus, Gaza, U.S, Syria, Strait, Hormuz, East, Europe

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

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

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

☆ Here’s how the Israel-Iran conflict affects the oil market
▼ + stars: | 2024-04-15 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

Oil prices spiked Friday to levels not seen since October in anticipation of just such an escalation but on Monday were subdued. “It is the most significant chokepoint in the global oil market,” Richard Bronze, co-founder and analyst at data firm Energy Aspects, told CNN. A renewed crackdown would, however, “create upward pressure on global prices” at an inopportune moment, Tagliapietra said. A tight oil marketDespite Iran’s barrage of drones and missiles, the conflict had a relatively muted impact on the global oil market Monday. Oil prices have already risen sharply since hitting a low in early February.

Persons: London CNN —, Brent, Israel —, Simone Tagliapietra, ” Richard Bronze, Tagliapietra, Joe Biden’s, WTI, Russia — Organizations: London CNN, West Texas Intermediate, CNN, International Energy Agency, Hamas, Organization of, Petroleum, United Arab Emirates, Traders Locations: Israel, Iran, Syria, Paris, Gaza, Tehran, Hormuz ‘, Hormuz, Brussels, China, Strait, Saudi Arabia, Kuwait, United States, Ukraine, Washington, Damascus, OPEC, Russia, Brazil, Guyana, Canada

☆ Wall Street still isn't fretting about geopolitics, even after Iran attacked Israel
▼ + stars: | 2024-04-15 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe market served up another reminder of its indifference to geopolitics on Monday, as traders seemingly shrugged off the potential impact of Iran's strikes on Israel. Signs that the conflict between the two countries won't escalate any further have calmed the market's nerves, XTB research director Kathleen Brooks said on Monday. "The dollar opened the week fairly muted and US bond yields are slightly higher, suggesting that there was no flight to safe havens." Anyone who's been following markets for the past two years won't be surprised at traders' muted reaction to the latest tensions in the Middle East.

Persons: —, pare, Kathleen Brooks, Joe Biden, Brooks, who's, Jamie Dimon, Ray Dalio, Neal Shearing, Shearing, isn't Vladimir Putin, Xi Jinping, Ali Khamenei —, Jerome Powell Organizations: Service, Brent, West Texas, Business, JPMorgan, Bridgewater, Capital Economics, Federal Reserve, Fed Locations: Israel, Iran, Tehran, OPEC

☆ 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

☆ Dow tumbles more than 300 points on fears of potential attack by Iran and inflation woes
▼ + stars: | 2024-04-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —US stocks slid Friday morning as Wall Street worried about escalating tension in the Middle East and sticky inflation. The US and Israel are on alert for a potential attack by Iran or its proxies after an Israeli strike in Damascus last week. The price of the most actively traded gold futures contract rose to roughly $2,432 a troy ounce. Elsewhere, fresh data showed that Americans’ attitudes toward the economy have dampened over the past few months as inflation stays stubborn. The University of Michigan’s latest consumer survey showed that sentiment largely held steady in April, according to a preliminary reading released Friday.

Persons: Dow, JPMorgan Chase, Jamie Dimon, ” Dimon Organizations: New, New York CNN, Nasdaq, Texas, Energy, Federal Reserve, JPMorgan, JPMorgan Chase, University of Michigan’s Locations: New York, Israel, Iran, Damascus, Gaza, Ukraine

☆ 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

☆ IEA downgrades oil demand growth forecast as prices heat up on elevated Middle East tensions
▼ + stars: | 2024-04-12 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

The International Energy Agency on Friday downgraded its forecast for 2024 oil demand growth, citing "exceptionally weak" OECD deliveries, a largely complete post-Covid-19 rebound and an expanding electric vehicle fleet. In its latest monthly oil market report, the IEA said it had revised down its 2024 oil demand growth forecast by around 100,000 barrels per day (bpd) to 1.2 million bpd. The IEA's report comes amid a rebound in oil prices on elevated Middle East tensions, with energy market participants closely monitoring the prospect of supply disruptions from the oil-producing region. Asked about some of the main concerns relating to oil supply security, Bosoni replied, "We are watching, obviously, the Middle East very closely. "So, there are several tension points in the oil market today that we're watching very closely that could have major impacts ... if there would be any significant outages," she added.

Persons: CNBC's, Bosoni Organizations: The International Energy Agency, Organization of, Petroleum, Brent, U.S, West Texas Locations: Monahans , Texas, Iran, Israel, Syrian, Damascus, London, China, Europe, United States, Russia, Ukraine

☆ Energy stocks are hot again. The rally could have more fuel to burn
▼ + stars: | 2024-04-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

These robust gains come after a lackluster year for energy stocks. The energy sector fell roughly 5% in 2023, underperforming the broader S&P 500’s double-digit gains as concerns about the global economy hurt energy demand. Some investors say that energy stocks are poised for more gains, given the continued geopolitical turmoil and the US economy’s resilience. Energy stocks often do well when the economy is strong, since there’s more energy demand to fuel goods- and services production. Plug Power shares have slipped 34% this year, SolarEdge Technologies shares have tumbled 25% and Enphase Energy shares have slid 8%.

Persons: Nancy Curtin, “, ”, Bob Doll, he’s, Donald Trump, Trump, Matt Egan, ” Alex Durante, Read, Alicia Wallace, Price Organizations: CNN Business, Bell, New York CNN — Energy, Marathon Petroleum, Exxon Mobil, Occidental Petroleum, Halliburton, West Texas, Brent, Federal Reserve, Energy, RBC Capital Markets, Crossmark Global Investments, Organization of, Petroleum, Clean Energy, SolarEdge Technologies, Enphase Energy, Tax Foundation, CNN, Trump, of Labor Statistics, PPI Locations: New York, Ukraine, OPEC, China, Mexico

☆ The stock market's decline nears a level that makes us want to do some buying
▼ + stars: | 2024-04-12 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +5 min

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.

Persons: Jim Cramer, Dow, Jeff Marks, Marks, WTI, Apple, Apple's, Locker, Ford, Morgan Stanley, Gamble, Jim Cramer's, Jim Organizations: CNBC, Nasdaq, University of, Constellation, Club, West Texas, Islamic, Palo Alto Networks, Google, JPMorgan, Securities and Exchange Commission, Abbott Laboratories, Procter, Jim Cramer's Charitable Locations: Iran, Israel, U.S, Damascus, Syria, Wells Fargo

☆ Oil prices head back up on Middle East jitters
▼ + stars: | 2024-04-12 | by ( ) www.cnbc.com time to read: +2 min

A view of an oil well at Arab Desert in Jebel Dukhan, Bahrain on March 4, 2024. Oil prices rose in early trade on Friday on heightened tensions in the Middle East, where Iran has promised to retaliate for a suspected Israeli air strike on its embassy in Syria, which could risk disruptions to supply from the oil producing region. Israel is keeping up its war in Gaza but is also preparing for scenarios in other areas, Prime Minister Benjamin Netanyahu said on Thursday. "The European Central Bank's decision to leave policy rates unchanged ... was expected, but accompanying statements open the door for near-term monetary easing," S&P Global Market Intelligence said in a note. However in the U.S., Federal Reserve officials signalled on Thursday no rush to cut interest rates, as sticky U.S. inflation remains a concern.

Persons: Ayatollah Ali Khamenei, Benjamin Netanyahu Organizations: Brent, U.S, West Texas, Israel, Washington, ANZ Research, Organization of, Petroleum, P Global Market Intelligence, Federal Locations: Jebel Dukhan, Bahrain, Iran, Syria, Damascus, Gaza, Israel, Tehran, Europe, U.S

☆ Oil consolidates gains amid concerns of worsening Middle East crisis
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: +2 min

Oil prices held steady in early Asian trading on Thursday after gaining a dollar a barrel in the prior session as investors braced for a worsening of the Middle East crisis, potentially involving Iran, the third-largest oil producer in OPEC. Oil prices held steady in early Asian trading on Thursday after gaining a dollar a barrel in the prior session as investors braced for a worsening of the Middle East crisis, potentially involving Iran, the third-largest oil producer in OPEC. A Bloomberg report on Wednesday said the U.S. and its allies believe major missile or drone strikes by Iran or its proxies against Israel are imminent. "The market has become increasingly concerned that the Israel-Hamas war could escalate across the Middle East, putting oil supply at risk," ANZ analyst Daniel Hynes said. Oil traders will also be looking out for a monthly oil market report from the OPEC due to be published later on Thursday, and the International Energy Agency's oil market report due on Friday.

Persons: Antony Blinken, Yoav Gallant, Daniel Hynes Organizations: Brent, U.S, West Texas, Hamas, Bloomberg, Israeli, U.S . State Department, ANZ, International Energy Locations: Iran, Gaza, Israel, Syria, U.S, United States

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