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mahatmakanejeeves

(60,769 posts)
Thu Oct 3, 2024, 01:22 PM Oct 3

Oil Soars on Biden Remarks About Possible Israeli Retaliation

Source: Bloomberg, via Yahoo! Finance

Bloomberg
Oil Soars on Biden Remarks About Possible Israeli Retaliation

Antonia Mufarech and Devika Krishna Kumar
Thu, October 3, 2024 at 1:49 PM EDT 3 min read

(Bloomberg) -- Oil surged as the market braced for the possibility that Israel’s retaliation against Iran for its recent missile barrage will include strikes on the country’s oil industry.

West Texas Intermediate soared about 4% to around $73 a barrel after President Joe Biden was asked if he would support Israel striking Iran’s oil facilities. “We’re discussing that,” Biden responded. “I think that would be a little — anyways.” The White House didn’t respond to multiple requests for comment on Biden’s statement. Biden also said he wasn’t expecting Israel’s retaliation to come Thursday. ... Both WTI and global benchmark Brent crude spiked to the highest intraday prices in about a month after the exchange.

The oil market has been transfixed by the latest crisis in the Middle East, which comes after a year of turmoil in which Israel has faced off against Iran and its proxies in Gaza, Lebanon, Yemen and elsewhere. The region accounts for about a third of global supply, and traders are concerned that the latest escalation could hit flows if energy facilities are attacked or supply routes are blocked.

{snip}

A major strike by Israel on Iran’s export capacity could take 1.5 million barrels of daily supply off the market, Citigroup Inc. analysts including Francesco Martoccia said in a note on Wednesday. If Israel struck minor infrastructure, such as downstream assets, 300,000 to 450,000 barrels of output could be lost, the analysts said.

{snip}

Read more: https://finance.yahoo.com/news/oil-climbs-third-day-middle-223658175.html

7 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Oil Soars on Biden Remarks About Possible Israeli Retaliation (Original Post) mahatmakanejeeves Oct 3 OP
We have lived without Iran's oil before, Mr.Bill Oct 3 #1
Have you thought this through? NeoConsSuck Oct 3 #5
Yeah, gas is already at $5 a gallon in California. Mr.Bill Oct 3 #6
I have had a WTI spot price graph from MarketWatch in a tab the past couple days BumRushDaShow Oct 3 #2
If Benny gets to blow up some shit in Iran, AND jack up gas prices before the election, favoring Trump,... LudwigPastorius Oct 3 #3
This is not what we need right now durablend Oct 3 #4
Oil Soars? GB_RN Oct 3 #7

NeoConsSuck

(2,545 posts)
5. Have you thought this through?
Thu Oct 3, 2024, 05:11 PM
Oct 3

Oil could go to $200/barrel if Israel takes out Iranian oil sites. If that happens, gasoline goes to $5.00/gallon, heating oil would go over $4.00 gallon, and inflation would skyrocket. Just before the election. Netanyahu would be handing the election to Trump.

Mr.Bill

(24,771 posts)
6. Yeah, gas is already at $5 a gallon in California.
Thu Oct 3, 2024, 05:22 PM
Oct 3

Has been for years. It's not as much of a problem as you may think. 40 million people are currently living with it. We also have some of the most expensive utility rates in the country.

BumRushDaShow

(141,732 posts)
2. I have had a WTI spot price graph from MarketWatch in a tab the past couple days
Thu Oct 3, 2024, 01:58 PM
Oct 3

and it is sitting just under $74/bbl, which is obviously higher than the $68 that it was last month, but still not in the hysteria range. It had been in the $70/bbl range during the cross-border hostilities the past couple days.

https://www.marketwatch.com/investing/future/cl.1

LudwigPastorius

(10,751 posts)
3. If Benny gets to blow up some shit in Iran, AND jack up gas prices before the election, favoring Trump,...
Thu Oct 3, 2024, 03:43 PM
Oct 3

it's a win/win for him.

GB_RN

(3,149 posts)
7. Oil Soars?
Thu Oct 3, 2024, 05:45 PM
Oct 3

Since when is a 4% increase, from $70 and change, to $73, soaring? 10% or more, I could get on board with labeling an increase as such. If it keeps increasing over the near term, I could also get behind the label of “soaring.” But 4%. Not so much.

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