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Express Tribune
a day ago
- Business
- Express Tribune
Oil up 6% as Israel strikes avoid oil sites
Listen to article Oil prices fell off multi-month highs hit earlier on Friday as Israeli air strikes avoided Iranian oil sites, but prices still up about 6% as investors worried that the tensions could disrupt Middle East oil supplies. Brent crude futures were up $4.11, or 5.9%, to $73.47 a barrel by 1712 GMT, after earlier soaring over 13% to an intraday high of $78.50, the strongest level since January 27. US West Texas Intermediate crude was up $4.38, or 6.4%, at $72.42, after earlier jumping over 14% to its highest since January 21 at $77.62. Friday's gains were the largest intraday moves for both contracts since 2022. The National Iranian Oil Refining and Distribution Company said oil refining and storage facilities had not been damaged and continued to operate. One primary concern, according to analysts, was whether the latest developments would affect the Strait of Hormuz, said Nikos Tzabouras, senior market analyst at In other markets, stocks dived and there was a rush to safe havens such as gold and the US dollar and Swiss franc. REUTERS
Shafaq News
a day ago
- Business
- Shafaq News
Oil jumps over 7% after Israel strikes Iran
Shafaq news/ Oil prices jumped over 7% on Friday to multi-month highs after Israel launched air strikes against Iran, sparking Iranian retaliation and raising worries about a disruption in Middle East oil supplies. Brent crude futures were up $4.94, or 7.12%, to $74.30 a barrel at 1442 GMT, after hitting an intraday high of $78.50, the strongest level since January 27. U.S. West Texas Intermediate crude was up $4.72, or 6.94%, at $72.75, touching its highest since January 21 at $77.62 earlier in the session. Friday's gains were the largest intraday moves for both contracts since 2022, after Russia's invasion of Ukraine caused a spike in energy prices. Israel said it had targeted Iran's nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. Iran has promised a harsh response. U.S. President Donald Trump urged Iran to make a deal over its nuclear programme, to put an end to the "next already planned attacks." The National Iranian Oil Refining and Distribution Company said oil refining and storage facilities had not been damaged and continued to operate. The primary concern was whether the latest developments would affect the Strait of Hormuz, said Nikos Tzabouras, senior market analyst at "Sustained upside would require actual disruptions to physical flows - such as damage to Iran's oil infrastructure or a blockade of the Strait of Hormuz, a key global chokepoint," Tzabouras said in a note on Friday morning. About a fifth of the world's total oil consumption passes through the strait, or some 18 to 19 million barrels per day (bpd) of oil, condensate and fuel. So far, no impact to oil flow in the region has been seen, Saxo Bank analyst Ole Hansen said. "No energy installations have been impacted by the Israeli strikes, so unless Iran decides to drag other nations, especially the U.S. into the conflict, the risk of a supply disruption remains low and should over time reduce the risk premium," Hansen said. Iran could pay a heavy price for blockage of the Strait of Hormuz, which it and its neighbors rely on to ship oil to Asian markets, analysts said on Friday. "Iran's economy heavily relies on the free passage of goods and vessels through the seaway, as its oil exports are entirely sea-based. Finally, cutting off the Strait of Hormuz would be counterproductive to Iran's relationship with its sole oil customer, China, said Natasha Kaneva, Prateek Kedia, Lyuba Savinova, analysts with JP Morgan. In other markets, stocks dived and there was a rush to safe havens such as gold and the U.S. dollar and Swiss franc.
Business Recorder
a day ago
- Business
- Business Recorder
Oil jumps over 7% after Israel strikes Iran
HOUSTON: Oil prices jumped over 7% on Friday to multi-month highs after Israel launched air strikes against Iran, sparking Iranian retaliation and raising worries about a disruption in Middle East oil supplies. Brent crude futures were up $4.94, or 7.12%, to $74.30 a barrel at 1442 GMT, after hitting an intraday high of $78.50, the strongest level since January 27. U.S. West Texas Intermediate crude was up $4.72, or 6.94%, at $72.75, touching its highest since January 21 at $77.62 earlier in the session. Friday's gains were the largest intraday moves for both contracts since 2022, after Russia's invasion of Ukraine caused a spike in energy prices. Israel said it had targeted Iran's nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. Iran has promised a harsh response. U.S. President Donald Trump urged Iran to make a deal over its nuclear programme, to put an end to the 'next already planned attacks.' The National Iranian Oil Refining and Distribution Company said oil refining and storage facilities had not been damaged and continued to operate. Oil prices drop as traders gauge ME tensions The primary concern was whether the latest developments would affect the Strait of Hormuz, said Nikos Tzabouras, senior market analyst at 'Sustained upside would require actual disruptions to physical flows - such as damage to Iran's oil infrastructure or a blockade of the Strait of Hormuz, a key global chokepoint,' Tzabouras said in a note on Friday morning. About a fifth of the world's total oil consumption passes through the strait, or some 18 to 19 million barrels per day (bpd) of oil, condensate and fuel. So far, no impact to oil flow in the region has been seen, Saxo Bank analyst Ole Hansen said. 'No energy installations have been impacted by the Israeli strikes, so unless Iran decides to drag other nations, especially the U.S. into the conflict, the risk of a supply disruption remains low and should over time reduce the risk premium,' Hansen said. Iran could pay a heavy price for blockage of the Strait of Hormuz, which it and its neighbors rely on to ship oil to Asian markets, analysts said on Friday. 'Iran's economy heavily relies on the free passage of goods and vessels through the seaway, as its oil exports are entirely sea-based. Finally, cutting off the Strait of Hormuz would be counterproductive to Iran's relationship with its sole oil customer, China, said Natasha Kaneva, Prateek Kedia, Lyuba Savinova, analysts with JP Morgan. In other markets, stocks dived and there was a rush to safe havens such as gold and the U.S. dollar and Swiss franc.
Zawya
17-04-2025
- Business
- Zawya
Profit-booking pulls gold off all-time high
Gold prices eased on Thursday as investors booked profits after bullion hit an all-time high earlier in the session as restrictions on chip sales to China and continued tariff uncertainty increased demand for the safe-haven asset. Spot gold slipped 0.1% to $3,339.37 an ounce as of 0312 GMT, after touching a record high of $3,357.40 earlier in the session. Bullion has gained more than 3% so far this week. U.S. gold futures firmed 0.2% to $3,351.50. "Everything is going gold's way, propelling prices to fresh record highs. Although pullbacks are reasonable, the precious metal is poised for further gains as trade bedlam continues," said Nikos Tzabouras, Senior Market Analyst at Marking another escalation in his dispute with trade partners, U.S. President Donald Trump on Tuesday ordered a probe into potential new tariffs on all critical minerals imports on top of reviews into pharmaceutical and chip imports. Beijing ordered airlines to not take further deliveries of Boeing aircraft. "Sino-Western tensions show no signs of easing ... and the U.S. dollar has become a casualty of Trump's trade policies, with its role as a safe haven now questioned further, strengthening gold's appeal,' Tzabouras said. The dollar, index hovered near a three-year low hit last week, making gold more attractive for other currency holders. "The volatility in both the equity and bond markets could also push investors to increase the weighting of gold within their portfolio," said Trevor Yates, analyst at Global X. Gold, traditionally seen as a hedge against political and economic uncertainty and inflation, has risen more than 27% so far this year. "We maintain our bullish stance on gold, though a pull-back towards $3,050 per ounce looks possible after a recent swift price rally," analysts at ANZ noted. Spot silver dropped 1% to $32.43 an ounce, platinum shed 0.2% to $965.46, and palladium fell 1.4% to $958.26. (Reporting by Rahul Paswan and Anushree Mukherjee in Bengaluru; Editing by Sumana Nandy and Savio D'Souza)
Reuters
17-04-2025
- Business
- Reuters
Profit-booking pulls gold off all-time high
April 17 (Reuters) - Gold prices eased on Thursday as investors booked profits after bullion hit an all-time high earlier in the session as restrictions on chip sales to China and continued tariff uncertainty increased demand for the safe-haven asset. Spot gold slipped 0.1% to $3,339.37 an ounce as of 0312 GMT, after touching a record high of $3,357.40 earlier in the session. Bullion has gained more than 3% so far this week. U.S. gold futures firmed 0.2% to $3,351.50. "Everything is going gold's way, propelling prices to fresh record highs. Although pullbacks are reasonable, the precious metal is poised for further gains as trade bedlam continues," said Nikos Tzabouras, Senior Market Analyst at Marking another escalation in his dispute with trade partners, U.S. President Donald Trump on Tuesday ordered a probe into potential new tariffs on all critical minerals imports on top of reviews into pharmaceutical and chip imports. Beijing ordered airlines to not take further deliveries of Boeing (BA.N), opens new tab aircraft. "Sino-Western tensions show no signs of easing ... and the U.S. dollar has become a casualty of Trump's trade policies, with its role as a safe haven now questioned further, strengthening gold's appeal,' Tzabouras said. The dollar, (.DXY), opens new tab index hovered near a three-year low hit last week, making gold more attractive for other currency holders. "The volatility in both the equity and bond markets could also push investors to increase the weighting of gold within their portfolio," said Trevor Yates, analyst at Global X. Gold, traditionally seen as a hedge against political and economic uncertainty and inflation, has risen more than 27% so far this year. "We maintain our bullish stance on gold, though a pull-back towards $3,050 per ounce looks possible after a recent swift price rally," analysts at ANZ noted. Spot silver dropped 1% to $32.43 an ounce, platinum shed 0.2% to $965.46, and palladium fell 1.4% to $958.26.
