Middle East Turmoil Pushes Oil to Speculative Levels -- Market Talk
Dow Jones06-13
0832 ET - Crude futures have pulled back from overnight highs while remaining volatile on concerns of supply disruptions in the Middle East following Israeli strikes in Iran. "The situation between Israel and Iran is likely to worsen in the coming days before it eventually cools down," Spartan Capital's Peter Cardillo says in a note. Geopolitical turmoil is driving oil prices to speculative levels that exceed current fundamentals, he says. "If oil prices rise significantly above $80, we would recommend considering short selling." WTI is up 7.8% at $73.35 a barrel and Brent is up 7.3% at $74.41, off earlier highs of $77.62 and $78.50, respectively. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
June 13, 2025 08:33 ET (12:33 GMT)
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