Oil prices rise more than 4% as Iran-Israel conflict escalates
(Reuters) - Oil prices climbed over 4% on Tuesday as the ...
(Reuters) - Oil prices climbed over 4% on Tuesday as the Iran-Israel conflict raged with no end in sight, though major oil and gas infrastructure and flows have so far been spared from substantial impact.
Brent crude futures settled at $76.45 a barrel, up $3.22, or 4.4%. U.S. West Texas Intermediate crude finished at $74.84 a barrel, up $3.07or 4.28%.
While there was no noticeable interruption to oil flows, Iran partially suspended gas production at the South Pars field it shares with Qatar after an Israeli strike started a fire there on Saturday. Israel also hit the Shahran oil depot in Iran.
The continuing exchange of airstrikes between Israel and Iran returned geopolitical risk to oil markets already aware of a tight supply and demand balance, said Phil Flynn, senior analyst with the Price Futures Group.
"This is not a one-and-done; it's probably much more similar to Russia and Ukraine," Flynn said.
U.S. stocks finish lower after Trump calls for Iran's 'unconditional surrender'
U.S. stocks finished lower on Tuesday, giving back most...
U.S. stocks finished lower on Tuesday, giving back most gains from the previous session, as investors feared that an escalation of tensions between Israel and Iran could trigger deeper U.S. involvement in the Middle East conflict.
The Dow Jones Industrial Average fell nearly 300 points, or 0.7%, to end near 42,215, according to preliminary data from FactSet.
The S&P 500 was off 0.8%, to finish at around 5,982.
The Nasdaq Composite slumped 0.9%, ending near 19,521.
U.S. President Donald Trump on Tuesday called on Iran to surrender without conditions to bring an end to the conflict with Israel, fueling fresh worries on Wall Street that the White House is on the verge of joining Tel Aviv's military strikes against Tehran.
The surge in oil prices picked up steam on Tuesday. West Texas Intermediate crude for July delivery was up over 4% to trade at $74.84 a barrel, while August Brent crude, the global benchmark, also rose around 4.4%, at $76.45 a barrel, according to FactSet data.
TotalEnergies buys stake in Chevron US exploration blocks
TotalEnergies has acquired a 25% stake in several Chevron-operated offshore...
TotalEnergies has acquired a 25% stake in several Chevron-operated offshore oil and gas exploration areas in the US, expanding its presence in US waters. The deal builds on existing partnerships, including projects such as Ballymore and Tahiti, and provides access to potential future discovery sites.
Oil prices volatile as Israel, Iran conflict escalates
Oil prices have experienced volatility as the conflict between Israel...
Oil prices have experienced volatility as the conflict between Israel and Iran escalates, with Brent and West Texas Intermediate crude jumping over $4 per barrel before trimming gains on Monday, following a 7% increase on Friday. Concerns are rising about potential disruptions to the Strait of Hormuz if the conflict continues to intensify.
Iran reportedly wants to restart US nuclear talks as Israeli strikes continue
On Sunday, Iran canceled scheduled nuclear talks with the US, but yesterday,...
On Sunday, Iran canceled scheduled nuclear talks with the US, but yesterday, news outlets reported that it was signaling a willingness to resume them and asking allies to urge President Trump to press Israel for a ceasefire. Meanwhile, Israel and Iran continued to trade missile strikes, with one Israeli attack hitting Iran’s state broadcaster while it was live on air. As Israeli attacks on Iran intensified, Trump posted on social media that Tehran should be immediately evacuated. Trump left the G7 Summit a day earlier than planned in order to address the situation.
