Israel/Iran exchange of fire near Golan Heights supports oil; worries about Saudi production increase weigh on market

Israel/Iran exchange of fire near Golan Heights supports oil; worries about Saudi production increase weigh on market

Oil prices are little changed so far today with West Texas Intermediate off 0.04% to $71.11 a barrel as of noon New York time and international benchmark Brent down 0.06% to $77.16 a barrel. The exchange of rockets and bombs between Iranian forces in Syria and Israeli units in the Golan Heights certainly ratcheted up fear of spreading conflict in the Middle East. That would ordinarily have been enough to send oil prices higher on the day

Israel/Iran exchange of fire near Golan Heights supports oil; worries about Saudi production increase weigh on market

No surprise: Oil moves higher on day after U.S. pulls out of Iran nuclear deal

Today crude oil is up, in a strong but orderly move. Two catalysts. First, yesterday President Donald Trump announced that the U.S. would pull out of the 2015 Iran nuclear deal. Second, U.S. crude inventories unexpectedly dropped last week, the U.S. Energy Information Administration reported. Inventories fell by 2.2 million barrels. Oil analysts were looking for an increase in inventories of 1 million barrels.

Israel/Iran exchange of fire near Golan Heights supports oil; worries about Saudi production increase weigh on market

Israel’s Prime Minister announces major statement Monday night on Iranian nuclear program

Israeli Prime Minister Benjamin Netanyahu has announced that he will make a statement at 8 p.m. Tel Aviv time tonight on a “significant development” regarding the Iranian nuclear pact. (8 p.m. in Tel Aviv is 1 p.m. in New York.) Israeli news sources are saying that the government has obtained documents that government sources say prove Iran has misled the world about its nuclear program.