Oil prices pare gains after drone attack kills U.S. troops, escalating Mideast crisis
A drone attack that killed three U.S. service members in northern Jordan, blamed by the White House on Iran-backed militants, marks a major escalation of...
www.marketwatch.com
Oil futures popped higher Sunday evening, after a drone attack that killed three U.S. service members in northern Jordan, blamed by the White House on Iran-backed militants, marked a major escalation of tensions in the Middle East.
West Texas Intermediate crude for March delivery CL00, +1.20% CL.1, +1.20% CLH24, +1.20% was up $1.09, or 1.4%, at $79.10 a barrel on the New York Mercantile Exchange. March Brent crude BRN00, +1.15% BRNH24, +1.11%, the global benchmark, gained $1.11, or 1.3%, to trade at $84.66 a barrel on ICE Futures Europe.
Much will ultimately depend on the U.S. response and whether Iran takes action aimed at shutting down the Strait of Hormuz, Tariq Zahir, managing member at Tyche Capital Advisors, told MarketWatch on Sunday afternoon.
“We are on the cusp of this escalating, which could seriously impact the flow of crude oil,” he said.
Mr. Toad's Wild Ride tomorrow?
That's what happens when Iran was allowed to continue to ship oil despite US sanctions.
The market would not miss their oil had we held firm.
