West Texas Intermediate crude oil closed at a six-month low on Monday.U.S. crude oil rose above $73 a barrel Tuesday, as the market braces for an attack by Iran against Israel and Wall Street rallies after the selloff in the previous session.
West Texas Intermediate closed at a six-month low on Monday, after equity markets sold off on fears that the U.S. economy might tip into a recession.staged a comeback Tuesday. Escalating tensions in the Middle East also appear to be providing a floor for oil prices. Israel is preparing for an attack by Iran after Hamas leader Ismail Haniyeh was assassinated in Tehran last week.
"It is this major shoe that we're waiting to see drop here that is keeping these prices somewhat stable," John Kilduff, founder of Again Capital, said on CNBC's "Power Lunch" Monday. "If we weren't having this tumult in the equity markets and capital markets generally, we'd be a lot higher."The oil market has largely looked past geopolitical tensions in the Middle East as crude supplies have not faced any major disruption.
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