Iran Oil Minister Says It Has Been Predicted That Price Of Oil Will Reach $100 Per Barrel Due To Mideast Situation
Portfolio Pulse from Benzinga Newsdesk
Iran's Oil Minister has predicted that the price of oil will reach $100 per barrel due to the situation in the Middle East, according to Reuters citing Shana. This could impact the Energy Select Sector SPDR Fund (EIS) and the United States Oil Fund (USO).
October 13, 2023 | 5:07 pm
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POSITIVE IMPACT
The Energy Select Sector SPDR Fund (EIS) could be impacted by the predicted rise in oil prices.
EIS, which includes companies from the energy sector, could see a positive impact due to the predicted rise in oil prices. Higher oil prices can lead to increased revenues for oil and gas companies, potentially boosting the value of EIS.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The United States Oil Fund (USO) could be impacted by the predicted rise in oil prices.
USO, which tracks the price of West Texas Intermediate light, sweet crude oil, could see a positive impact due to the predicted rise in oil prices. As oil prices increase, the value of USO is likely to rise.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90