Live On CNBC, World Bank Says "Oil Could Hit $157/Barrel If Middle East Conflict Expands"
Portfolio Pulse from Benzinga Newsdesk
The World Bank has predicted on CNBC that oil prices could reach $157 per barrel if conflicts in the Middle East escalate. This could impact various ETFs including EIS (iShares MSCI Israel ETF), SPY (SPDR S&P 500 ETF Trust), USO (United States Oil Fund), and VGK (Vanguard FTSE Europe ETF).
October 31, 2023 | 4:08 pm
News sentiment analysis
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NEGATIVE IMPACT
The iShares MSCI Israel ETF (EIS) could be impacted by escalating Middle East conflicts and rising oil prices.
Israel, being in the Middle East, could be directly affected by escalating conflicts in the region. This, coupled with rising oil prices, could negatively impact the EIS ETF.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) could be affected by rising oil prices due to potential Middle East conflicts.
The S&P 500, which SPY tracks, includes many companies in the energy sector. Rising oil prices could negatively impact these companies and, in turn, the SPY ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The Vanguard FTSE Europe ETF (VGK) could be impacted by rising oil prices due to potential Middle East conflicts.
Europe is a major consumer of oil. Therefore, rising oil prices due to potential Middle East conflicts could negatively impact the VGK ETF.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
The United States Oil Fund (USO) could see a positive impact from rising oil prices due to potential Middle East conflicts.
The USO ETF tracks the price of oil. Therefore, rising oil prices due to potential Middle East conflicts could positively impact this ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90