2020-01-08 14:45:00
OIL PRICE: NEAR $69
REUTERS - Oil prices were up on Wednesday but well below peaks hit in frenzied early trading after a rocket attack by Iran on American forces in Iraq raised the specter of a spiraling Middle East conflict and disruption to crude flows.
Prices gave up most of their early gains as analysts said market tension could ease as long as oil production facilities remain unaffected by attacks. Tweets by U.S. President Donald Trump and Iran's foreign minister also appeared to signal a period of calm - for now.
Brent crude futures were up 26 cents, or 0.38%, to $68.53 by around 0908 GMT, after earlier rising to their highest level since mid-September 2019 at $71.75.
West Texas Intermediate crude futures gained 10 cents, or 0.16%, to $62.80 a barrel. It earlier hit $65.85, the highest since late April last year.
Iran's missile attack on U.S.-led forces in Iraq came early on Wednesday, hours after the funeral of Qassem Soleimani, the commander of the country's elite Quds Force killed in a U.S. drone stroke on Jan. 3.
Tehran fired more than a dozen ballistic missiles from Iranian territory against at least two Iraqi military bases hosting U.S.-led coalition personnel, the U.S. military said on Tuesday. Stock, currency and gold markets were also roiled by the attacks.
Trump said in a tweet that an assessment of casualties and damage from the strikes was under way and that he would make a statement on Wednesday morning U.S. time. "All is well!" Trump said in the Twitter post.
'TEMPORARY PHENOMENON'?
Early indications suggested no U.S. casualties, one source told Reuters, although other officials declined to comment. Iranian state television said 80 "American terrorists" had been killed and U.S. helicopters and military equipment damaged.
Iraq, Germany, Denmark and Norway said none of their troops were killed or injured.
Executives and analysts said oil markets remained focused for now on the targets in the Wednesday attack being military, rather than oil industry facilities.
"I think the surge in oil markets will be a temporary phenomenon ... U.S. shale oil players will boost output if oil prices remain stronger," said Toshiaki Kitamura, the chairman of Japanese oil and gas producer Inpex Corp, speaking to Reuters at an industry gathering.
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Earlier:
2020, January, 6, 11:25:00
OIL PRICE: NEAR $70
Brent soared to a high of $70.74 a barrel, WTI was at $64.15 a barrel,
2019, December, 30, 11:20:00
OIL PRICE: ABOVE $68
Brent were at $68.36 a barrel, up 20 cents, or 0.3%, WTI edged up 5 cents to $61.77 a barrel.
2019, December, 27, 10:35:00
OIL PRICE: NEAR $68
Brent were up 6 cents, or 0.1%, at $67.98 a barrel, WTI was up 11 cents, or 0.2%, at $61.79 a barrel.
2019, December, 25, 14:45:00
OIL PRICE: ABOVE $67
Brent settled up 81 cents, or 1.22%, at $67.20 a barrel, WTI settled up 59 cents, or 0.97%, at $61.11 a barrel.
2019, December, 23, 13:45:00
OIL PRICE: NEAR $66
Brent was down 22 cents, or 0.33%, at $65.92 per barrel, WTI was down 25 cents, or 0.41%, at $60.19 a barrel
2019, December, 20, 10:40:00
OIL PRICE: ABOVE $66
Brent were up 5 cents, or 0.08%, to 66.59 a barrel, WTI was down 8 cents, or 0.13%, at $61.10 per barrel.
2019, December, 18, 13:50:00
OIL PRICE: ABOVE $65 ANEW
Brent dropped 41 cents, or 0.6%, to $65.69 a barrel, WTI fell 52 cents, or 0.9%, to $60.42 per barrel.
