The oil market is now waiting to see whether Iran will follow through on its threat to strike Israel.West Texas Intermediate has bounced back after crude inventories fell for the sixth week in a row. The positive demand signal has overshadowed recession fears that pushed the U.S. benchmark to six-month lows earlier in the week.
The oil market is now waiting to see whether Iran will follow through on its threat to strike Israel over the assassination of Hamas leader Ismail Haniyeh in Tehran last week.September contract: $75.15 per barrel, up 8 cents, or 0.1%. Year to date, U.S. crude oil has risen about 4.9%.Boeing's new outsider CEO Ortberg takes the helm, this time from the factory floor
"Oil continues to be a show-me story for geopolitical risk," Ryan Grabinski, an analyst with Strategas, told clients in a note Wednesday. "Regardless of the ongoing conflicts in the Middle East, particularly with Iran and Israel, there has been no meaningful disruption to the flow of crude oil in the region," Grabinski wrote.
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