Oil futures are falling on recession fears, even as Israel prepares for a strike by Iran.
West Texas Intermediate crude oil closed at a six-month low on Monday.Crude oil futures fell for the fourth session in a row Tuesday, as recession fears continue to overshadow the risk of a major escalation in the Middle East.
U.S. crude oil closed at a six-month low on Monday, after equity markets sold off on fears that the U.S. economy might tip into a recession. The The fear of a U.S. recession has hit oil markets as traders were already worried already about lackluster demand in China, the world's second-largest economy.Oil markets have sold off despite the growing risk of major escalation in the Middle East. Israel is preparing for an attack by Iran after Hamas leader Ismail Haniyeh was assassinated in Tehran last week.
The oil market has largely looked past geopolitical tensions in the Middle East as crude supplies have not faced any major disruption. Analysts have warned for months that a direct conflict between Israel and OPEC member Iran could lead to a disruption of oil flows.
S&P 500 Index RBOB Gas (Mar'23) ICE Brent Crude (Apr'23) Natural Gas (Mar'23) WTI Crude (Mar'23) Investment Strategy Oil And Gas Breaking News: Markets Markets Business News
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crude Oil lurches higher amid US inventory draws, fresh Middle East tensionsWest Texas Intermediate (WTI) US Crude Oil jumped back into $78.00 per barrel on Wednesday after the Energy Information Administration (EIA) reported another steeper-than-expected decline in US Crude Oil Stocks Change, adding to a recent downswing in US barrel counts.
Read more »
Finnovex Middle East 2024: Beyond Boundaries – Reinventing Finance Through Hyper Connected Ecosystems in the Middle EastFinnovex Middle East 2024: Beyond Boundaries – Reinventing Finance Through Hyper Connected Ecosystems in the Middle East
Read more »
AIG Faces Protest and Backlash Over East African Crude Oil PipelineActivists protested at AIG\'s New York offices on Friday, calling on the company to refuse to insure the pipeline.
Read more »
Oil prices rise on fears of wider Middle East conflict after rocket strike in Golan HeightsOil prices rise on fears of wider Middle East conflict after rocket strike in Golan Heights
Read more »
Oil prices rebound over 1% as Middle East concerns persistOil prices rebound over 1% as Middle East concerns persist
Read more »
Oil prices moving back and forth driven by demand concerns and tensions in the Middle EastOil prices have had a volatile week. At the beginning of the week, they were under pressure due to demand concerns.
Read more »