{"id":70492,"date":"2023-10-09T07:11:45","date_gmt":"2023-10-09T11:11:45","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-prices-exxon-mobil-surge-after-attack-on-israel-whats-next\/"},"modified":"2023-10-09T07:11:48","modified_gmt":"2023-10-09T11:11:48","slug":"oil-prices-exxon-mobil-surge-after-attack-on-israel-whats-next","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=70492","title":{"rendered":"Oil Prices, Exxon Mobil Surge After Attack on Israel. What’s Next."},"content":{"rendered":"
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Oil prices\u00a0<\/strong>were climbing sharply on Monday in reaction to the attack on Israel by Hamas.\u00a0Energy stocks rose as traders watched how the conflict is set to affect oil production and transportation in the Middle East.\u00a0<\/p>\n

Brent crude, the global standard, rose 3.1% to $87.19 a barrel in early trading. West Texas Intermediate, the U.S. standard, climbed 3.3% to $85.52. However, prices still remain below levels of more than $90 a barrel reached last week.\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

\n

The recent drop in prices was largely driven by concerns over demand as rising bond yields sparked concerns over economic growth. However, the surprise attack by Hamas on Israel launched on Saturday will likely focus attention on potential disruption to oil supplies. \u00a0<\/p>\n

U.S.-listed energy stocks were set for a positive open. Among producers,
\n Exxon Mobil
\n (ticker: XOM) was up 2.9% in premarket trading,
\n Chevron
\n (CVX) was up 2.4%,
\n ConocoPhillips
\n (COP) gained 2.8%,
\n Occidental Petroleum
\n (OXY) was up 3.2% and
\n Marathon Oil
\n (MRO) rose 2.7%. <\/p>\n

Oil-services providers also rose with
\n Halliburton
\n (HAL) up 2.7% and
\n SLB
\n (SLB) \u2013formerly Schlumberger\u2013 up 3.2%. <\/p>\n

While neither Israel nor Palestine are major oil producers, attention will be on the reactions from Saudi Arabia and Iran \u2013both members of the Organization of the Petroleum Exporting Countries, or OPEC\u2013 amid fears of an escalation of the conflict. Saudi Arabia had previously signaled it would be willing to boost oil production amid negotiations over a possible Saudi recognition of Israel in return for U.S. weapons sales and security guarantees, according to The Wall Street Journal<\/em>.\u00a0\u00a0\u00a0<\/p>\n

\u201cThe events in Israel over the weekend are unlikely to derail any agreements made between the U.S. and Saudi Arabia,\u201d Benchmark analyst Kurt Hallead wrote in a research note in Monday. <\/p>\n

Hallead said he continues to expect Saudi Arabia to keep oil prices in a range of $70 to $90, a \u201csweet spot\u201d which produces the best returns for oil-services stocks. <\/p>\n

The prospect of tighter sanctions on Iran could be a trickier prospect. The Journal <\/em>reported on Sunday that Iranian security officials helped plan the attack on Israel, citing senior members of Hamas and fellow militant group Hezbollah. A spokesman for Iran\u2019s mission to the United Nations told the Journal<\/em> that Iran supports Hamas\u2019s actions but didn\u2019t direct them.\u00a0<\/p>\n

Representatives for the Iranian government didn\u2019t immediately respond to requests for comment from Barron\u2019s<\/em> early on Monday.\u00a0<\/p>\n

\u201cIf [reported Iranian involvement] invokes a U.S. response, oil prices could face more upside pressures. Saudi Arabia, however, expressed their willingness to increase production by early next year if oil prices remain high,\u201d analysts at Saxo Bank were in a research note.\u00a0<\/p>\n

Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Oil prices\u00a0were climbing sharply on Monday in reaction to the attack on Israel by Hamas.\u00a0Energy stocks rose as traders watched how the conflict is set to affect oil production and transportation in the Middle East.\u00a0 Brent crude, the global standard, rose 3.1% to $87.19 a barrel in early trading. West Texas Intermediate, the U.S. standard, […]<\/p>\n","protected":false},"author":1,"featured_media":70493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-70492","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil Prices, Exxon Mobil Surge After Attack on Israel. 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