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ISRAEL: Oil Gains on Back of Biden's Discussions on Iranian Oil Facility Strikes

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US President Biden states they are discussing Israel's striking of Iranian oil facilities, according to Bloomberg.

  • Not too far outside of expectations. We noted earlier today that initial focus from the Biden admin was on deterring any Israeli strike on Iranian nuclear facilities - Striking Iranian oil facilities was an alternative, but could pose risks to the Strait of Hormuz, while targeted assassinations could spark another Iranian missile barrage.
  • Broader market fallout generally contained, but Brent prices spike over a dollar on those Biden/Israel headlines, adding a further headwind to USD/CAD, which has reversed off the earlier 1.3553 highs.
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US President Biden states they are discussing Israel's striking of Iranian oil facilities, according to Bloomberg.

  • Not too far outside of expectations. We noted earlier today that initial focus from the Biden admin was on deterring any Israeli strike on Iranian nuclear facilities - Striking Iranian oil facilities was an alternative, but could pose risks to the Strait of Hormuz, while targeted assassinations could spark another Iranian missile barrage.
  • Broader market fallout generally contained, but Brent prices spike over a dollar on those Biden/Israel headlines, adding a further headwind to USD/CAD, which has reversed off the earlier 1.3553 highs.