Iran Fires More Missiles Toward Israel
Petroleum Futures Move Sharply Higher After Israel's Attack on Iran -- OPIS
JPMorgan Had Warned of $120 Oil Price in Worst-case Israel-Iran Conflict
Crude Oil Futures near-term and long-term contracts have collectively risen. Is the market pricing in the "long-term nature of the Middle East conflict"?
After Israel's attack on Iran's nuclear facilities, the Brent Crude Oil Product Futures curve surged across the board, with near-term contracts soaring by 13% and long-term contracts also strengthening. The oil price futures curve shifted from a long-standing 'smile' pattern to a spot premium structure, reflecting the market's concerns about the protracted nature of geopolitical conflicts. Analysts warn that if the Strait of Hormuz is blocked, the supply of 14 million barrels per day is at risk, and oil prices could spike to 120 dollars. The current market focus is turning to the scale of Iran's retaliation.
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Express News | Brent Crude Futures and U.S. Crude Futures Jump More Than $9/Bbl, Extending Gains 13% After Israel Strikes Iran