Oil Nears Yearly High, Adding to Stock and Crypto Woes
Brent crude hit $117.42, its highest since April, as Iran tensions stir fears of new market stress on stocks and bitcoin.
Trump discusses Iran war options, market anticipates escalation; WTI crude up $2.82 to $102.27.
Trump is addressing Iran, and while much of his remarks repeat what he has said for months, the market is sensing a possible weekend escalation, making his words carefully watched:
Choosing the word 'wither' seems odd if that is the direction one is heading.
There are some stock bids today, but WTI crude is still up $2.82 at $102.27, roughly 40 cents below the day's high.
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Brent crude hit $117.42, its highest since April, as Iran tensions stir fears of new market stress on stocks and bitcoin.
Brent crude tops $116 as market prices in a weekend attack on Iran; a Ukraine-Russia-US meeting is set for November.
Copper fell 2.68% after BNEF warned of a 44% supply deficit by 2050, but near-term surplus and rising LME stocks pressured prices.
Gold briefly fell below $4,000 before rebounding, with technical levels signaling what buyers must achieve to regain control.