Crude Oil Records Biggest 1-Day Surge Since October 2023 As Iran Vows Retaliation Against Israel: UN Holds Emergency Meeting
Portfolio Pulse from Piero Cingari
Crude oil prices surged 4.9% to $78.41 per barrel, marking the largest one-day increase since October 2023, due to escalating geopolitical tensions in the Middle East. Iran's supreme leader has ordered retaliation against Israel, raising fears of disruptions in the oil supply chain. The UN Security Council held an emergency meeting to address the situation. The Israeli shekel fell 1% against the dollar, while the iShares MSCI Israel ETF (NYSE:EIS) closed 0.2% higher.
July 31, 2024 | 9:20 pm
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The iShares MSCI Israel ETF (NYSE:EIS) closed 0.2% higher despite escalating geopolitical tensions in the Middle East and a 1% fall in the Israeli shekel against the dollar.
Despite the geopolitical tensions and the fall in the Israeli shekel, the iShares MSCI Israel ETF managed to close higher. This indicates a neutral short-term impact as the ETF showed resilience.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80