Oil Prices Reach Six-Month High as Tensions with Iran Escalate
- Brent crude oil hit $116.72 a barrel on Friday, the highest level since April 29, after Houthi attacks in Saudi Arabia fanned supply disruption fears.
- Rising oil prices pressured Wall Street on Friday, even as US West Texas Intermediate crude climbed $3.80 to reach $103.27 a barrel.
- Energy sector stocks surged 2.5% to hit a record high, while Latin American producers like Petrobras, YPF, and Ecopetrol posted gains in New York.
- Investors weighed corporate earnings alongside the broader market impact of surging energy costs, causing major stock indexes to end lower on Friday.
- Markets now look toward the US crude stock report scheduled for October 28, which will provide further data on supply levels following recent volatility.
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119 Articles
New York stock markets fell across the board as oil prices hit a six-month high amid escalating military tensions between the U.S. and Iran. Volatility in global financial markets increased as selling pressure spread across the market due to rising Treasury yields and inflation concerns, while the price of gold, a safe-haven asset, fell to its lowest level in three months.
NYT: Global Oil Price Spikes To Above $117/Barrel
The New York Times reports: Oil prices rose further on Friday, as hostilities across the Middle East continue to raise fears in the energy markets that the oil supply from the region would remain throttled. The price of Brent crude, the international oil benchmark, jumped above $117 a barrel on Friday, taking its increase for … The post NYT: Global Oil Price Spikes To Above $117/Barrel appeared first on Joe.My.God..
Oil markets are on edge ahead of the weekend, as midterm elections near and fresh U.S. strikes on Iran are predicted
Oil has climbed back to an Iran-war high and may soon go higher, if the U.S. and Israel strike Iran after their respective voters go to the polls in the coming days.
Oil prices climbed to their highest levels since late April as fears of new US strikes on Iran and attacks on Saudi Arabia heighten concerns about energy supplies.
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