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Surges On Israel Attack On Iran Headlines, But We Are Away From Highs

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All of today's focus has been on the reported strikes Israel has launched on Iran in response to last weekend's missile attacks. At this stage, details are still limited, with reports of explosions in the Iran city of Isfahan. US officials have reportedly confirmed that a strike has taken place (per BBG), while Fox news notes that the strike was limited in scope and didn't involve manned aircraft.

  • Iranian related headlines have been conflicting, stating there was no missile attack, but that reports of explosions were the activation of the country's air defence system. In any event, other Iranian headlines have noted that the country's nuclear facilities are unharmed.
  • This latter point has likely been a relief for markets at the margin, given the Isfahan region contains nuclear facilities.
  • At the height of the market risk aversion, front month Brent crude prices got to $90.75/bbl. We now sit back near $89.10/bbl. Opening levels were close to $87/bbl. Hence, we are still +2.3% higher, tracking up for the first gain this week. We are still sub end levels from last week ($90.45/bbl).
  • For Brent recent highs around $91.50/bbl remain intact. On the downside, Thursday lows come in near $86.10/bbl.
  • For WTI, we were last at $84.75/bbl, up around 2.4% for the session.
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All of today's focus has been on the reported strikes Israel has launched on Iran in response to last weekend's missile attacks. At this stage, details are still limited, with reports of explosions in the Iran city of Isfahan. US officials have reportedly confirmed that a strike has taken place (per BBG), while Fox news notes that the strike was limited in scope and didn't involve manned aircraft.

  • Iranian related headlines have been conflicting, stating there was no missile attack, but that reports of explosions were the activation of the country's air defence system. In any event, other Iranian headlines have noted that the country's nuclear facilities are unharmed.
  • This latter point has likely been a relief for markets at the margin, given the Isfahan region contains nuclear facilities.
  • At the height of the market risk aversion, front month Brent crude prices got to $90.75/bbl. We now sit back near $89.10/bbl. Opening levels were close to $87/bbl. Hence, we are still +2.3% higher, tracking up for the first gain this week. We are still sub end levels from last week ($90.45/bbl).
  • For Brent recent highs around $91.50/bbl remain intact. On the downside, Thursday lows come in near $86.10/bbl.
  • For WTI, we were last at $84.75/bbl, up around 2.4% for the session.