Oil Holds Advance as Traders Brace for Iran Strike on Israel [Financial Post (Toronto, Ontario, Canada)]
MACQUARIE GROUP LTD S/ADR (MQBKY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Oil held the first gain in three sessions as traders watched for a potential attack on Israel by Iran or its proxies, which could spark a significant escalation of hostilities in the Middle East. Brent futures traded above $90 after closing 1.1% higher on Wednesday, while West Texas Intermediate was near $86. The US and its allies believe a strike is imminent, according to people familiar, which would follow a threat by Iran to hit Israel for an attack on a diplomatic compound in Syria last week. Article content Article content Oil is up around 17% this year as geopolitical tensions combine with OPEC+ supply cuts to drive prices higher. Still, there are headwinds in the form of swelling US crude stockpiles — now at the highest since July — and a hot US inflation print, which may delay rate cuts from the Federal Reserve. Many of the world's top
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