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OIL: Iran Launches Missile Attack, Driving Oil Prices Higher.

OIL
BulletEnergy BulletsCommodities
  • Iran airstrikes on Israel steps up escalations in the region and represents one of the most significant attacks.
  • Whilst at this stage it appears (as with the attacks in April) the missiles were largely thwarted by Israel’s defense systems, the attack is a clear indication that tensions are escalating further.
  • Oil is pricing off some earlier gains as the impact of Iranian missile strikes on Israel become clearer, but uncertainty surrounds the response.
  • WTI approached US$72 in US trade but last tracked near $70.86 in early Asia Pac dealings.     
  • Brent too spiked on news of the missiles jumping as high as $75.40 before settling back at $73.56 in early Asia Pac trade today.
  • For WTI futures, key resistance remains at the 50-day EMA of $71.69, which is the key upside hurdle for bulls. A move lower would refocus attention on $64.61, the Sep 10 low and bear trigger.
  • Details from the airstrikes will continue to emerge as the day progresses and we expect ongoing volatility in oil contracts as it becomes clearer the extent of the attacks and the ability of the Israeli defence systems to defend against them.
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  • Iran airstrikes on Israel steps up escalations in the region and represents one of the most significant attacks.
  • Whilst at this stage it appears (as with the attacks in April) the missiles were largely thwarted by Israel’s defense systems, the attack is a clear indication that tensions are escalating further.
  • Oil is pricing off some earlier gains as the impact of Iranian missile strikes on Israel become clearer, but uncertainty surrounds the response.
  • WTI approached US$72 in US trade but last tracked near $70.86 in early Asia Pac dealings.     
  • Brent too spiked on news of the missiles jumping as high as $75.40 before settling back at $73.56 in early Asia Pac trade today.
  • For WTI futures, key resistance remains at the 50-day EMA of $71.69, which is the key upside hurdle for bulls. A move lower would refocus attention on $64.61, the Sep 10 low and bear trigger.
  • Details from the airstrikes will continue to emerge as the day progresses and we expect ongoing volatility in oil contracts as it becomes clearer the extent of the attacks and the ability of the Israeli defence systems to defend against them.