Oil Extends Recovery Rally as Traders Wait for Iran Retaliation.

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    • Subject Terms:
      HIZBALLAH (Lebanon) ; HAMAS
    • Abstract:
      Oil prices have continued to rise as traders anticipate a potential retaliatory strike by Iran on Israel in response to recent assassinations. West Texas Intermediate is trading above $75, while Brent closed near $78. Despite this tension, Iran's president has suggested a diplomatic approach to de-escalation in a phone call with French President Emmanuel Macron. The recent rebound in oil prices is also attributed to concerns about potential disruptions in production from Iran and other major suppliers in the Middle East, as well as a halt in output from Libya's largest field. Additionally, US crude stockpiles have fallen for the sixth consecutive week, alleviating some concerns about demand. [Extracted from the article]
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