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Authorities confirmed a drone strike has caused a large fire at the UAE's Fujairah Petroleum Industries area, with work underway to contain the blaze. CNBC's Dan Murphy has the latest from Dubai.
Brent crude rose to $105.88 a barrel on Monday, up 2.7%, as conflict in the Gulf entered its third week and disruption to oil shipping through the Strait of Hormuz continued to drive prices higher. The international oil benchmark has gained more than 40% since the war began, with US crude also up nearly 50% over the same period, trading just below $100 a barrel.
KB Securities' Peter Kim warns that higher oil prices stemming from the Middle East conflict are likely to hit Korea's consumption and industrial sectors immediately, while the tech sector remains relatively insulated; at least for now.
Rabobank's Michael Every expects the conflict to deepen, arguing that while all state actors will endure significant economic pain, the United States may have greater capacity to absorb it and could therefore prolong the confrontation longer than markets anticipate.
E-mini S&P 500 futures edge higher as traders eye the 200-day MA. Oil above $100 and U.S.-Iran tensions drive sentiment while investors await the Fed decision this week.
Oil futures rose in early trade on supply disruption concerns.
Oil prices extended gains on Monday as the U.S.-Israeli war against Iran entered a third week, putting oil infrastructure at risk and keeping the Strait of Hormuz shut in the biggest disruption to global supplies ever.
Oil climbed on Sunday as the US and Israel's war with Iran entered its third week. The near closure of the Strait of Hormuz continues to disrupt the global oil supply chain.
Investors are awaiting the start of another week, with the Federal Reserve's next interest rate decision coming on Wednesday.
U.S. stock-index futures declined on Sunday as the market braced for another surge in oil prices this week, with the conflict with Iran threatening to escalate further.
WTI crude oil futures rebound as Strait of Hormuz tensions drive supply fears. Traders watch the $98.11 pivot as geopolitical risks support a bullish oil outlook.