Oil is trading higher amid ongoing Middle East tensions after Israel and Hezbollah exchanged strikes across the Lebanon border. Also, recent reports suggested Libya shut down oil production.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are rising due to increased tensions in the Middle East, specifically between Israel and Hezbollah, and reports of Libya halting oil production.
August 26, 2024 | 1:31 pm
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POSITIVE IMPACT
BNO, an ETF that tracks Brent crude oil prices, is likely to see a positive impact as oil prices rise due to Middle East tensions and Libya's production halt.
BNO tracks Brent crude oil prices, which are expected to rise due to geopolitical tensions and supply disruptions. This typically leads to an increase in the ETF's value.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
USO, an ETF that tracks West Texas Intermediate (WTI) crude oil prices, is likely to benefit from the rise in oil prices due to Middle East tensions and Libya's production halt.
USO tracks WTI crude oil prices, which are expected to increase due to geopolitical tensions and supply disruptions, potentially boosting the ETF's value.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80