*No immediate oil glut- Standard Chartered Bank. SINGAPORE, Oct 22- Brent crude futures steadied above $86 a barrel on Wednesday, clinging to gains from the previous session as buyers gradually returned to a market hammered to four-year lows by abundant supply. Brent crude for December delivery was up 17 cents at $86.39 at 0525 GMT, pulling further away from last...» Read More
Crude futures are back near $103 a barrell on supply concerns. Dan Dicker, president of Merc Bloc, discusses his trade on oil. He also shares his outlook on commodities.
The tensions over Iran and threats from the West to apply sanctions on Iranian oil will see crude prices facing more of an upside risk in the near future, a commodities analyst told CNBC.
The fundamentals in the market are most likely to get more bearish because of the situation in Europe, says Michael Lynch, Strategic Energy & Economic Research president, who also adds any headlines coming out of the Middle East will spark concerns from traders.
Discussing whether a shutdown of the Strait of Hormuz will send brent crude to $200, with Michael Wittener, SocGen, and the direction of oil, with the Fast Money traders.
If Iran were to shut down the Strait of Hormuz, Brent crude would surge to between $150 and $200 a barrel, according to an oil analyst with Societe Generale.
Iranian President Mahmoud Ahmadinejad’s five-day tour of Latin American countries comes at a time of rising tensions with the United States and growing international isolation. The US State Department described Iran’s search for friends as “desperate,” while US Treasury Secretary Timothy Geithner is expected to ratchet up the pressure in a visit to China and Japan.
Oil prices could spiral out of control and potentially herald deeper economic hardship for Europe if the European Union joins the US in banning Iranian oil imports, analysts warned on Friday.
Threats from Iran to disrupt oil shipments through the Strait of Hormuz continue, and light sweet crude is bumping up against its 10-month high, John Kilduff, Again Capital, and Edward Morse, Citi, discuss.
Any European embargo of oil imports from Iran would have a direct effect not just on Iran, but also on the most prominent consumers of Iranian oil and refiners in the Mediterranean, according to a series of recent reports.
The anxious exchange of statements and explicit threats between the U.S. and Iran mark a notable escalation and leave the energy markets struggling to understand the implications.
Oil is as low as it is going to go, says Joe Petrowski, Gulf Oil CEO, who shares his forecast on whether there will be a major fluctuation in the price of oil due to the decisions in the Middle East.
If Iran shuts the Strait of Hormuz "that would be cataclysmic for the oil price and the economy, particularly if they figure out a way to shut it down for an extended period," says former Shell executive John Hofmeister.
Breaking down the current state of the gold market as it precious metal declines for the sixth straight session today, with Rich Ilczyszyn, iiTrader founder and chief market strategist.
The United States economy managed to cope this year despite triple-digit prices for oil. The lessons may come in handy, economists say, because those prices will probably be sticking around. The New York Times reports.
For the Iranians to pull off shutting down the Strait of Hormuz would be armageddon-like, says John Hofmeister, former president/CEO Of U.S. Operations, Shell Oil Co. Who adds, the U.S. should be working harder to preserve its own energy.
Sharing perspective on trading tensions around Iran's threat to close the Strait of Hormuz and cut oil supply, with Stephen Schork, Schork Report.
A senior Iranian official on Tuesday delivered a sharp threat in response to economic sanctions being readied by the United States, saying his country would retaliate against any crackdown by blocking all oil shipments through the Strait of Hormuz, a vital artery for transporting about one-fifth of the world’s oil supply.
Oil prices are bubbling higher on concerns geopolitical risks to global oil supplies are rising, amid an increase in sectarian violence in Iraq and as Iran reacts to the prospects of increased sanctions.
CNBC's Mary Thompson discusses the day's activity in the commodities markets and looks at where oil and precious metals are likely headed tomorrow.
CNBC's Bertha Coombs discusses the day's activity in the commodities markets and looks at where oil and precious metals are likely headed tomorrow.