Oil rallies on rising Middle East tensions, OPEC meets [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

First, the US east and gulf ports went on a strike on Tuesday, as expected. It will cause supply disruptions and increase the price pressures before November presidential elections.

Then, the geopolitical tensions in the Middle East intensified after Iran has reportedly fired about 200 missiles on Israel as response to Israeli attacks on Hezbollah in Lebanon. Israel said it will retaliate. The involvement of Iran could in fact lead to a wider and a more serious conflict across the region, and threaten oil supply. This is why, the barrel of US crude gained more than 3.50% yesterday.

Elsewhere, euro area inflation slipped below the European Central Bank’s (ECB) 2% target, while the US data gave mixed signals regarding the health of the jobs market. All eyes are on the ADP report for more clues!

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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