Ellen Wald, president of Transversal Consulting and senior fellow at the Atlantic Council, said that despite high oil prices she feels the price of brent should be even higher to reflect the reality of the situation amid the war with Iran. Wald said that the US could better insulate itself from the impacts of future energy crises by improving the interdependence between the US, Canada and Mexico in North American oil production.
President Donald Trump and Iranian President Masoud Pezeshkian both suggested the conflict could end soon
U.S. stocks looked set to extend Tuesday's rally, while blue-chip indexes surged in Asia and Europe. Investors will watch an address from Trump later for an update on the conflict.
S&P 500 futures rise on Iran optimism, but oil prices signal risk. Traders weigh rebound strength, Fed outlook, and key data including jobs and ISM.
Brent contract for June delivery was up 1.5% at $105.56 a barrel as of 9:50 ET. UU.S. crude oil for May was up 1.5% at $102.92 a barrel.
President Donald Trump has reportedly told aides that he's willing to end the U.S. military campaign against Iran even if the strait remains largely closed.
Brent crude has surged 13% in a week to trade above $110 a barrel, with WTI crossing $100 for the first time since June 2022, as the conflict with Iran shows no sign of resolution and the threat of a second major shipping disruption emerges in the Red Sea. Goldman Sachs, the US investment bank, estimates that flows through the Strait of Hormuz, the narrow waterway through which roughly 20 million barrels per day of oil normally passes, have collapsed to just 5% of normal levels as fighting continues between US and Iranian forces.
Crude oil continues to see noisy behavior on Tuesday, as traders try to sort out what the latest headlines are telling us, or what they are not.
Our Elliott Wave count indicates that the market is nearing a pivotal turning point. As the 5th wave tops out, risk management becomes crucial as Brent Oil prices can fall to $75.
The ongoing Iran-Israel-US war, Strait of Hormuz closure, and global economic risks. James Kostohryz explains why disruptions could persist for months.
President Donald Trump reportedly told aides he would end the war in Iran without reopening the trade route
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF), the oil and gas specialist company focused on Alaska's North Slope, is in advanced discussions with multiple major energy companies over a potential farm-in partnership as it seeks to convert its certified resource base into commercial production. In its interim results statement, the company said interest in Alaska is at its strongest level in recent years, with several major operators actively evaluating its Kodiak and Ahpun projects through a data room process.