Oil is trading higher following a report suggesting that President Biden said the US Is "discussing" potential support for Israel striking Iran's oil facilities when asked about the issue.
Portfolio Pulse from Benzinga Newsdesk
Oil prices are rising after reports that President Biden mentioned the US is considering supporting Israel in striking Iran's oil facilities.
October 03, 2024 | 2:38 pm
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POSITIVE IMPACT
BNO, an ETF tracking Brent crude oil, is likely to see a price increase due to rising oil prices following geopolitical tensions involving potential US support for Israel against Iran.
BNO tracks Brent crude oil prices, which are likely to rise due to increased geopolitical tensions and potential disruptions in oil supply from Iran.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
UCO, a leveraged ETF for crude oil, may experience increased volatility and potential gains as oil prices rise due to geopolitical tensions.
UCO is a leveraged ETF that benefits from rising oil prices, which are expected due to potential US support for Israel against Iran.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
USO, an ETF tracking WTI crude oil, is likely to benefit from rising oil prices amid geopolitical tensions involving the US and Israel.
USO tracks WTI crude oil prices, which are expected to rise due to potential disruptions in oil supply from Iran.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80