- Rumours are circulating of a potential attack by Iran on Israel following on from Israel’s attack on Iran’s military targets.
- News from last weekend's attacks initially calmed oil markets as fears were held as to the potential interruption from oil supply.
- The primary concern as to the rumours circulating is that Iran is planning the attack via Iraq based militia groups they support.
- This would potentially open up Iraq as a target for Israel and as a major OPEC producer, could have implications for the production and supply to global oil.
- News of the potential attack took WTI from US$69.10 through $70.50 where it has hovered since.
- Brent’s ascent has been far more gradual having touched US$72.25 it has progressively moved higher to $73.15.
- At a time when the Middle East tensions are adding volatility to oil prices, US production is steadily ramping up.
- US oil production hit a monthly record of 13.4 million barrels in August, driven by a rapid expansion of production in Texas.
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OIL: Rumours of an Attack by Iran Driving Oil Markets.
Last updated at:Oct-31 22:30By: Jamie Grant
Oil Positioning+ 8
- Rumours are circulating of a potential attack by Iran on Israel following on from Israel’s attack on Iran’s military targets.
- News from last weekend's attacks initially calmed oil markets as fears were held as to the potential interruption from oil supply.
- The primary concern as to the rumours circulating is that Iran is planning the attack via Iraq based militia groups they support.
- This would potentially open up Iraq as a target for Israel and as a major OPEC producer, could have implications for the production and supply to global oil.
- News of the potential attack took WTI from US$69.10 through $70.50 where it has hovered since.
- Brent’s ascent has been far more gradual having touched US$72.25 it has progressively moved higher to $73.15.
- At a time when the Middle East tensions are adding volatility to oil prices, US production is steadily ramping up.
- US oil production hit a monthly record of 13.4 million barrels in August, driven by a rapid expansion of production in Texas.
Related bullets
Related by topic
Oil Positioning
OPEC
Freight
Jet Fuel
Gasoline
Fuel Oil
Diesel
Oil Options
Energy Data
