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Middle East Headlines Provide Support for Oil Monday

OIL
Energy BulletsHomepagemarkets-real-timeBulletCommodities

Plenty of local reports covering that incident have been doing the rounds over the last hour or so with updated headline suggesting communication underway.

  • Referring to Bloomberg headline: *ISRAEL, EGYPT TROOPS EXCHANGE FIRE IN RAFAH AREA: ARMY RADIO – BBG
  • *ISRAEL: DIALOGUE TAKING PLACE WITH EGYPT REGARDING INCIDENT - BBG
  • Geopolitical headlines have been having less impact on oil markets in recent weeks after a sustained period of higher Middle East tensions had little impact on supplies but has caused long term rerouted flows via the Cape of Good Hope.
  • Oil markets instead remain focused on supply and demand fundamentals, particularly with the upcoming OPEC+ meet on June 2nd and the backdrop of overproduction by a number of key members like Iraq, Kazakhstan and Russia.
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Plenty of local reports covering that incident have been doing the rounds over the last hour or so with updated headline suggesting communication underway.

  • Referring to Bloomberg headline: *ISRAEL, EGYPT TROOPS EXCHANGE FIRE IN RAFAH AREA: ARMY RADIO – BBG
  • *ISRAEL: DIALOGUE TAKING PLACE WITH EGYPT REGARDING INCIDENT - BBG
  • Geopolitical headlines have been having less impact on oil markets in recent weeks after a sustained period of higher Middle East tensions had little impact on supplies but has caused long term rerouted flows via the Cape of Good Hope.
  • Oil markets instead remain focused on supply and demand fundamentals, particularly with the upcoming OPEC+ meet on June 2nd and the backdrop of overproduction by a number of key members like Iraq, Kazakhstan and Russia.