It was less than three months ago that I asked, very politely, "Dear Rest of World: Please Don't Do Anything Rash For About Five Years (the U.S. needs some time to refill the Strategic Petroleum Reserve)" but could Hamas hold off on the Jew-killing* long enough for Joey Mumbles to get moving on the dangerously depleted SPR? No.
From CNBC, October 13:
- WTI crude is on pace for its largest weekly gain since Sept. 1.
- The Israel-Hamas conflict has raised worries that the fighting could affect regional oil production.
- The International Energy Agency on Thursday said that market conditions are “fraught with uncertainty” but added that the war has not yet had a direct impact on physical supply.
....MUCH MOREOil prices rose more than 5% on Friday as investors remained on edge about escalating geopolitical tensions in the Middle East.
International benchmark Brent crude futures with December expiry traded 5.1% higher at $90.3 per barrel, Front-month November U.S. West Texas Intermediate crude futures rose 5% to trade at $87.1 per barrel on track for the best day since April 3.
WTI crude has gained 4.2% this week, on pace to post its biggest weekly gain since Sept. 1.
The Israel-Hamas conflict has ratcheted up concerns that the fighting may affect regional energy production. The Middle East accounts for more than one third of global seaborne trade.
The International Energy Agency on Thursday described market conditions as “fraught with uncertainty” but said the Israel-Hamas war had not yet had a direct impact on physical supply....
*As far as I can tell there was no tactical or strategic goal to the Hamas attack. It was just a weekend outing of parasailing and Jew-slaughter for the homies.
