<\/p>\n\n\n\n
Shares of major oil companies<\/strong> surged in premarket trading on Wall Street on Monday following U.S. airstrikes<\/strong> on Iranian nuclear facilities<\/strong> over the weekend, which have reignited fears of supply disruptions and a spike in oil prices.<\/p>\n\n\n\n Chevron (NYSE: CVX)<\/strong>, Exxon Mobil (NYSE: XOM)<\/strong>, ConocoPhillips (NYSE: COP)<\/strong>, Hess Corporation (NYSE: HES)<\/strong>, and Occidental Petroleum (NYSE: OXY)<\/strong> all saw gains of over 1%<\/strong> before the opening bell, mirroring an uptick in crude oil prices<\/strong>.<\/p>\n\n\n\n The market is now closely watching the potential ramifications of these strikes<\/strong> and their impact on inflation<\/strong> and interest rates<\/strong>, with much of the worry centering on rising oil prices. Traders have warned that further escalation in the ongoing Israel-Iran conflict<\/strong> could disrupt key oil supplies<\/strong>, particularly in the Strait of Hormuz<\/strong>, which handles about a fifth of the world’s oil shipments.<\/p>\n\n\n\n The increase in oil prices has led to concerns that inflationary pressures<\/strong> could rise once again, which could influence the Federal Reserve’s<\/strong> approach to interest rates. A significant jump in energy prices may delay the Fed’s anticipated rate cuts<\/strong> as it seeks to manage inflation.<\/p>\n\n\n\n By 06:39 ET<\/strong>, Brent crude futures<\/strong> for August<\/strong> had risen by 0.8%<\/strong> to $76.10 per barrel<\/strong>, while West Texas Intermediate<\/strong> (WTI<\/strong>) crude futures gained 0.8%<\/strong> to $74.38<\/strong> per barrel, although both contracts had pared back some of their earlier gains.<\/p>\n\n\n\n The strikes on Iranian nuclear sites<\/strong> followed President Donald Trump’s<\/strong> earlier comments suggesting a two-week deliberation period on the possibility of a military response. However, the situation took a sudden turn, with the weekend airstrikes adding new uncertainty.<\/p>\n\n\n\n Iran has yet to announce how it will respond, but it has reserved the right to defend itself by all means, warning of “everlasting consequences” and escalating airstrikes against Israel. Additionally, reports suggest Iran may target key U.S. military bases<\/strong> or take action in the Strait of Hormuz<\/strong>, significantly affecting global oil flows.<\/p>\n\n\n\n Trump’s recent social media posts hinted at the potential for regime change<\/strong> in Iran, adding another layer of complexity to an already tense situation in the Middle East.<\/p>\n","protected":false},"excerpt":{"rendered":" Shares of major oil companies surged in premarket trading on Wall Street on Monday following U.S. airstrikes on Iranian nuclear facilities over the weekend, which have reignited fears of supply disruptions and a spike in oil prices. Chevron (NYSE: CVX), Exxon Mobil (NYSE: XOM), ConocoPhillips (NYSE: COP), Hess Corporation (NYSE: HES), and Occidental Petroleum (NYSE: …<\/p>\n","protected":false},"author":9,"featured_media":79637,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,37,36],"tags":[],"class_list":["post-115730","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-forex-markets","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/115730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=115730"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/115730\/revisions"}],"predecessor-version":[{"id":115731,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/115730\/revisions\/115731"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/79637"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=115730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=115730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=115730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}