"Global crude oil prices rose by more than 4% on Wednesday, surging after President Biden told reporters he was discussing the question of whether the U.S. would support an Israeli attack on Iranian oil facilities."
"Even so, prices are not particularly high by historical standards. Brent, the global benchmark for crude, closed at $77.62, still lower than it was for most of 2024."
"Although tensions between Israel and Iran are currently as serious as they have been for decades, the market has been completely brushing it aside."
"OPEC+'s spare capacity currently sits at more than 5 million barrels per day, which could be deployed relatively quickly, indicating market resilience."
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