The oil market is now waiting to see whether Iran will follow through on its threat to strike Israel.
Passengers wait for their flights at Ben Gurion airport near Tel Aviv on August 6, 2024, amid regional tensions during the ongoing war between Israel and the Palestinian Hamas movement in the Gaza Strip.U.S. crude oil futures rose Thursday for the third straight day to trade above $75 per barrel. 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.for the week ended Aug. 3, a decline of 17,000 compared with the previous week in a positive sign for the labor market.
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: $2.07 per thousand cubic feet, down more than 3 cents, or 1.7%. Year to date, gas is down 17.4%."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.An options trade on an oil giant before earnings with crude on the move higher
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