Oil is trading higher amid ongoing Middle East tensions. Recent reports suggested Iran could attack Israel.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are trading higher due to ongoing Middle East tensions, with recent reports suggesting a potential attack by Iran on Israel.
August 12, 2024 | 2:11 pm
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BNO, an ETF that tracks the price of Brent crude oil, is likely to see a short-term price increase due to rising oil prices amid Middle East tensions.
BNO tracks Brent crude oil prices, which are directly impacted by geopolitical tensions in the Middle East. The potential for conflict involving Iran and Israel is causing oil prices to rise, benefiting BNO.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
USO, an ETF that tracks the price of West Texas Intermediate (WTI) crude oil, is expected to see a short-term price increase due to higher oil prices driven by Middle East tensions.
USO tracks WTI crude oil prices, which are sensitive to geopolitical events in the Middle East. The potential for conflict involving Iran and Israel is pushing oil prices higher, which will likely benefit USO.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80