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Geopolitical tensions and trade headwinds drag the DAX to a six-week low on June 19. Investors eye trade developments and Middle East updates for direction.
Pulitzer Prize Winner Daniel Yergin puts the price on oil's geopolitical risk premium and explains why the closure of the Strait of Hormuz will hurt Asian countries the most.
Crude oil's advance has nearly mirrored April's drop, while trendline resistance and a bearish candle raise the risk of a near-term pullback.
An escalation of the Iran-Israeli hostilities could keep Brent oil prices trading about 15% to 20% above pre-conflict levels if the war disrupts 1.1 million barrels per day (bpd) of Iranian oil exports, analysts at Citibank said on Thursday.
Oil traders focus on potential negotiations between U.S. and Iran.
Stephen Schork, Editor of The Schork Report, warns that investors are underestimating the risks facing global oil markets amid escalating tensions between Iran and Israel. He sees a 50% chance that oil stays above $78 per barrel and a 5% probability it hits $103 within five weeks.
Oil prices surge 11% as Iran-Israel conflict escalates. Traders shift into Exxon, Chevron, and XLE for exposure to geopolitical risk premiums.
For the past 40 years, the biggest increases in oil prices have all been driven by demand, not supply.
Netanyahu has ordered Israel's military to intensify attacks on "strategic targets" in Iran. Israel will also focus on "government targets" in the country's capital, Tehran, Israel Defense Minister Israel Katz said.
The crude oil market continues to see a lot of buying on dips, as the war in the Middle East continues to threaten the idea of oil supply worldwide, which could be a massive issue, reflected in the price.