ENERGY

Via The Cradle,

Iran's Supreme Leader Ali Khamenei spoke about the Gaza-Israel during a meeting with a group of students at the Imam Khomeini Hussainiyah in Tehran on Wednesday, chastising Gulf Arab states for their complicity in Israeli aggression.  

"What Muslim states must insist on is the immediate cessation of [Israeli] crimes in Gaza. They must promptly stop the bombardment of Gaza and stop the export of oil and other commodities to the Zionist regime," (more…)

Oil prices surged overnight, recovering all of yesterday's losses after EIA made substantial upward demand revisions in its monthly reports (again) to the highest in four years. This combined with renewed war premia amid continuing escalations in the middle east with further incursions by Israel into Gaza and threats from Iran calling for exports of oil and goods from Muslim nations to Israel to stop.

On the bright side, some foreigners and Palestinians were allowed to (more…)

Oil prices tumbled to 2 month lows as the war premium ebbed amid apparent signs that the Israel-Hamas conflict will remain contained, bringing demand fears back amid higher rates and a slowing global economy.

On the Middle East front, oil traders have "likely shifted into efficient market mode, waiting for signs of a definitive escalation that imperils supply before taking prices higher," Stephen Innes, managing partner at SPI Asset Management, said in market commentary. (more…)