Ellen Wald and Carly Garner discuss oil prices and geopolitical tensions, noting that the long-term outlook for oil has passed the point of return for supply concerns. Ellen says commercial stocks serve as a buffer and sees no end to the oil shortage situation, while Carly is optimistic on that the Strait of Hormuz won't serve as a critical chokepoint to the energy trade.
The warning came as oil markets jolted higher Monday after Iran threatened to shut the Strait of Hormuz amid escalating tensions in the Middle East.
Iran deal hopes, AI-fueled tech gains and Dell's upbeat outlook lifted stocks to record highs, while inflation fears and space-stock volatility persisted.
Israel began fighting Hezbollah in Lebanon after the group came to Iran's aid when the war started on Feb. 28. Since peace negotiations began, Iran has insisted a ceasefire in Lebanon was a prerequisite for continued talks to end the wider war.
Record Resources Inc (TSX-V:REC) announced that further geological and geophysical analysis of its Loba oil discovery in Gabon and nearby analogue fields suggests an initial production rate of more than 5,000 barrels of oil per day could be achievable from its planned first well. The Calgary-based exploration and production company said its planned Loba Marine 2 well is expected to produce above 5,000 barrels per day if completed with a frac-pack system and an electric submersible pump (ESP).
West Texas Intermediate and Brent crude's front month contracts both climbed a as hopes for a peace deal became clouded again.
U.S. gasoline inventories aren't at record lows, but they are falling fast.
U.S. stock futures pointed to an extension of May's record-setting rally, even as oil prices rose after the U.S. and Iran exchanged a fresh round of strikes.
Oil prices climbed as Israel expanded its military push in Lebanon. The development comes despite a ceasefire that was declared in April.
il rises amid few signs of the reopening of the Strait of Hormuz.
Oil prices rose more than 2% in early trading on Monday after Israel ordered troops to move further into Lebanon in the battle with the Iranian-backed Hezbollah militant group, despite a ceasefire announced more than six weeks ago.
U.S. stock-index futures were little changed on Sunday, as Wall Street looks to stretch the market's record-setting rally into June.