Oil pushes higher as U.S. strikes in Syria raise mideast tensions
BNN Bloomberg
Oil advanced as the U.S. conducted strikes on two Iran-linked facilities in Syria, reanimating investor concerns that the Israel-Hamas war may spark a wider conflict and disrupt crude supplies.
Global benchmark Brent rose above US$90 a barrel to pare a weekly loss. The US carried out the strikes in response to attacks on American troops, after the Pentagon had announced the deployment of extra military personnel to the region. Iran, meanwhile, held army drills and said the US won't be unaffected if the conflict widens.
Oil has been roiled since the Oct. 7 Hamas attack on Israel, initially surging on fears of a wider conflict but then paring those gains as the war remained contained and concerns surfaced about the scope for weaker physical demand. The US strikes, believed to be the first offensive action by Washington since Oct. 7, and indications that Israel will launch a ground invasion of the Gaza Strip will keep tensions high in a region that accounts for about a third of global crude supply.
Canadian and U.S. stock markets gained ground on Wednesday as oil prices fell and tech stocks rose on both sides of the border.
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Daily oil exports from the Middle Eastern Gulf, home to top exporter Saudi Arabia and other major producers, have dropped by at least 60 per cent in the week to March 15 compared to February due to disruptions and output cuts amid the U.S.-Iran war, according to shipping data and Reuters calculations.
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Member countries of the International Energy Agency could release more oil into the market later “as and if needed” after they have already agreed the largest-ever reserve release, Executive Director Fatih Birol said on Monday.
Oil prices are down, and stocks are up Monday, though such moves have been quick to reverse since the war in Iran began.
Statistics Canada says the annual rate of inflation dipped below two per cent in February as the end of last year’s federal “tax holiday” helped take some steam out of the yearly price comparisons.
Middle Eastern sovereign wealth funds and state-backed companies are unlikely to scale back renewable energy investments in Africa despite disruptions from the Iran war, analysts say, given the strong long-term economic and strategic reasons driving such funding.
Crude oil stayed above US$100 a barrel on Monday and Gulf countries reported more attacks by Iran as the war entered its third week, while share prices were mixed.
Representatives from Beijing and Washington began their economic and trade talks in Paris on Sunday, Chinese official news agency Xinhua reported.
The impact of the Iran war on fuel prices in Canada may encourage more drivers to go electric, some experts say, but others warn the conflict will drive up prices of "pretty much everything."
