Oil Surges On 1-Year Hamas Attack Anniversary As Israel Mulls Iran Retaliation
Portfolio Pulse from Piero Cingari
Oil prices have surged due to escalating tensions in the Middle East, particularly between Israel and Iran, marking the strongest five-day rally in two years. The United States Oil Fund (NYSE:USO) has seen crude oil prices rise above $75 a barrel. Concerns about potential disruptions in oil supply from the region, especially the Strait of Hormuz, are driving this increase.
October 07, 2024 | 3:42 pm
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The United States Oil Fund (NYSE:USO) has experienced a significant increase in crude oil prices, surpassing $75 a barrel, due to heightened tensions between Israel and Iran. This marks the strongest five-day rally in two years.
The geopolitical tensions between Israel and Iran have led to fears of oil supply disruptions, particularly from the Strait of Hormuz. This has caused a significant increase in crude oil prices, directly impacting USO, which tracks WTI light crude prices.
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