[MARKET ANALYSIS] Oil prices climbed on geopolitical escalation as Iran and Israel conduct strikes on each other
Newsquawk Staff ·
WTI/Brent: WTI Jul'26 +4.0% / Brent +4.0%
- Oil prices rallied amid the geopolitical escalation after Iran launched multiple waves of strikes against Israel in retaliation for Israel's bombing targets in Beirut. Furthermore, US President Trump called for Iran to halt attacks and return to talks, while he requested that Israel not respond, which Israeli PM Netanyahu was reported to have accepted, although Israel then carried out attacks on targets inside Iran.
Gold: -0.2%
- Extended on recent declines to test the USD 4,300/oz level, where it found a floor, although demand remains subdued following recent dollar strength and Fed rate hike bets.
Copper: Flat
- Lingered around last week's trough amid the broad downbeat mood.
- US and Israeli militaries have reportedly developed plans for renewed strikes on Iran after the US midterm elections, targeting energy infrastructure, nuclear facilities and missile and drone arsenals, NYT reports, citing sources
- US Market Wrap: Stocks gain as tech earnings begin
- US President Trump says on embassy staff told to depart, says don't know that they are; we continue to beat Iran
- Canadian PM Carney says he spoke to US President Trump on Wednesday for quite some time; he discussed a wide range of issues with US President Trump, including Iran
- CRUDE WRAP: WTI (Z6) SETTLES USD 0.67 LOWER AT 97.15/BBL; BRENT (X6) SETTLES USD 0.03 HIGHER AT USD 108.82/BBL
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