WTI crude oil futures pared its early session rally to trade below $75 per barrel on Thursday, only marginally below a five-month high, after President Trump's announcement that he will decide on US involvement in the Israel–Iran conflict "within two weeks" defused the immediacy of a Middle East supply shock.
Earlier, renewed missile exchanges between Israel and Iran after Tel Aviv claimed to have struck nuclear targets in Iran had stoked fears of an escalation severe enough to threaten tanker traffic through the Strait of Hormuz, driving prices briefly above $77.
Trump's initial "may attack, may not attack" warnings had amplified that risk premium, but by postponing any potential US airstrike beyond the near-term horizon, he triggered profit-taking.
At the same time, the dollar held most of its losses from the start of the quarter as uncertain economic policy in the US drove investors to pivot away from green-back denominated assets, supporting commodities priced in the currency.
Source: Trading Economi
Crude prices recovered from a midday dip on Friday on hopes Hungary can use Russian crude oil as U.S. President Donald Trump met Hungary's Prime Minister Viktor Orban at the White House. Brent crude ...
Oil prices rose on Friday (November 7th), but remained on track for a second straight weekly loss after three days of declines on oversupply concerns and slowing US demand. Brent crude rose 60 cents,...
Oil prices edged higher but remained on track for a second weekly decline. West Texas Intermediate (WTI) briefly approached $60 per barrel, while Brent held steady around $63 on Thursday. However, bot...
Oil prices declined on Thursday as investors considered a potential supply glut, as well as weakened demand in the United States, the world's largest oil consumer. Brent crude futures settled down 14...
Oil prices edged higher on Thursday (November 6), boosted by easing concerns over a potential oversupply as sanctions against Russian companies began to take effect. After closing at a two-week low i...
Crude prices recovered from a midday dip on Friday on hopes Hungary can use Russian crude oil as U.S. President Donald Trump met Hungary's Prime Minister Viktor Orban at the White House. Brent crude futures settled at $63.63 a barrel, up 25 cents...
US stocks rebounded from early losses to close mostly higher on Friday amid hopes that Congress members were making progress toward ending the government shutdown. The S&P 500 and the Dow Jones closed 0.3% higher, while the tech-heavy Nasdaq...
European stocks fell on Friday as investors digested more quarterly earnings, but weekly losses were inevitable, with concerns regarding overheated valuations evident. The DAX index in Germany dropped 0.8% and the CAC 40 in France declined 0.2%,...
European stocks fell on Friday as investors digested more quarterly earnings, but weekly losses were inevitable, with concerns regarding overheated...
Two weeks before the US Federal Reserve's final meeting, with the federal government's data taps closed, Atlanta Fed staff bolstered their economic...
Asian stocks slipped at the open on Friday (November 7), following a choppy session on Wall Street. The MSCI Asia Pacific Index fell about 0.2%, led...
The Trump administration suspended docking fees for Chinese-built ships as part of a "trade truce" last month. The move has drawn criticism for...