Oil prices were little changed on Friday but remained on track for their strongest weekly increase since mid-July as rising tensions between the United States and Iran increased concerns about Middle East supply risks.
Oil rose for a second session as fresh hostilities between the US and Iran raised concerns about prolonged disruptions to energy flows through the Strait of Hormuz, where crude carriers were hit by projectiles. Leslie Palti-Guzman, Founder at Energy Vista, discusses the outlook for global energy as conflict in the Middle East continues to disrupt flow.
Oil prices were little changed on Wednesday after rising above one-month highs as traders assessed potential supply disruptions linked to renewed U.S. and Iranian military tensions.
ANZ (ASX:ANZ) has raised its short-term Brent crude price forecast to US$95 per barrel as Middle East conflict and depleted global inventories squeeze supply.
A flare-up in geopolitical risks sent stocks and bonds lower as oil climbed, raising concerns about inflationary pressures that could make the Federal Reserve raise interest rates. Tracie McMillion, Head of Global Asset Allocation Strategy at Wells Fargo, discusses the constructive backdrop for stocks and commodities.
Bloomberg's Anthony Stephens says the price of oil has become one of the movers of shorter-duration Treasury yields. He speaks as rising oil prices are bolstering expectations that the Federal Reserve will hike interest rates.
