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OIL: Oil Price Steadies as Israel Retaliation Awaited 

OIL
BulletEnergy BulletsCommodities
  • Iran airstrikes on Israel steps up escalations in the region and represents one of the most significant attacks.
  • It is reported that Iran fired as many as 200 ballistic missiles at Israel, though reports as to their effectiveness remain scarce.
  • Whilst at this stage it appears (as with the attacks in April) the missiles were largely thwarted by Israel’s defence 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 $70.89 in by Asia Pac lunchtime.     
  • Brent too spiked on news of the missiles jumping as high as $75.40 before settling back at $74.50/55 in latest dealings.
  • 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.
  • Israel’s Prime Minister Bejamin Netanyahu has vowed to retaliate stating that ‘Iran made a big mistake tonight and will pay for it.’
  • US President Joe Biden has ordered the US military to continue to support the defence of Israel.  US Naval destroyers were heavily involved in the firing of interceptors aimed at destroying the incoming missiles from Iran. 
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  • Iran airstrikes on Israel steps up escalations in the region and represents one of the most significant attacks.
  • It is reported that Iran fired as many as 200 ballistic missiles at Israel, though reports as to their effectiveness remain scarce.
  • Whilst at this stage it appears (as with the attacks in April) the missiles were largely thwarted by Israel’s defence 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 $70.89 in by Asia Pac lunchtime.     
  • Brent too spiked on news of the missiles jumping as high as $75.40 before settling back at $74.50/55 in latest dealings.
  • 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.
  • Israel’s Prime Minister Bejamin Netanyahu has vowed to retaliate stating that ‘Iran made a big mistake tonight and will pay for it.’
  • US President Joe Biden has ordered the US military to continue to support the defence of Israel.  US Naval destroyers were heavily involved in the firing of interceptors aimed at destroying the incoming missiles from Iran.