Oil Daily | Brent Oil Futures Projected at $75-$85 Amid Middle East Tensions and U.S. Military Moves
Monday, Aug 12, 2024 4:00 am ET
【Oil-Producing Countries Dynamics】
U.S. Defense Secretary Lloyd Austin announced the deployment of a guided missile submarine to the Middle East as a precaution against potential Iranian retaliation following the killing of Hamas and Hezbollah leaders. The Pentagon emphasized the U.S. commitment to defending Israel and strengthening its military presence in the region.
【Latest Oil Policies】
U.S. Fed officials suggested that inflation in the U.S. might be declining, potentially leading to an interest rate cut. Richmond Federal Reserve Bank President Thomas Barkin expressed optimism that inflation would continue to settle down, which could positively influence economic conditions.
【Industry News】
Commonwealth Bank of Australia analyst Vivek Dhar noted that attacks on Iran's oil supply and infrastructure are a major market concern. He projected Brent oil futures to trade between $75 and $85 per barrel short-term but anticipated a price jump if a larger conflict occurs in the Middle East.
U.S. Defense Secretary Lloyd Austin announced the deployment of a guided missile submarine to the Middle East as a precaution against potential Iranian retaliation following the killing of Hamas and Hezbollah leaders. The Pentagon emphasized the U.S. commitment to defending Israel and strengthening its military presence in the region.
【Latest Oil Policies】
U.S. Fed officials suggested that inflation in the U.S. might be declining, potentially leading to an interest rate cut. Richmond Federal Reserve Bank President Thomas Barkin expressed optimism that inflation would continue to settle down, which could positively influence economic conditions.
【Industry News】
Commonwealth Bank of Australia analyst Vivek Dhar noted that attacks on Iran's oil supply and infrastructure are a major market concern. He projected Brent oil futures to trade between $75 and $85 per barrel short-term but anticipated a price jump if a larger conflict occurs in the Middle East.