Oil is still “baking in the mother of all supply shocks” since the 1973 oil embargo, says one energy-market investor.
@CharlesSchwab's Liz Ann Sonders says the commodity space is all about crude. She urges inventors to brace for volatility so long as oil remains above $74 even with "resiliency" masking some of the volatile moves.
Oil rallies past $77 on Strait of Hormuz supply fears. Pipeline alternatives and US production capacity could ease pressure, but USOIL targets $84.50 if the 38.2% Fibo breaks.
American fuel makers are gobbling up Venezuela's heavy crude even as the U.S.-Israeli strikes on Iran have stalled global oil shipments.
While Iran is estimated to produce less than 5% of the world's oil, it has major influence over the Strait of Hormuz, through which more than 20% of the world's daily oil demand flows. Iran has already fired on some ships in the strait and traffic through the passageway is at a standstill.
WTI crude futures surge past $76 as supply risks ignite a bullish rally. With momentum targeting $80.72, discover the key levels driving the 5-week price high.
Brent futures advanced close to the highs reached on Tuesday.
Middle East conflict sends oil higher amid fears over Strait of Hormuz supply risks. Sanctions, discounts, and a strong ruble blunt the boost to Russia's oil revenue.
Oil prices rose on Thursday amid growing concern over the prolonged closure of the Strait of Hormuz, as the U.S.-Iran war chokes off vital Middle East oil and gas flows while production facilities limit output.
Charter rates nearly doubled in recent days and are up fivefold since the start of the year.
Prices for heavy crude produced in the Americas surged to multi-year highs on Wednesday, as the U.S.-Israeli attacks on Iran stymied exports of similar oil produced in the Middle East.
The U.S. stock market is rebounding Wednesday from two days of punishing swings after oil prices stopped spiking and reports gave encouraging updates on the economy.