Inside price of oil amid conflict in Middle East
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Oil prices gain
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It's often more important in times of heightened tensions in the Middle East to look more at what is not happening, rather than fixating on the dramatic headlines of tit-for-tat air and missile strikes between Israel and Iran.
Oil supplies from the Middle East face increasing risk as the conflict between Israel and Iran drags on, according to RBC Capital Markets LLC, which warned that energy is now “clearly in the crosshairs.
Geopolitical tensions in the Middle East could drive oil prices as high as $120 per barrel according to JP Morgan, benefiting Exxon Mobil's earnings outlook. Applying the Graham Number, Exxon Mobil's intrinsic value ranges from $103 to $134 per share, depending on EPS scenarios.
The costs of chartering tankers to move oil from the Middle East to Asia have climbed and ship bookings have slowed as the Israel-Iran conflict fuels worries of potential disruptions, industry sources told Reuters on Monday.
The UK sent jets and air tankers amid fears Iran will blockade Strait of Hormuz and spark massive oil price hikes.
Some oil tanker owners and managers have paused offering their vessels for Middle Eastern routes since Friday as they assess the risks from Israel’s conflict with Iran, fueling concerns over export flows from the region.
Rising Middle East tensions have driven oil prices higher, potentially boosting Texas Pacific Land's future earnings. Read why TPL stock is a hold for now.
KANANASKIS, Alberta (Reuters) -Leaders from the Group of Seven nations begin annual talks on Monday amid wars in Ukraine and the Middle East that add to global economic uncertainty, as host Canada tries to avoid a clash with U.S. President Donald Trump.
Smoke billowed above fuel tanks in Tehran and gas plants on Iran’s south coast on Sunday as energy became the latest front line in its conflict with Israel. Iran’s creaking energy sector, starved of foreign investment for years by sanctions,
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Legit.ng on MSNMiddle East War: Trouble for Iran as US Raises Alarm Over Missile Attack on Its Embassy in Tel AvivIranian missiles damaged the US embassy in Tel Aviv, escalating tensions. Israel retaliated with strikes on Iran's energy sector, while both sides continued attacks.
The price of Dubai swaps, which is a contract settled against physical prices of Dubai crude, rose 5.8% on June 13 to end at $71.03 a barrel. The gain of $3.86 a barrel for Dubai swaps contrasts with the $4.87 jump for Brent contracts.
After a night of intense cross-border attacks, Iran has threatened any country that attempts to defend Israel | ITV National News