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OIL: Prices Consolidate Following Iranian News. 

OIL
BulletEnergy BulletsCommodities
  • Rumours are circulating of a potential attack by Iran on Israel following on from Israel’s attack on Iran’s military targets.
  • News of the attacks initially calmed oil markets as fears were held as to the potential interruption from oil supply.
  • The primary concern as to the rumours circulating is that Iran is planning the attack via Iraq based militia groups they support.
  • This would potentially open up Iraq as a target for Israel and as a major OPEC producer, could have implications for the production and supply to global oil.
  • News of the potential attack took WTI from US$69.10 through $70.50 before backing off during the Asian session to $70.41.
  • WTI has had a volatile week trending down to be just on 1.9% lower.
  • Brent’s ascent has been far more gradual having touched US$72.25 it has progressively moved higher to $73.92.
  • Brent too has had a volatile week trending down to be -2.80% lower.
  • At time when the Middle East tensions are adding volatility to oil prices, US production is steadily ramping up.
  • US oil production hit a monthly record of 13.4 million barrels in August, driven by a rapid expansion of production in Texas.
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  • Rumours are circulating of a potential attack by Iran on Israel following on from Israel’s attack on Iran’s military targets.
  • News of the attacks initially calmed oil markets as fears were held as to the potential interruption from oil supply.
  • The primary concern as to the rumours circulating is that Iran is planning the attack via Iraq based militia groups they support.
  • This would potentially open up Iraq as a target for Israel and as a major OPEC producer, could have implications for the production and supply to global oil.
  • News of the potential attack took WTI from US$69.10 through $70.50 before backing off during the Asian session to $70.41.
  • WTI has had a volatile week trending down to be just on 1.9% lower.
  • Brent’s ascent has been far more gradual having touched US$72.25 it has progressively moved higher to $73.92.
  • Brent too has had a volatile week trending down to be -2.80% lower.
  • At time when the Middle East tensions are adding volatility to oil prices, US production is steadily ramping up.
  • US oil production hit a monthly record of 13.4 million barrels in August, driven by a rapid expansion of production in Texas.