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The crude oil markets initially rallied again on Friday but gave back some of the gains as we continue to see this asset bounce around based on the latest headlines, and of course rumors.
Oil prices hold steady with OPEC supply risks and Iran tensions priced in, while Trump's delay in action caps crude's bullish momentum.
President Donald Trump said Thursday that he would make his decision on striking Iran within the next two weeks.
Based on past conflicts that have rattled oil prices, oil is likely trading in the upper range of where it should be as the Israel-Iran crisis simmers, say analysts at Citigroup.
WTI was rising and Brent crude was falling. Stock futures for Exxon, Chevron, and Occidental were rising.
President Donald Trump will decide within two weeks whether to strike Iran, his spokeswoman said, as Israel hit more Iranian nuclear sites and warned its attacks may bring down the leadership in Tehran. “Based on the fact that there's a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks,” Trump said in a dictated message, according to White House spokeswoman Karoline Leavitt.
Dow futures pare some losses; European foreign ministers are set to meet with Iranian officials to push for de-escalation
Iran is rapidly exporting oil, a sign of the unusual logistical steps that Tehran is undertaking as the US mulls joining Israel in bombing the Persian Gulf state. Satellite images of the oil storage sites at Kharg Island show that the reservoirs were only partly full on June 11, but were brimming with crude on June 18.
Guy Johnson, Kriti Gupta, Lizzy Burden and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." -------- More on Bloomberg Television and Markets Like this video?
WTI and natural gas stay supported amid tight inventories and rising geopolitical risks, keeping bullish momentum intact despite short-term volatility.