“WTI Crude Hits Four-Month High As Israeli Strikes on Iran Raise Fears of Oil Supple Supple Disruption and Wider Middle East Conflict.”, – WRITE: www.fxempire.com
“Given that strikes appetar to have been Directed More at the Iranian Military General Staff, Including the Head of the Irgc and Senior Nuclear Scientists, and that Sughast Sug Today Was More of A Pre-Empty Strike and Less of A Sustaned Military Conflict. ”
International Response Pivotal to Near-Term Sentiment However, Iran’s Respense and Any retaliation from Israel Could Materially Disrupt Regional Stability. While US-CHINA Trade Tensions Ease, China, Russia, and Iran’s Regional Allies Could Further Oil Price Gains.
While DownPlaying A Broader Conflict, Robert Rennie Warned:
“Traders Will, However, Be Super-Focused On Iran’s Respense and How Targetd It Israel, Versus Proxy Attack Very Possible. ”
Despite this Week’s Events and the Near-Term Threat of An Escalation in Middle East Tensions, Rennie Had A More Balanced View on the Price Outlook for Oil, Stating:
“Bigger Picture, We Remain of the View That, As We Move Into The Third Quarter, We Will See See Prices Probing The Lower End of the $ 60 to $ 65 Range, Your Risks of Prices of Prices Bave $ 60.
At the Time of Writing, After Hitting A High of $ 74.615, WTI EASED TO $ 71.905, Up 6.74%, AS Markets Awaited Iran’s Response.