Oil Prices Up As Iran Tests Ballistic Missiles, OPEC Raises Economic Forecasts
Portfolio Pulse from Neil Dennis
Oil prices rose due to concerns over supply disruptions following Iran's ballistic missile test and OPEC's raised economic forecasts. Nymex WTI and Brent crude saw increases, as did the United States Oil Fund (USO) and United States Gasoline Fund (UGA) ETFs. Iran's missile test in the Gulf of Oman raised concerns over potential impacts on oil shipping. Meanwhile, high demand and tighter supply have pushed U.S. gasoline prices up, with wholesale gasoline prices reaching their highest level since late September.
February 13, 2024 | 8:49 pm
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POSITIVE IMPACT
The United States Gasoline Fund (UGA) increased by 1.6% to $68.71, reaching its highest level since September, amid rising wholesale gasoline prices.
UGA's increase is directly tied to the rise in wholesale gasoline prices, influenced by high demand and tighter supply in the U.S. market.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
POSITIVE IMPACT
The United States Oil Fund (USO) saw a 1% increase to $72.80 amid rising oil prices due to Iran's missile test and OPEC's positive economic outlook.
The rise in oil prices due to geopolitical tensions and positive economic forecasts from OPEC directly impacts USO, which tracks the price of light-sweet crude oil.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90