Latest news with #PatrickdeHaan
16-06-2025
- Business
Oil prices fall and stocks rise, despite ongoing Israel-Iran conflict
Oil prices fell and stocks climbed in early trading on Monday, indicating optimism among investors about the limits of economic fallout from the ongoing Israel-Iran conflict. The Dow Jones Industrial Average surged 415 points, or 1%, erasing much of the losses suffered on Friday as back-and-forth strikes broke out between the two countries. The S&P 500 climbed 1% early Monday, while the tech-heavy Nasdaq jumped 1.3%. In each case, the gains erased nearly all of the losses suffered as the conflict began days earlier. Oil prices, meanwhile, ticked slightly lower on Monday, easing a surge in prices set off late last week as investors feared a wider regional war in the oil-rich Middle East. The U.S. West Texas Intermediate futures price -- a key measure of U.S. oil prices -- dropped 4% on Monday. Brent crude future prices, another top measure of oil prices, also fell about 4%. Each index had climbed as much as 10% in the immediate aftermath of the conflict. Aerial attacks between Israel and Iran continued overnight into Monday, marking a fourth day of strikes following Israel's Friday attack. That surprise operation hit at the heart of Iran's nuclear program, striking key facilities and killing several nuclear scientists as well as high-ranking military leaders, according to Israeli officials. The U.S. did not provide any military assistance or have any involvement in Israel's Friday strikes, a U.S. official told ABC News. President Donald Trump told ABC New s on Sunday, "It's possible we could get involved." The U.S. did provide assistance in shooting down incoming missile and drone attacks from Iran in response to Israel's initial barrage, officials said. The drop in oil prices may ease a potential uptick in the price of gasoline for U.S. drivers. Since crude oil makes up the top ingredient in car fuel, the Israel-Iran conflict threatened to modestly increase prices over the coming days and significantly hike them in the event of a wider war, experts previously told ABC News. 'By later this week, we'll likely see nearly all states with price increases as retail gas prices rise following Iran/Israel attacks,' Patrick de Haan, the head of petroleum analysis at GasBuddy, said on Monday in a post on X. The move higher for U.S. stocks mirrored gains in markets across Asia and Europe. The STOXX Europe 600 index ticked up 0.3% by mid-afternoon local time. In Japan, the Nikkei 225 in Tokyo climbed 1.2% on Monday.
Yahoo
13-06-2025
- Business
- Yahoo
Oil prices surge and stocks slump after Israel attack on Iran
Oil prices surged and stocks slumped on Friday morning in the immediate hours after Israel began an attack on Iran targeting nuclear sites and senior military officers. The strike stoked concern among investors about a possible wider conflict across the Middle East, which accounts for a large share of global oil production. The U.S. West Texas Intermediate futures price -- a key measure of U.S. oil prices -- surged more than 7% on Friday. Brent crude future prices, another top measure of oil prices, also climbed more than 7%. MORE: Israel strikes live updates: US provided 'exquisite' intel to Israel, source says Stocks, meanwhile, tumbled in early trading on Friday as the ultimate outcome of the Israel-Iran conflict remained unclear. The Dow Jones Industrial Average fell 575 points, or 1.3%, at the close of trading. The S&P 500 declined 0.8%, while the tech-heavy index slid 0.9%. The jump in oil prices threatens to raise the price of gasoline for U.S. drivers, since crude oil makes up the top ingredient in car fuel. 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," Patrick de Haan, the head of petroleum analysis at GasBuddy, said on Friday in a post on X. A typical gallon of gas could tick up between 10 and 25 cents, de Haan added. The average price of a gallon of gas currently stands at $3.13, AAA data shows. The price increase anticipated by de Haan would amount to a hike of as much as nearly 8%. "For now, I expect the rise to be noticeable, but limited," de Haan said. "This could change." Israel launched dozens of strikes against Iran early Friday morning local time, striking at the heart of the country's nuclear program, killing several nuclear scientists as well as high-ranking military leaders, according to Israeli officials. MORE: Trump tells ABC Israel strikes on Iran 'excellent' and warns 'more to come' Iran responded with an aerial attack involving about 100 drones, Israel said, but all of them were shot down before hitting their target. The move downward for U.S. stocks followed losses in markets across Asia and Europe. The STOXX Europe 600 index fell about 1% by late afternoon local time. In Japan, the Nikkei 225 in Tokyo dropped 0.8% on Friday. ABC News' Riley Hoffman, Leah Sarnoff, Jack Moore, Jon Haworth, and Nadine El-Bawab contributed to this report. Oil prices surge and stocks slump after Israel attack on Iran originally appeared on 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
13-06-2025
- Business
Oil prices surge and stocks slump after Israel attack on Iran
Oil prices surged and stocks slumped on Friday morning in the immediate hours after Israel began an attack on Iran targeting nuclear sites and senior military officers. The strike stoked concern among investors about a possible wider conflict across the Middle East, which accounts for a large share of global oil production. The U.S. West Texas Intermediate futures price -- a key measure of U.S. oil prices -- surged more than 7% on Friday. Brent crude future prices, another top measure of oil prices, also climbed more than 7%. Stocks, meanwhile, tumbled in early trading on Friday as the ultimate outcome of the Israel-Iran conflict remained unclear. The Dow Jones Industrial Average fell 575 points, or 1.3%, at the close of trading. The S&P 500 declined 0.8%, while the tech-heavy index slid 0.9%. The jump in oil prices threatens to raise the price of gasoline for U.S. drivers, since crude oil makes up the top ingredient in car fuel. 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," Patrick de Haan, the head of petroleum analysis at GasBuddy, said on Friday in a post on X. A typical gallon of gas could tick up between 10 and 25 cents, de Haan added. The average price of a gallon of gas currently stands at $3.13, AAA data shows. The price increase anticipated by de Haan would amount to a hike of as much as nearly 8%. "For now, I expect the rise to be noticeable, but limited," de Haan said. "This could change." Israel launched dozens of strikes against Iran early Friday morning local time, striking at the heart of the country's nuclear program, killing several nuclear scientists as well as high-ranking military leaders, according to Israeli officials. Iran responded with an aerial attack involving about 100 drones, Israel said, but all of them were shot down before hitting their target. The move downward for U.S. stocks followed losses in markets across Asia and Europe. The STOXX Europe 600 index fell about 1% by late afternoon local time. In Japan, the Nikkei 225 in Tokyo dropped 0.8% on Friday.
Yahoo
23-05-2025
- Automotive
- Yahoo
Arizona gas prices enjoy historic lows ahead of Memorial Day weekend
The Brief Arizona drivers are enjoying the lowest gas prices in years over Memorial Day weekend. An increase in travel demand is expected, with an estimated 1 million people hitting the roads in Arizona alone. For those hoping to plan some road trips, drivers are expected to benefit from lower gas prices throughout the whole summer. PHOENIX - Good news for Arizona drivers: gas prices for Memorial Day weekend dipped to the lowest we've seen in years. Circle K is adding a perk on top of the low prices with 40 cents off per gallon at certain locations. Even if you miss this deal, experts say Arizona drivers are likely in for a nice break from high gas prices this whole summer. Local perspective Customers are excited about a Fuel Day at a local Circle K and welcoming a break for their wallet for a necessary purchase. "After paying bills, it's like the rest goes to gas. It doesn't matter how much it goes up, if you have a car, you're gonna buy gas," said one customer. Average prices in Phoenix of $3.61 are the lowest for the Memorial Day weekend since 2021 and with some supply challenges righting themselves, the trend looks promising for the summer. "Gas prices are taking the smallest piece out of an average American's paychecks since 2003 if you exclude the pandemic," said Patrick de Haan of Gas Buddy. Big picture view A Gas Buddy analysis predicts a gallon of gas to sell for $3.08. It would be the second lowest for a holiday weekend since 2003. "I'm hopeful that Memorial Day will be the most expensive summer holiday and that prices could be progressively lower for the Fourth of July and at their lowest level on Labor Day," he said. Big picture view Nearly one million people are expected to hit the roads in the Grand Canyon state this weekend, according to AAA. "People are really committed to travel right now. We've seen record demand for cruises, international flights; people just really want to go out and take a vacation," said Julian Parades of AAA. So what if you're leaving the state this weekend? "You can probably budget a little bit less on gas," said Parades. "Really, good news if you are taking a road trip, gas is a little bit cheaper right now." Gas Buddy says California prices will stay above $4, but places like New Mexico or Texas will have lower prices than here in Arizona.
