Oil prices dropped as the market awaited potential retaliation from Israel against Tehran for a recent missile attack. President Biden advised against striking Iran’s crude fields, causing Brent to fall below $78 a barrel and West Texas Intermediate to hover around $74. Concerns about Middle East conflict, demand from China, and oversupply persist. Options markets show a bullish bias, with increased net-long positions for Brent. JPMorgan analysts suggest oil prices will include a geopolitical premium until the Israel-Iran conflict is resolved. Saudi Arabia adjusted oil prices for different markets.
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