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Oil Prices Jump 2% on Improving Demand Outlook

Republicans Pressure Biden to Deliver Weapons to Israel

Politics, Geopolitics & Conflict

The US House of Representatives (Republican-led) has now passed a bill to force Biden to deliver weapons to Israel after he postponed bomb shipments to force Netanyahu's hand over civilian deaths. Tel Aviv isn't budging, and the House bill has a low probability of becoming law. It's more of a barometer of the intensity of the backlash over the Israel-Hamas conflict playing out in the corridors of DC and on college campuses across the country. As of the time of writing late on Thursday, Israeli tanks had advanced to the center of the northern Gaza town of Jabalia in a standoff with Hamas. Simultaneously, in southern Gaza, Israel continued to shell Rafah but did not make a move to push further into the city.

In another reverberation of the Israel-Hamas conflict, Iraq and Jordan are planning to restart oil talks. Iraq typically supplies Jordan with oil, but frequent disputes often put the deal on pause. Most recently, Iraq suspended exports after Jordan intercepted Iranian missiles bound for Israel. We are not highly confident that talks will proceed as planned given another Jordanian move that will irk some high-level figures in Baghdad: On Wednesday this week, Jordan foiled an attempt by an Iranian-led group to smuggle weapons into the kingdom for sabotage. 

In Brazil, President Lula da Silva shook up the leadership of state-run Petrobras this week, dismissing CEO Jean Paul Prates and appointing Magda Chambriand in his place.…

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