Oil Daily | Brent Oil Futures Projected at $75-$85 Amid Middle East Tensions and U.S. Military Moves
AInvestMonday, Aug 12, 2024 4:00 am ET
1min read
【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.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.