Oct 7 2024, 12:24
Oil prices opened lower this week as the market waits to see if Israel will retaliate against Tehran for last week’s missile strikes, with President Joe Biden not advocating for an attack on Iranian crude fields.
Brent fell below $78 a barrel after surging the most since January 2023 last week, while West Texas Intermediate neared $74. Biden said Friday that he didn’t know when Israel would respond, but “I would think about alternatives to attacking oil fields.”
Iran’s strikes on Israel have raised fears of an all-out war in the Middle East, prompting a flurry of action in the options market. Still, questions about the demand outlook — particularly from No. 1 importer China — and oversupply continue to haunt the market.(ayu)
Source: Bloomberg
