Oil prices rebounded in early Tuesday trading after a sharp selloff in the previous session that briefly pushed Brent ( CO1:COM ) below $100 a barrel, as renewed supply concerns gripped markets following Iran’s denial of any talks with the United States to end the Gulf conflict, contradicting earlier remarks from President Donald Trump. Brent futures ( CO1:COM ) rose 2.5% to $102.46 a barrel at pr...
Oil prices rebounded in early Tuesday trading after a sharp selloff in the previous session that briefly pushed Brent ( CO1:COM ) below $100 a barrel, as renewed supply concerns gripped markets following Iran’s denial of any talks with the United States to end the Gulf conflict, contradicting earlier remarks from President Donald Trump. Brent futures ( CO1:COM ) rose 2.5% to $102.46 a barrel at press time, while U.S. West Texas Intermediate ( CL1:COM ) gained 3.5% to $91.24. Oil benchmarks dropped more than 10% on Monday, after Trump said he had ordered a five‑day delay to attacks he had threatened on Iran’s power plants, adding the U.S. had held productive talks with unnamed Iranian officials that had produced “major points of agreement”. “By shelving the plan to strike Iranian power plants for five days, the U.S. effectively sucked much of the ‘war premium’ from the oil price,” Tim Waterer, chief market analyst at KCM Trade, told Reuters . “Today’s moderate bounce is just the market finding its footing in the mud. Traders are aware that while the missiles are on hold, the Strait of Hormuz is still far from a clear waterway.” The war has all but halted shipments of about one-fifth of the world’s oil and liquefied natural gas through the Strait of Hormuz. However, two tankers bound for India sailed through the strait on Monday. “Even with a possible decrease in tensions after (Monday’s) announcement from President Trump, we expect a price floor of $85–$90 and a natural drift back to the $110 range until the Strait of Hormuz is restored,” Macquarie said in a note, as per the report. ETFs: ( USO ), ( BNO ), ( UCO ), ( SCO ), ( USL ), ( DBO ), ( DRIP ), ( GUSH ), ( USOI ), ( UNG ), ( BOIL ), ( KOLD ), ( UNL ), ( FCG ), ( XLE ) More on energy, etc. Three Hedging Strategies For Oil Prices Crazy Swings All Across Markets As U.S.-Iran Talks Pick Up: Gold Grazes $4,000, WTI To $90 Oil Plunging To $50 Could Be The Next Big Catalyst For Stocks Oil prices plummet as Trump says...
The World Economic Forum is postponing an upcoming conference in Saudi Arabia, the latest example of a high-profile event affected by the Iran war. The Global Collaboration and Growth Meeting, set to take place in Jeddah in April, will be rescheduled “in light of the current regional developments,” the organization said in a statement Tuesday. The announcement follows similar decisions by other gr...
The World Economic Forum is postponing an upcoming conference in Saudi Arabia, the latest example of a high-profile event affected by the Iran war. The Global Collaboration and Growth Meeting, set to take place in Jeddah in April, will be rescheduled “in light of the current regional developments,” the organization said in a statement Tuesday. The announcement follows similar decisions by other groups to rethink events in the region amid the ongoing conflict. Private equity firm Partners Group Holding AG has moved its annual global gathering of investors to Switzerland from Abu Dhabi. Similarly, JPMorgan Chase & Co. is re-scheduling an invitation-only event for institutional investors, corporate executives and financial sponsors originally planned to be held in Dubai at the end of this month. The WEF said its decision “reflects a commitment to convening the meeting under conditions that ensure its full strategic impact,” adding that it will provide a new date in due course. Read more: JPMorgan, Partners Group Cancel UAE Events as War Drags On