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Crude oil analysis: Bullish outlook builds as U.S. stockpiles fall and Israel-Iran conflict threatens OPEC supply through the Strait of Hormuz.
BP PLC (LSE:BP.) and Shell PLC (LSE:SHEL, NYSE:SHEL) were helping the FTSE 100 cut losses compared to other European markets on Thursday, as oil prices remained elevated due to exchanges of missiles and threats between Israel and Iran.
With U.S. markets closed for the Juneteenth holiday, global investors were weighing up a potential escalation in the Israel-Iran conflict.
Deposing Iran's Supreme Leader Ayatollah Ali Khamenei and his regime may cause a sustained spike in oil prices
Russia, the United States and Saudi Arabia could act jointly to stabilise oil markets if needed, Russia's investment envoy Kirill Dmitriev told Reuters.
Asian and European stocks fell on Thursday, and oil futures rose, as reports suggested a U.S. military strike against Iran could happen this weekend.
WTI crude slips below $75 as traders weigh geopolitical risks and Fed rate outlook; energy markets remain volatile near key technical levels.
Pavel Molchanov of Raymond James says the only way that higher oil prices can be sustained is if there is an actual disruption to Middle Eastern oil supply, which he does not see happening. He also says that it makes no sense for Iran to block the Strait of Hormuz.
Marcella Chow from JP Morgan Asset Management shares her investment ideas amid slowing U.S. growth, worsening tensions in the Middle East and the push to up defense spending in Europe.
WTI crude breaks above the 200-day SMA and looks to gain further on the threat of supply shortages, while natural gas remains bullish above $3.00.