Oil prices edge lower
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The price of Brent crude, the global benchmark for oil, rose over 2 percent, to about $105 a barrel on Thursday. The Brent price had fallen below $100 on Tuesday. West Texas Intermediate crude, the U.S. benchmark, was trading around $94 a barrel.
Oil rose Thursday, as traders assess a report that Asia is on track to import its highest volume of crude oil since the start of the US-Iran war.
Oil prices dropped below $100 a barrel this week amid a stronger-than-expected flows and news about diplomacy with Iran.
Bank of America raised its Brent oil price target to $95 and warned prices could top $150 if Iran war supply disruptions last into spring 2027.
By Pablo Sinha Sept 24 (Reuters) - Gold prices eased on Thursday, pressured by rising oil prices and US Treasury yields, while expectations the Federal Reserve could tighten monetary policy further weighed on sentiment.
The S&P 500 Index ($SPX ) (SPY ) is up by +0.09% today, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down by -0.13%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.52%. December E-mini S&P futures (ESZ26 ) are up +0.
The S&P 500 was up 0.6% early on Monday, the Nasdaq Composite climbed 0.9% and the Dow Jones Industrial Average bumped up 0.3% as oil prices fell.
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Oil prices tumble to 2-week low on hopes for restart of critical pipeline and Iran diplomacy
Oil prices fell sharply fell for a fifth straight trading session, reaching a two-week low on hopes of a renewed diplomatic push to end the Iran war and optimism over the reopening of a critical pipeline in Saudi Arabia.
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Iran War Updates: Oil prices back up as U.S. and Iran trade fresh threats to expand 7-month war
U.S. and Iranian delegations met on the sidelines of the U.N. General Assembly, rekindling diplomacy amid Trump's threat to "annihilate" the regime.
“A typical household in the Northeast that depends on heating oil might use anywhere between 800 and 1,000 gallons during a heating season. And obviously, with the numbers we're talking about now-that's a $6,000 bill compared to maybe a $3,500 or $4,000 bill in previous years,” Kloza said.
Higher oil prices on Thursday are again weighing on U.S. equity-index futures. More expensive crude is sees as a tax on the consumer, can crimp corporate margins (outside of the energy sector, obviously),