Crude oil futures fell more than 4% on Tuesday as the rally spurred by heightened geopolitical risk paused while the market waits for Israel to strike back against Iran. “Oil can keep ascending only for so long, purely based on perceptions and not actual supply disruption,” Tamas Varga, an analyst at oil broker PVM, said in a Tuesday note….
U.S. crude oil prices rose about 5% on Thursday, posting a third consecutive session of gains on fears that Israel could strike Iran’s oil industry in retaliation for Tehran’s ballistic missile attack this week. President Joe Biden was asked by reporters Thursday morning whether the U.S. would support an Israeli strike on Iranian oil facilities. Biden said: “We’re discussing…
A view of storage tanks and pipelines at the Shell Carson Distribution Complex, a distribution hub for petroleum products, in Carson, California, on March 11, 2022. Bing Guan | Reuters U.S. crude oil futures fell to a six-month low on Monday as equity markets sold off on fears the economy might be teetering on the brink of a recession….