Risk appetite got a hit yesterday as an army of Federal Reserve (Fed) speakers sounded cautious about the timing of the first rate cut and as the barrel of oil spiked past the $90pb level on rising tensions between Iran and Israel after Israel bombed the Iranian embassy in Damascus earlier this week.
Risk appetite got a hit yesterday as an army of Federal Reserve (Fed) speakers sounded cautious about the timing of the first rate cut and as the barrel of oil spiked past the $90pb level on rising tensions between Iran and Israel after Israel bombed the Iran ian embassy in Damascus earlier this week. The barrel of oil spiked to $87.50pb. So far, tensions in the Middle East didn’t impact oil supply significantly. As a result, we saw a sustainable rise in oil prices – not a spike.
But Iran’s direct involvement could mark a new milestone in the Middle East conflict and could back a rapid rise in oil prices in the near term. In this context, we can’t rule out the risk of a short-term rally in oil prices to $95/100pb range.The latest spike in oil prices will be reflected in the upcoming inflation reads and may derail the Fed from its ‘three rate cuts’ plan for this year. Indeed, when we listen to the Fed speakers, we sense that there is an increasing caution regarding that expectatio
Oil Prices Iran Israel Tensions Federal Reserve Rate Cut
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