Latest news with #TexasIntermediate
Business Recorder
9 hours ago
- Business
- Business Recorder
Oil prices fall as US delays decision on direct Iran involvement
SINGAPORE: Oil prices fell on Friday after the White House delayed a decision on U.S. involvement in the Israel-Iran conflict yet they remained on course for a third consecutive weekly rise. Brent crude futures were down $2.57, or around 3.3%, to $76.28 a barrel by 1204 GMT but still set to gain nearly 3% on the week. U.S. West Texas Intermediate crude for July – which did not settle on Thursday as it was a U.S. holiday and expires on Friday - was up marginally at $75.19. The more liquid August contract was up around 0.4%, or 31 cents, to $73.19. On Thursday prices jumped almost 3% after Israel bombed nuclear targets in Iran, while Iran - OPEC's third-largest producer - fired missiles and drones at Israel. Neither side showed any sign of backing down in the week-old war. Brent prices retreated after the White House said President Donald Trump would decide whether the U.S. will get involved in the Israel-Iran conflict in the next two weeks. Oil prices jump 'However, while Israel and Iran carry on pounding away at each other there can always be an unintended action that escalates the conflict and touches upon oil infrastructure,' PVM analyst John Evans said. Iran has in the past threatened to close the Strait of Hormuz, a vital route for Middle East oil exports. However, oil exports so far have not been disrupted and there is no shortage of supply, said Giovanni Staunovo, an analyst at UBS. 'The direction of oil prices from here will depend on whether there are supply disruptions.' An escalation of the conflict in such a way that Israel attacks export infrastructure or Iran disrupts shipping through the strait could lead to $100 per barrel of oil being a reality, said Panmure Liberum analyst Ashley Kelty.
Business Recorder
17 hours ago
- Business
- Business Recorder
Brent futures down nearly $2 after US delays decision on direct Iran involvement
SINGAPORE: Brent crude prices pared gains from the previous session and fell nearly $2 on Friday after the White House delayed a decision on US involvement in the Israel-Iran conflict, but they were still poised for a third straight week in the black. Brent crude futures fell $1.89, or 2.4%, to $76.96 a barrel by 0255 GMT. On a weekly basis, it was up 3.8%. The US West Texas Intermediate crude for July - which did not settle on Thursday as it was a US holiday and expires on Friday - was up 53 cents, or 0.7%, to $75.67. The more liquid WTI for August rose 0.2%, or 17 cents to $73.67. Prices jumped almost 3% on Thursday as Israel bombed nuclear targets in Iran, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight. The week-old war between Israel and Iran showed no signs of either side backing down. Brent futures trimmed previous session gains following the White House's comments that President Donald Trump will decide whether the US will get involved in the Israel-Iran conflict in the next two weeks. 'Oil prices surged amid fears of increased US involvement in Israel's conflict with Iran. However, the White House press secretary later suggested there was still time for de-escalation,' said Phil Flynn, analyst at The Price Futures Group. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day of crude oil. Oil prices jump About 18 million to 21 million bpd of oil and oil products move through the Strait of Hormuz along Iran's southern coast, and there is widespread concern the fighting could disrupt trade flows in a blow to supplies. 'The 'two-week deadline' is a tactic Trump has used in other key decisions. Often these deadlines expire without concrete action, which would see the crude oil price remain elevated and potentially build on recent gains,' said Tony Sycamore, analyst at IG.
Economic Times
3 days ago
- Business
- Economic Times
Asian shares slip as Middle East unrest deepens
Global stocks will beat US equities over the next five years, according to Bank of America Corp.'s latest fund manager survey, supporting the view that investors increasingly see America's market dominance as coming to an end. Oil prices are rising. Asian stocks are mostly down following Wall Street's losses. Middle East tensions are escalating. There is concern about potential US involvement. Donald Trump has commented on Iran. Investors are watching economic data. The Federal Reserve is meeting. Some anticipate a pullback in US equities. Global stocks may outperform US stocks in the next five years. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Oil climbed and most stocks in Asia followed losses on Wall Street as concerns mounted that an escalation of tensions in the Middle East will trigger a more direct US involvement West Texas Intermediate crude rose as much as 1.1% in early trading Wednesday after settling at the highest in almost five months the previous day. US equity futures slipped, as did Australia's benchmark index and Hong Kong futures. The S&P 500 fell 0.8% Tuesday as weaker-than-forecast economic data added to the US equity decline and boosted bonds before a Federal Reserve monetary-policy index of the dollar climbed the most in a month. Treasuries were supported by the geopolitical risks and also by tepid reports on retail sales, housing and industrial output that added to bets the Fed will cut interest rates at least once more in Donald Trump met with his national security team to discuss the escalating Middle East conflict, according to people familiar with the matter, fueling fresh speculation that the US is on the verge of joining Israel's attack on posted a demand for Iran's 'UNCONDITIONAL SURRENDER' and warned of a possible strike against the country's leader, Ayatollah Ali Khamenei. 'We know exactly where the so-called 'Supreme Leader' is hiding. He is an easy target, but is safe there - We are not going to take him out (kill!), at least not for now,' Trump said on social media.'For now, markets will remain mostly on edge until they lower the temperature in the region,' said Kenny Polcari, chief market strategist at SlateStone also kept a close eye on economic data, with US retail sales down for a second month, suggesting anxiety over tariffs and their finances prompted consumers to pull back after an early-year spending rush. Industrial production dropped and confidence among homebuilders hit the lowest since December 2022.'Investors should still expect some volatility in economic data due to lingering effects of trade policy,' said Bret Kenwell at eToro. 'The economy and the consumer are holding up for now, but there are signs of vulnerability. That could present risks in the second half of the year — particularly if we see a further slowdown in jobs or spending.'With US central bank officials convening for a two-day meeting in Washington, traders continued to wager on just shy of two quarter-point rate cuts this year — with the first move fully priced in for October. The Fed is expected to keep rates on hold in June and July, but may telegraph its intentions via revised economic and rate forecasts on Wednesday.A fourth straight meeting without a cut may provoke another tirade from President Trump. But policymakers have been clear: Before they can make a move they need the White House to resolve the big question marks around tariffs, immigration and taxes. Israel's attacks on Iranian nuclear sites have also introduced another element of uncertainty for the global economy.'While there has been a strong buy-the-dip mentality with investors having been rewarded for fading negative news this year, we think it's best to pull back on risk,' said Andrew Tyler, head of global market intelligence at JPMorgan Chase & Co. 'Positioning indicates that irrespective of Israel-Iran, the market was setting up for a pullback,' he told clients this stocks will beat US equities over the next five years, according to Bank of America Corp.'s latest fund manager survey, supporting the view that investors increasingly see America's market dominance as coming to an 54% of asset managers expect international stocks to be the top asset class, while 23% picked US equities, according to the survey. Only 13% said gold will deliver top returns, and 5% are betting on bonds. It's the first time that Bank of America's survey asked investors to predict which asset class will perform best over a five-year horizon.
Time of India
3 days ago
- Business
- Time of India
Asian shares slip as Middle East unrest deepens
Oil climbed and most stocks in Asia followed losses on Wall Street as concerns mounted that an escalation of tensions in the Middle East will trigger a more direct US involvement . West Texas Intermediate crude rose as much as 1.1% in early trading Wednesday after settling at the highest in almost five months the previous day. US equity futures slipped, as did Australia's benchmark index and Hong Kong futures. The S&P 500 fell 0.8% Tuesday as weaker-than-forecast economic data added to the US equity decline and boosted bonds before a Federal Reserve monetary-policy decision. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo Bloomberg's index of the dollar climbed the most in a month. Treasuries were supported by the geopolitical risks and also by tepid reports on retail sales, housing and industrial output that added to bets the Fed will cut interest rates at least once more in 2025. President Donald Trump met with his national security team to discuss the escalating Middle East conflict, according to people familiar with the matter, fueling fresh speculation that the US is on the verge of joining Israel's attack on Iran. Trump posted a demand for Iran's 'UNCONDITIONAL SURRENDER' and warned of a possible strike against the country's leader, Ayatollah Ali Khamenei. 'We know exactly where the so-called 'Supreme Leader' is hiding. He is an easy target, but is safe there - We are not going to take him out (kill!), at least not for now,' Trump said on social media. Live Events 'For now, markets will remain mostly on edge until they lower the temperature in the region,' said Kenny Polcari, chief market strategist at SlateStone Wealth. Traders also kept a close eye on economic data, with US retail sales down for a second month, suggesting anxiety over tariffs and their finances prompted consumers to pull back after an early-year spending rush. Industrial production dropped and confidence among homebuilders hit the lowest since December 2022. 'Investors should still expect some volatility in economic data due to lingering effects of trade policy,' said Bret Kenwell at eToro. 'The economy and the consumer are holding up for now, but there are signs of vulnerability. That could present risks in the second half of the year — particularly if we see a further slowdown in jobs or spending.' With US central bank officials convening for a two-day meeting in Washington, traders continued to wager on just shy of two quarter-point rate cuts this year — with the first move fully priced in for October. The Fed is expected to keep rates on hold in June and July, but may telegraph its intentions via revised economic and rate forecasts on Wednesday. A fourth straight meeting without a cut may provoke another tirade from President Trump. But policymakers have been clear: Before they can make a move they need the White House to resolve the big question marks around tariffs, immigration and taxes. Israel's attacks on Iranian nuclear sites have also introduced another element of uncertainty for the global economy. 'While there has been a strong buy-the-dip mentality with investors having been rewarded for fading negative news this year, we think it's best to pull back on risk,' said Andrew Tyler, head of global market intelligence at JPMorgan Chase & Co. 'Positioning indicates that irrespective of Israel-Iran, the market was setting up for a pullback,' he told clients this week. Global stocks will beat US equities over the next five years, according to Bank of America Corp.'s latest fund manager survey, supporting the view that investors increasingly see America's market dominance as coming to an end. Some 54% of asset managers expect international stocks to be the top asset class, while 23% picked US equities, according to the survey. Only 13% said gold will deliver top returns, and 5% are betting on bonds. It's the first time that Bank of America's survey asked investors to predict which asset class will perform best over a five-year horizon.
Economic Times
4 days ago
- Business
- Economic Times
Oil prices rise as Iran-Israel conflict fans supply worries
Oil prices surged over 2% following escalating Iran-Israel tensions, compounded by Donald Trump's call for evacuations from Tehran, raising concerns about potential oil supply disruptions. Brent crude and U.S. West Texas Intermediate both experienced significant gains. The conflict intensified with reports of explosions in Tehran and air raid sirens in Tel Aviv, heightening fears of regional instability. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Oil prices climbed over 2% on Tuesday as Iran-Israel tension intensified and U.S. President Donald Trump urged "everyone" to evacuate Tehran, increasing the prospect of deepening unrest in the region and disruption to oil Brent crude futures contract was up $1.17, or 1.6%, at $74.4 a barrel as at 0005 GMT and U.S. West Texas Intermediate crude was up $1.34, or 1.87%, at $73.11 - both having risen more than 2% earlier in the trading contracts settled more than 1% lower on Monday on hope of easing geopolitical tension after media reports of Iran seeking an end to the conflict took a turn for the worse on its fifth day on Tuesday as Iranian media reported explosions and heavy air defence fire in the capital Tehran. Over in Israel, air raid sirens sounded in Tel Aviv in response to Iranian is the third-largest producer among members of the Organization of the Petroleum Exporting Countries. Hostilities could disrupt its supply of oil and thereby increase Monday, an Israeli strike hit Iran's state broadcaster and the head of the U.N. nuclear watchdog also indicated extensive damage to Iran's biggest uranium enrichment said Iran should have signed a nuclear deal with the U.S. before Israeli strikes began and that he believes Iran now wants to reach an of U.S. sanctions as part of any deal would allow Iran to export more oil, weighing on global crude OPEC and allies including Russia - or OPEC+, which pumps about half of the world's oil - said on Monday it expected the global economy to remain resilient in the second half of the year. It also trimmed its forecast for growth in oil supply from the U.S. and other non-OPEC+ countries in 2026.
