- Oil prices jump more than $2 following Israeli attacks in Lebanon and Iran (As of 8:15 AM)
- WTI prices have rebounded from multi-week lows, driven by an increase in geopolitical risk premium
- The API is forecasting a 4.5MMBbl draw from US crude inventories ahead of the official EIA data release later this morning
- Timespreads have softened lately, with the Brent prompt spread now trading near a six-month low
- Israel strikes in Lebanon and Iran lead to increased geopolitical risk premium (BBG)
- Over the course of seven hours yesterday, Israeli airstrikes killed top leaders of Hezbollah in Lebanon and Hamas in Iran
- Ceasefire talks between Israel and Hamas appear likely to break down in light of the attacks, despite efforts by the US and others to reduce tensions in the Middle East
- The risk of a wider regional conflict, which threatens to disrupt crude supply, has led to higher risk premium in crude prices
- Following the news, Brent call volumes surged to the highest level since June
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