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OIL: Oil End of Day: Oil Reverses Some Iran Strike Gains

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Oil pricing off some earlier gains as impact of Iranian missile strikes on Israel become clearer but uncertainty surrounds the response.

  • Brent DEC 24 up 3% at 73.82$/bbl
  • WTI NOV 24 up 3% at 70.19$/bbl
  • Ragip Soylu at Middle East Eye reports: There are NO additional aerial threats from Iran at this stage, IDF spokesman says: “There are a few strikes in the center and south of the country. We are not aware of any casualties."
  • The attack steps up escalations in the region and represents a more significant attack than the orchestrated efforts in April, which were largely thwarted by the iron dome and seemingly at lower value targets.
  • “SENIOR IRANIAN OFFICIAL TELLS REUTERS: TEHRAN HAD INFORMED RUSSIA AHEAD OF MISSILE ATTACKS ON ISRAEL. U.S. WAS ALERTED BY IRAN THROUGH DIPLOMATIC CHANNELS 'SHORTLY BEFORE THE ATTACKS' The alerts helped to alleviate the element of surprise.
  • Agencia Nova sources report that Libyan production is returning following the recent central bank agreement, but Sharara (the biggest field) remains offline it said.
  • Last quarter, WTI dropped 16% on expectations that OPEC+ will bring barrels back to the market late this year against a backdrop of China weakness.
  • A panel of ministers from the OPEC+ producer group meets on Oct. 2 to review the market, with no policy changes expected.
  • Weekly U.S. oil storage data is due from the American Petroleum Institute (API) trade group later on Tuesday.
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Oil pricing off some earlier gains as impact of Iranian missile strikes on Israel become clearer but uncertainty surrounds the response.

  • Brent DEC 24 up 3% at 73.82$/bbl
  • WTI NOV 24 up 3% at 70.19$/bbl
  • Ragip Soylu at Middle East Eye reports: There are NO additional aerial threats from Iran at this stage, IDF spokesman says: “There are a few strikes in the center and south of the country. We are not aware of any casualties."
  • The attack steps up escalations in the region and represents a more significant attack than the orchestrated efforts in April, which were largely thwarted by the iron dome and seemingly at lower value targets.
  • “SENIOR IRANIAN OFFICIAL TELLS REUTERS: TEHRAN HAD INFORMED RUSSIA AHEAD OF MISSILE ATTACKS ON ISRAEL. U.S. WAS ALERTED BY IRAN THROUGH DIPLOMATIC CHANNELS 'SHORTLY BEFORE THE ATTACKS' The alerts helped to alleviate the element of surprise.
  • Agencia Nova sources report that Libyan production is returning following the recent central bank agreement, but Sharara (the biggest field) remains offline it said.
  • Last quarter, WTI dropped 16% on expectations that OPEC+ will bring barrels back to the market late this year against a backdrop of China weakness.
  • A panel of ministers from the OPEC+ producer group meets on Oct. 2 to review the market, with no policy changes expected.
  • Weekly U.S. oil storage data is due from the American Petroleum Institute (API) trade group later on Tuesday.