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Oil Prices Extend Gains on Fears of Escalating Tensions in Mideast
Oil prices rose due to US-Iran maritime confrontations and a US crude inventory drop of 11.1 million barrels, signaling tighter supply amid geopolitical risks.
- On Feb 4, Brent crude futures were at $67.98, and U.S. West Texas Intermediate crude was at $63.90, after both rose nearly 2% on Tuesday.
- On Tuesday, U.S. forces downed an Iranian drone near the Abraham Lincoln aircraft carrier in the Arabian Sea, while Iranian gunboats approached a U.S.-flagged tanker in the Strait of Hormuz.
- API data showed a sharp weekly draw of over 11 million barrels as analysts priced a $5-10 per barrel geopolitical premium and Satoru Yoshida said `Heightened tensions in the Middle East provided support to the oil market`.
- Official U.S. Energy Information Administration data is due Wednesday at 10:30 a.m. EST and the reported API draw would be the biggest weekly fall since June if confirmed, while White House Press Secretary Karoline Leavitt confirmed U.S.-Iran talks remain scheduled for Friday.
- OPEC+ projects demand growth from March or April, which could ease near-term oversupply, while a U.S.-India trade agreement and Russian attacks on Ukraine bolster demand expectations.
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13 Articles
13 Articles
Tensions between the U.S. and Iran drive the prices of crude oil, gold and industrial metals, in a global market crossed by high volatility and defensive movements of investors.
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Oil Prices Rise on U.S.-Iran Tensions
Oil prices steadied on Wednesday after rising earlier in the session after the U.S. shot down an Iranian drone and armed Iranian boats approached a U.S.-flagged vessel, rekindling fears of an escalation in tensions ahead of planned talks.But a broader selloff of software equities…
Oil prices are rising again on global markets. The gains are fueled by concerns about the escalating conflict between the United States and Iran and recent data showing a significant decline in US crude oil inventories.
Coverage Details
Total News Sources13
Leaning Left1Leaning Right2Center2Last UpdatedBias Distribution40% Center, 40% Right
Bias Distribution
- 40% of the sources are Center, 40% of the sources lean Right
40% Right
L 20%
C 40%
R 40%
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