Oil prices edged higher on Tuesday, after falling in the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East. Global benchmark Brent crude oil futures traded 18 cents higher at $87.
Iranian Foreign Minister Hossein Amirabdollahian told NBC News the Islamic Republic does not plan to respond to Israel's retaliatory strike launched Friday.
Oil futures fell on Monday as traders focused on market fundamentals, seeing little near-term risk that the Middle East conflict would impact supply. Brent crude futures settled at $87.00 a barrel, down 29 cents,
Major stock markets mostly rallied Monday and oil prices retreated as Middle East worries subsided and traders looked ahead to the release of key US inflation data and corporate earnings.
Global oil benchmark Brent slipped on Monday to around $86 a barrel as traders turned their focus to inflation, with tensions in the Middle East having so far left actual supplies unperturbed. Brent futures were down $1.
Oil prices fell more than 1% as fears of a broader conflict in the Middle East faded and the prospect of higher-for-longer interest rates weighed on sentiment.
Oil prices were broadly stable on Tuesday after recouping some of the losses posted in the previous session as fears of an all-out war between Israel and Iran fade. Despite this, geopolitical risks in the region remain high and traders still see the oil market growing tighter in the coming months.
Global benchmark Brent slipped on Monday though it remained above $86 a barrel as traders turned their focus back to inflation with tensions in the Middle East having so far left actual oil supplies unperturbed.
Oil prices fell more than 1% as fears of a broader conflict in the Middle East fade and the prospect of higher-for-longer interest rates weighs on sentiment. Brent crude was down 1.7% at $85.84 a barrel and WTI traded 1.
Oil prices fell by more than 1% on Monday, as the market focus switched to fundamentals after Israel and Iran played down the risk of an escalation of hostilities following Israel's apparently small strike on Iran.
FXEmpire.com - Oil Prices Retreat Amid Easing Geopolitical Tensions. Oil prices fell by over 1% on Monday, influenced by shifting focus from geopolitical tension to market fundame
Crude oil futures shook off early losses to finish higher Tuesday, with market attention returning to fundamentals as the focus shifted away from tensions in the Middle East to economic indicators and overall supply and demand balances.