• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 8 days America should go after China but it should be done in a wise way.
  • 2 days Even Shell Agrees with Climate Change!
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Supply Chain Woes Could Derail Biden’s Electric Vehicle Agenda

Supply Chain Woes Could Derail Biden’s Electric Vehicle Agenda

The Biden administration's electric vehicle…

This Could Be A Gamechanger For Natural Gas In Europe

This Could Be A Gamechanger For Natural Gas In Europe

Europe’s lack of energy security…

Oil Prices Climb After Drone Attack Kills Three U.S. Troops

Crude oil prices started the week with a gain following a drone attack in Jordan that killed three U.S. military servicemen.

The news added to the bullish momentum of continuing Houthi strikes on ships in the Red Sea to push Brent crude well over $80 per barrel, with the benchmark close to touching $84 in midmorning trade in Asia.

West Texas Intermediate moved closer to $80 per barrel following the news of the deadly attack that led many to brace up for further escalation in the latest Middle Eastern conflict.

“We believe the death of three U.S. service members today in Jordan marks a critical inflection point in the ongoing conflict in the Middle East and raises a specter of a more substantial U.S. involvement in the war,” RBC Capital Markets’ Helima Croft wrote in a note, as quoted by Reuters.

“It does appear that even with any softening we’re seeing to demand, geopolitics is shaping up so that oil prices could have more upside risk in them,” Mizuho Bank Asia chief economist Vishnu Varathan told Bloomberg.

Vandana Hari of Vanda Insights, on the other hand, noted that the price rise could have been more substantial: “The question is, why have we not seen Brent shoot up toward $90 or higher?” she told Bloomberg. “There would need to be a direct hit on a Middle Eastern oil cargo or oil production infrastructure for prices to skyrocket.”

Indeed, there was a Houthi strike on a fuel tanker passing through the Gulf of Aden last week but while it helped prices go higher, it was not much higher. But this could yet change.

“With oil tankers linked to the U.S. and UK now under threat of attack, the market is likely to reprice the risk of disruptions,” analysts from ANZ said in a note quoted by Reuters.


By Irina Slav for Oilprice.com 

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News