#oil prices

#oil prices

The U.S. Strategic Petroleum Reserve (SPR) was created in 1975 by the Energy Policy and Conservation Act, signed into law by President Gerald Ford. It was established in response to the 1973-1974 oil embargo, which highlighted the U.S. economy's vulnerability to oil supply disruptions. Those who were around at the time, like your author, witnessed long lines at the gas stations as the price of a gallon of gas jumped as much as 43%. In fact, the national average cost

Chinese markets continued to show resilience today, with improved PMI surveys offering a glimmer of hope for the broader economy. The latest manufacturing PMI climbed to a six-month high of 49.8, edging closer to the key 50 threshold after a six-month period of contraction. The data, coupled with renewed optimism around Chinese tech stocks, helped the Hang Seng rise 0.9%, with traders increasingly viewing Chinese AI names as a means to diversify from the Mag7 names.

Fuel prices in the UK are rising due to global instability, with Brent crude oil prices increasing from $68 to $78 per barrel in July, leading to higher retail costs.

Despite the ongoing uncertainties in the market, including geopolitical tensions and tariffs, U.S. equities are bouncing back, showing signs of resilience under current conditions.

President Trump announced a ceasefire between Israel and Iran, easing fears of an oil supply crisis and eliciting mixed reactions in stock markets.

The bombing of Iran's nuclear facilities has caught traders off guard, as financial markets showed unexpected calm due to uncertainties surrounding future retaliation and the timing of the strikes.

Expect oil to open with a sharp 7-10% gap up as risk premiums surge. But don't be fooled, this may not last...

Wael Sawan emphasized the careful management of shipping in the Middle East due to rising tensions, highlighting the significant uncertainty in the region caused by recent conflicts.

"The paradox of the escalating Middle East conflict is that the Tehran regime is one of Russia's few allies, however it is not Moscow that is being harmed by the situation, but Kyiv."

European stock markets are opening in the red, with London’s FTSE 100 down by 0.5% and Germany’s DAX dropping nearly 1% amid geopolitical tensions.

We have, in the past, supported Israel when there have been missiles coming in. I'm not going to comment on what might happen in the future, but so far, we haven't been involved, and we're sending in assets to both protect ourselves and also potentially to support our allies.

"An Israeli attack on Iran poses a top ten of our global risk, but Asian markets are expected to recover quickly as they have relatively limited exposure to the conflict and growing ties to unaffected Saudi Arabia and the UAE."