Middle East Tensions Give Oil Prices Shot in the Arm (USO) (OIL)
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United States Oil ETF (NYSE: USO) swung higher today, gaining 3.5 percent on fears that turmoil on the Turkey-Syria boarder could spread. Reports say NATO has drawn up plans for Turkey’s defense against attacks, and Turkish President Abdullah Gul said Syria was already turning into a worst-case scenario.
According to reports, twenty-five F-16 fighter jets were deployed to a Turkish air base near the border on Monday, and while war all out wars seems unlikely, the drama has created jitters in the oil markets.
Meanwhile, reports say Israel’s Prime Minister Benjamin Netanyahu is planning to seek early elections. Netenyahu has delivered tough talk regarding Iran’s nuclear program in the past and early elections are adding fuel to speculation about the long-rumored Israel strike on Iran’s nuclear facilities, though this too seems unlikely.
Oil prices have been on the slide for weeks, but quickly reversed in response to the news. Brent spiked above $114.50 and WTI futures climbed to $92.75 per barrel. Traders also noticed a sharp widening of the spread between Brent and WTI.
United States Oil (NYSE: USO) trade at 34.40 and iPath S&P GSCI Crude Oil Total ETF (NYSE: OIL) traded at 22.40.
According to reports, twenty-five F-16 fighter jets were deployed to a Turkish air base near the border on Monday, and while war all out wars seems unlikely, the drama has created jitters in the oil markets.
Meanwhile, reports say Israel’s Prime Minister Benjamin Netanyahu is planning to seek early elections. Netenyahu has delivered tough talk regarding Iran’s nuclear program in the past and early elections are adding fuel to speculation about the long-rumored Israel strike on Iran’s nuclear facilities, though this too seems unlikely.
Oil prices have been on the slide for weeks, but quickly reversed in response to the news. Brent spiked above $114.50 and WTI futures climbed to $92.75 per barrel. Traders also noticed a sharp widening of the spread between Brent and WTI.
United States Oil (NYSE: USO) trade at 34.40 and iPath S&P GSCI Crude Oil Total ETF (NYSE: OIL) traded at 22.40.
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