Oil prices little changed given ample global supply
Oil prices were little changed early today but remained on track for strong weekly gains, as investors weighed the prospect of a wider Middle East conflict disrupting crude flows against an amply supplied global market.
Brent crude futures ticked down 8 cents, or 0.1%, to $77.54 a barrel as of 12:15 a.m. ET. U.S. West Texas Intermediate crude futures were down 6 cents, or 0.08%, to $73.65 a barrel.
Both benchmarks were headed for weekly gains of about 8%.
President Joe Biden said yesterday that the U.S. was discussing strikes on Iran’s oil facilities as retaliation for Tehran’s missile attack on Israel. The comments contributed to a 5% rally in oil prices.
Rockets fired toward northern Israel as IDF intercepts aircraft
The Israel Defense Forces said the majority of 20 rockets launched toward Haifa from Lebanon early this morning were intercepted, while the rest fell in open areas. Sirens had sounded around 7 a.m. local time (12 a.m. ET).
Sirens sounded about 20 minutes later in the Upper Galilee area, where the IDF said some of the rockets fired from Lebanon were intercepted and the rest fell in open areas.
The IDF said it had also intercepted a “hostile aircraft” that entered Israeli territory from the east.