Oil prices rise as markets await Israeli attack on Iran

Croft: The oil market remains on the sidelines.

U.S. crude oil rose nearly 3% on Monday as markets awaited an Israeli strike against Iran.

Oil prices soared last week on concerns that Israel could strike at Iran’s oil industry in retaliation for a ballistic missile attack by Tehran.

U.S. benchmark West Texas Intermediate crude surged 9.09% last week, its biggest weekly gain since March 2023.

Here are energy prices for Monday:

West Texas Intermediate Oil November contract: US$76.44 per barrel, up US$2.06, or 2.77%.
Brent December contract: US$79.91 per barrel, up US$1.86, or 2.38%.

President Joe Biden on Friday dissuaded Israel from attacking Iranian oil facilities, a day after oil prices rose about 5% when the president suggested the United States was discussing the possibility of such an attack.