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Yahoo
a day ago
- Business
- Yahoo
Oil prices jump after Israel's attack on Iran and it could lead to higher gas costs
Oil prices have jumped following Israel's attack on Iran as experts warn the conflict could lead to higher gas costs. The price of a barrel of benchmark U.S. crude jumped 6.8 percent to $72.65 Friday. Brent crude, the international standard, rose 7.1 percent to $74.30 a barrel. 'Gas prices will likely start to rise across much of the country later this evening in response to Israel's attacks on Iran, which have caused oil prices to surge. For now, I expect the rise to be noticable, but limited. Approx 10-25c/gal thus far, but this could change,' industry expert Patrick De Haan wrote on X. Iran is one of the world's major producers of oil and if a wider war escalates, it could slow the flow of Iranian oil to U.S. customers and elsewhere. 'Iran knows full well that Trump is focused on lower energy prices and actions by Iran that impact Middle East supply and consequently raise oil prices damage Trump politically,' Andy Lipow, president of Lipow Oil Associates consulting firm, told CNN. Past attacks involving Iran and Israel have seen prices for oil spike initially, only to fall later 'once it became clear that the situation was not escalating and there was no impact on oil supply,' said Richard Joswick, head of near-term oil at S&P Global Commodity Insights. The Secretary of the Organization of the Petroleum Exporting Countries warned industry executives not to 'raise false alarms.' 'There are currently no developments in supply or market dynamics that warrant unnecessary measures,' the organization said on X. Israel said 200 fighter jets took part in strikes on more than 100 targets in Iran overnight in an escalation that threatens to spark a wider conflict in the Middle East. Israel said Iran has launched more than 100 drones towards Israel in response - but Tehran has denied these reports, according to Iranian media. Trump firmly put the U.S. in Israel's corner after the attacks. The president said he'd given Tehran 'chance after chance to make a deal' that would have headed off the strikes by putting restrictions on the country's nuclear weapons program and complained that Iranian negotiators had never been able to come to an agreement. 'I gave Iran chance after chance to make a deal. I told them, in the strongest of words, to 'just do it,' but no matter how hard they tried, no matter how close they got, they just couldn't get it done,' he wrote on Truth Social. Trump also said he'd warned Iran that Israel 'has a lot' of American-made military hardware — 'the best and most lethal' — and is quite proficient in using it. 'Certain Iranian hardliner's spoke bravely, but they didn't know what was about to happen. They are all DEAD now, and it will only get worse!' he added. 'Iran must make a deal, before there is nothing left. No more death, no more destruction, JUST DO IT, BEFORE IT IS TOO LATE,' the president wrote. The Associated Press contributed reporting Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Independent
a day ago
- Business
- The Independent
Oil prices jump after Israel's attack on Iran and it could lead to higher gas costs
Oil prices have jumped following Israel's attack on Iran as experts warn the conflict could lead to higher gas costs. The price of a barrel of benchmark U.S. crude jumped 6.8 percent to $72.65 Friday. Brent crude, the international standard, rose 7.1 percent to $74.30 a barrel. '#GasPrices will likely start to rise across much of the country later this evening in response to Israel's attacks on Iran, which have caused oil prices to surge. For now, I expect the rise to be noticable, but limited. Approx 10-25c/gal thus far, but this could change,' industry expert Patrick De Haan wrote on X. Iran is one of the world's major producers of oil and if a wider war escalates, it could slow the flow of Iranian oil to U.S. customers and elsewhere. 'Iran knows full well that Trump i s focused on lower energy prices and actions by Iran that impact Middle East supply and consequently raise oil prices damage Trump politically,' Andy Lipow, president of Lipow Oil Associates consulting firm, told CNN. Past attacks involving Iran and Israel have seen prices for oil spike initially, only to fall later 'once it became clear that the situation was not escalating and there was no impact on oil supply,' said Richard Joswick, head of near-term oil at S&P Global Commodity Insights. The Secretary of the Organization of the Petroleum Exporting Countries warned industry executives not to 'raise false alarms.' 'There are currently no developments in supply or market dynamics that warrant unnecessary measures,' the organization said on X. Israel said 200 fighter jets took part in strikes on more than 100 targets in Iran overnight in an escalation that threatens to spark a wider conflict in the Middle East. Israel said Iran has launched more than 100 drones towards Israel in response - but Tehran has denied these reports, according to Iranian media. Trump firmly put the U.S. in Israel's corner after the attacks. The president said he'd given Tehran 'chance after chance to make a deal' that would have headed off the strikes by putting restrictions on the country's nuclear weapons program and complained that Iranian negotiators had never been able to come to an agreement. 'I gave Iran chance after chance to make a deal. I told them, in the strongest of words, to 'just do it,' but no matter how hard they tried, no matter how close they got, they just couldn't get it done,' he wrote on Truth Social. Trump also said he'd warned Iran that Israel 'has a lot' of American-made military hardware — 'the best and most lethal' — and is quite proficient in using it. 'Certain Iranian hardliner's spoke bravely, but they didn't know what was about to happen. They are all DEAD now, and it will only get worse!' he added. 'Iran must make a deal, before there is nothing left. No more death, no more destruction, JUST DO IT, BEFORE IT IS TOO LATE,' the president wrote.
Yahoo
a day ago
- Business
- Yahoo
Oil prices surge and stocks tumble after Israel attacks Iran
The price of oil surged Friday in one of the market's largest single-day increases in years, reflecting fears that a wider conflict in the Middle East could lead to serious energy supply disruptions. Brent crude, the global benchmark, was last up 6.3% at $71 a barrel. US oil jumped 8.5% to nearly $74 a barrel, after gaining as much as 13% earlier in the day. Those are the biggest intraday gains for each benchmark since March 2022, a month after Russia launched a full-scale invasion of Ukraine. The surge illustrates 'both immediate supply concerns and a growing sense that negative headlines could extend the timeline for escalation unlike prior Israel-Iran episode,' Ahmad Assiri, research strategist at Pepperstone, a financial services firm, wrote in a research note. Meanwhile, US stock futures fell, sending investors retreating to traditional safe haven investments like gold. Dow futures dropped 1.3%, or over 540 points. S&P 500 futures and Nasdaq Composite futures were down even more, by 1.4% and 1.6%, respectively. Meanwhile, gold rose about 1% to $3,413.6 per troy ounce. Early on Friday, Israel launched an unprecedented attack against Iran's nuclear and missile facilities, killing at least two of Iran's top military commanders. Israeli Prime Minister Benjamin Netanyahu said in a televised address that the 'targeted military operation' is expected to continue for 'many days.' 'This operation will continue for as many days as it takes to remove this threat,' Netanyahu said. A state of emergency has been declared in Israel in anticipation of an Iranian retaliation, which appears to have begun. Iran's Supreme Leader Ayatollah Ali Khamenei said Israel will face 'severe punishment' for the attacks. Secretary of State Marco Rubio said the US was not involved in the Israeli operation and warned Iran against targeting US interests or personnel. Investors are concerned about how a retaliation by Iran may play out, whether the US may be targeted and whether a critical oil transport route may be disrupted. If the conflict eliminates Iranian oil from the market, oil prices could spike by about $7.50 a barrel, according to Andy Lipow, president of Lipow Oil Associates, a consulting firm. 'Iran knows full well that Trump is focused on lower energy prices and actions by Iran that impact Middle East supply and consequently raise oil prices damage Trump politically,' he said. The bigger fear now is an even broader conflict that impacts the flow of oil from the Strait of Hormuz, the most critical chokepoint for oil supplies on the planet. 'Should oil exports through the Strait of Hormuz be affected, we could see $100 oil,' Lipow said. Bob McNally, president of Rapidan Energy Group, a consulting firm, told CNN that the oil market had been 'complacent about the risk of geopolitical disruptions' from the region. 'With Israel having commenced attacks against Iran, we expect significantly more risk premium to come into the price of crude in the coming days,' he said. Iran's preparation for a military response 'raises the risk of not just disruptions but of contagion in other neighboring oil producing nations too,' Priyanka Sachdeva, senior market analyst at Phillip Nova, told Reuters. 'Although Trump has shown reluctance to participate, U.S. involvement could further raise concerns,' she said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-04-2025
- Business
- Yahoo
Gas prices tumble for third week; deeper discounts expected as oil drops to four-year low
Canada's gas price average fell sharply for a third consecutive week, according to data from Kalibrate. Pump rates for regular fuel dropped in virtually every major city nationwide. The average price per litre slid 9.1 per cent between April 3 and April 10. Kingston, Ont. led the declines, as prices there tumbled nearly 27 per cent. The next largest discounts were in Sarnia, Ont. and Vancouver. At this time last year, Canada's gas price average was $1.707 per litre of regular fuel. The U.S. benchmark oil price (CL=F) has fallen more than US$10 per barrel since U.S. President Donald Trump announced a sweeping tariff plan on April 2. Andy Lipow, president of Lipow Oil Associates, expects gasoline prices to continue falling alongside U.S. oil futures. "I expect the [U.S.] national retail price of gasoline to fall about US$0.15 per gallon over the next two weeks, and we could see additional declines afterward if the low crude oil prices stay with us," he told Yahoo Finance. Earlier this week, the Keystone oil pipeline was shut down after leaking thousands of barrels of crude in North Dakota. The line stretches 4,327 kilometres from Hardisty, Alta., to Texas, transporting an average of 624,000 barrels of crude per day, according to 2024 figures from the Canada Energy Regulator. South Bow ( the pipeline's Canadian owner, said in its latest update on Thursday that it has not established a timeline to restart the system. GasBuddy head of petroleum analysis Patrick De Haan notes that he has seen no impact on gas prices as of Thursday morning. However, experts say that could change if the outage continues. Meanwhile, Canadian Black Book says the ongoing Canada-U.S. trade war is due to wreak havoc on the new vehicle market. Canada enacted 25 per cent counter-tariffs on some U.S.-made vehicles on April 9 in response to 25 per cent tariffs imposed by Trump. "With many variables still unclear, the fact of the matter is that tariffs imposed on our market will create value instability through a sizeable hole in vehicle demand and supply, touching both the Canadian economy and overall car market," the automotive analysis firm stated on Tuesday. Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city. (All figures in CAD cents) Location Apr. 3 Apr. 10 Price Change Canada Average (V) 149.3 140.2 -9.1 WHITEHORSE 161.9 161.9 0 VANCOUVER* 184.4 168.4 -16 VICTORIA 163.3 161.8 -1.5 PRINCE GEORGE 139.5 139.2 -0.3 KAMLOOPS 144.8 144.5 -0.3 KELOWNA 140.7 141.9 1.2 FORT ST. JOHN 135.4 138.7 3.3 ABBOTSFORD 161.2 152.9 -8.3 YELLOWKNIFE 145.3 144.9 -0.4 CALGARY* 135.3 129.7 -5.6 RED DEER 127.5 124.2 -3.3 EDMONTON 132.4 125.9 -6.5 LETHBRIDGE 129 127 -2 LLOYDMINSTER 132.1 129.4 -2.7 GRANDE PRAIRIE 133.6 133.5 -0.1 REGINA* 141.7 140 -1.7 SASKATOON 135.9 135.5 -0.4 PRINCE ALBERT 136.6 132.3 -4.3 MOOSE JAW 137.3 135.8 -1.5 WINNIPEG * 131 125.2 -5.8 BRANDON 116.8 116.4 -0.4 CITY OF TORONTO* 139.4 128.2 -11.2 BRAMPTON 139.2 128.4 -10.8 ETOBICOKE 138.9 127.7 -11.2 MISSISSAUGA 138.2 127.7 -10.5 NORTH YORK 139.3 127.9 -11.4 SCARBOROUGH 138.9 127.4 -11.5 VAUGHAN/MARKHAM 139.1 127.5 -11.6 OTTAWA 138.8 127.2 -11.6 KINGSTON 134.8 107.9 -26.9 PETERBOROUGH 122.1 117.2 -4.9 WINDSOR 138.3 125.7 -12.6 LONDON 138.7 126.6 -12.1 SUDBURY 126.6 121.7 -4.9 SAULT STE MARIE 128.6 128.5 -0.1 THUNDER BAY 135.1 131.8 -3.3 NORTH BAY 134 129.4 -4.6 TIMMINS 137.2 136.2 -1 HAMILTON 136.6 126.8 -9.8 ST. CATHARINES 135.5 125.3 -10.2 BARRIE 138.6 126.2 -12.4 BRANTFORD 131.1 121.9 -9.2 GUELPH 138 126.8 -11.2 KITCHENER 136.6 125.1 -11.5 OSHAWA 138.6 127.7 -10.9 SARNIA 127.9 110.6 -17.3 MONTRÉAL* 164.1 157.6 -6.5 QUÉBEC 157.7 156.5 -1.2 SHERBROOKE 159 154.8 -4.2 GASPÉ 157.4 158.7 1.3 CHICOUTIMI 147 147.6 0.6 RIMOUSKI 154.4 154.4 0 TROIS RIVIÈRES 155 154.1 -0.9 DRUMMONDVILLE 155.1 154.8 -0.3 VAL D'OR 164.7 164.1 -0.6 GATINEAU 142.8 138.5 -4.3 SAINT JOHN* 140.1 137.1 -3 FREDERICTON 140.5 137.5 -3 MONCTON 140.7 137.8 -2.9 BATHURST 140.6 138.4 -2.2 EDMUNDSTON 140 136.1 -3.9 MIRAMICHI 139.1 138.9 -0.2 CAMPBELLTON 141.9 138.9 -3 SUSSEX 140.5 137.3 -3.2 WOODSTOCK 142 138.8 -3.2 HALIFAX* 146.5 143.1 -3.4 SYDNEY 148.5 145 -3.5 YARMOUTH 147.6 144.1 -3.5 TRURO 147.7 144.2 -3.5 KENTVILLE 147.1 143.7 -3.4 NEW GLASGOW 147.7 144.2 -3.5 CHARLOTTETOWN* 149.6 148.5 -1.1 ST JOHNS* 151.7 150.4 -1.3 GANDER 155.5 153.9 -1.6 LABRADOR CITY 155.4 155.2 -0.2 CORNER BROOK 152.8 151.4 -1.4 GRAND FALLS 155.5 154 -1.5 SOURCE: KALIBRATE • All figures in CAD cents (*) Denotes markets used in Volume Weighted Canada Average Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist. Download the Yahoo Finance app, available for Apple and Android. Sign in to access your portfolio
Yahoo
12-04-2025
- Automotive
- Yahoo
Gasoline prices expected to fall as oil slides for second straight week
Gasoline prices are expected to fall in the weeks ahead if the sharp drop in oil prices sparked by a US-China trade war holds. On Friday, the national average of gasoline sat at $3.21 per gallon, about $0.13 higher than a month ago, but nearly $0.42 lower than a year ago, according to AAA data. Over the past week, prices at the pump declined $0.05 per gallon as oil has tumbled, partially reversing a recent monthly spike amid refinery maintenance and a switch to more expensive summer blends of gasoline. "Gasoline prices are expected to continue to decline with the falling oil prices that we have seen over the last week," said Andy Lipow, president of Lipow Oil Associates. "I expect the national retail price of gasoline to fall about $0.15 per gallon over the next two weeks, and we could see additional declines afterward if the low crude oil prices stay with us," he added. On Friday, oil closed with losses for a second week in a row as West Texas Intermediate (CL=F) futures settled above $61 per barrel. Brent (BZ=F), the international benchmark, closed above $64 per barrel. Crude futures have shaved off more than $10 per barrel since President Trump announced a sweeping tariff plan on April 2, followed by a decision by the Organization of Petroleum Exporting Countries and its allies to increase output in May. Trump's 90-day tariff pause on some 75 countries gave a sharp, short-lived bounce to oil as levies on Chinese-made goods increased to a total of 145%. Traders fear a trade war with the largest importer of crude will dampen demand. Gasoline prices "may eventually fall below $3 per gallon unless things with the economy start to brighten again. We've never seen the status quo shifted so significantly like this and oil prices aren't liking what's going on," Patrick De Haan, head of petroleum analysis at GasBuddy, told Yahoo Finance. Lower gasoline prices compared to a year ago have helped inflation cool in the month of March. The latest Consumer Price Index reading on Thursday showed the gasoline index fell an annualized 9.8% last month, helping the overall energy index decline 3.3% over the same period. Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices Sign in to access your portfolio
