Oil Prices Rise Over 3% as Israel Weighs Response to Iran Missile Attack
Saudi Minister Warns of $50 Oil If OPEC Members Don't Adhere to Production Cuts: Report
Middle East conflict escalates significantly! Goldman Sachs: Oil prices have not yet factored in geopolitical risks.
Oil bears currently hold a record position, and if the Strait of Hormuz is closed, the risk premium for oil prices may arrive, leading to a surge in oil prices. In addition, oil prices are also supported by global easing cycle, inventory growth, and positions and valuations at low levels.
Careful of soaring oil prices? Goldman Sachs warns: the oil market is completely unprepared for escalation in the Middle East conflict.
Goldman Sachs analyst Lindsay Matcham stated that further escalation of the conflict may have a significant impact on the market, especially if the conflict involves the potential closure of the Strait of Hormuz, which could likely lead to a surge in local oil prices; Goldman Sachs analyst Lina Thomas, in another report, highlighted four short-term positive drivers in the crude oil market - mentioning the Middle East trend.
Most of the Asia-Pacific stock markets rose, with the nikkei 225 index up more than 2%, and the Japanese yen falling by 1% to below 146.
The surge in the Chinese stock market boosts market risk appetite, with the ftse china a50 index futures rising more than 5% intraday, and the nikkei 225 index rising more than 2%. Traders are increasing bets on Hiyoshi Kogiku winning the Japan election, causing the yen to drop below 146.
WTI Remains Under Pressure Below $71.50 as Saudi Arabia Commits to Increase Oil Production.
