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Oil prices spike on Iran explosions, geopolitical tensions, and sanctions

Moneycontrol — April 19, 2024, 04:00 AM UTC

Summary: Oil prices surged $3 a barrel due to unconfirmed reports of explosions in Iran, with Brent futures reaching $90.14 and U.S. West Texas Intermediate crude hitting $85.76. Geopolitical tensions between Iran and Israel have influenced the market. Venezuela lost a crucial U.S. license for oil exports, while the U.S. imposed sanctions on Iran, excluding its oil industry. Israel's response to Iranian attacks is closely watched.

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Significance5.1
Scale8.0
Magnitude7.0
Potential7.5
Novelty6.0
Actionability4.0
Immediacy8.5
Positivity3.0
Credibility8.0

Timeline:

  1. [2.9]
    Oil prices fall due to strong dollar, Fed rates; Brent at $82/bbl (Mint)
    7d
    Source
  2. [3.8]
    Oil rises on Saudi price hike, Brent at $83.39/bbl (Mint)
    12d
    Source
  3. [4.3]
    Oil prices rise on Israel evacuation order and Saudi price hike (CNBC)
    13d
    Source
  4. [3.0]
    Oil near 7-week low at $83/bbl after US Fed decision (Mint)
    16d
    Source
  5. [2.6]
    WTI rises above $79 after recent sell-off (CNBC)
    17d
    Source
  6. [3.1]
    Oil prices drop on rising U.S. inventories and ceasefire hopes (CNBC)
    18d
    Source
  7. [3.1]
    Oil prices drop 1% to $87/bbl on US output, ceasefire talks (Mint)
    18d
    Source
  8. [3.1]
    Oil prices dip on Israel-Gaza truce talks, Fed policy review (CNBC)
    19d
    Source
  9. [3.1]
    Oil prices fall on Israel-Hamas peace talks, Fed rate cut doubts (Mint)
    19d
    Source
  10. [3.8]
    Oil rises on Middle East tensions, US inflation data (Mint)
    21d
    Source
  11. [4.2]
    Oil prices rose on 2023-12-13 due to various factors (CNBC)
    23d
    Source
  12. [5.5]
    Middle East tensions may raise oil prices, impacting inflation (The Guardian)
    23d

    ScoresSource
  13. [2.6]
    U.S. crude oil prices drop below $83/barrel on 2% increase (CNBC)
    25d
    Source
  14. [2.7]
    U.S. crude oil rises to nearly $83/barrel on 2024-04-23 (CNBC)
    25d
    Source
  15. [3.0]
    Oil prices drop in Asia on market factors (CNBC)
    27d
    Source
  16. [5.2]
    Iran-Israel conflict keeps oil prices high, inflation risks loom (Moneycontrol)
    28d
    Source
  17. [3.8]
    Oil prices fell 3% despite Israel-Iran tensions (CNBC)
    29d
    Source
  18. [3.9]
    Oil prices spiked, then dropped after Iran explosions (CNN)
    30d
    Source
  19. [4.9]
    Iran activated air defense systems amid tensions with Israel (Financial Times)
    30d
    Source
  20. [5.2]
    Oil prices surged 3% due to Middle East tensions (CNBC)
    30d
    Source