Marketmind: Oil jumps as Middle East strife shakes markets
© Reuters. FILE PHOTO: Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File PhotoAsian action has been dominated by news from Israel, with the usual safe-haven suspects getting a bid. With one war already raging in Europe, a new conflict in the Middle East was bound to rattle the markets.
Analysts are pondering the implications of the Israeli conflict with Hamas, how long it might last and whether it drags in others. If the U.S. tightens enforcement of sanctions, CBA analysts estimate around 0.5-1.0% of world oil supplies could be affected, which would push Brent atop $100 a barrel. Indeed, Fed fund futures have actually rallied, with a November hike now priced at just a 14% chance and a little more easing implied for next year - around 78 basis points in all.
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