Posted 3/18/2024, 9:10:44 AM
Oil Prices Climb on Supply Worries as Ukraine Conflict and Middle East Tensions Add Risk Premium
- Crude oil prices continued to rise amid supply concerns and higher demand forecasts from the IEA
- Ukrainian drone attacks on Russian refineries impacted fuel output and added a risk premium to oil prices
- Tensions between Israel and Hamas reduced hopes for peace and raised geopolitical risk
- Traders are watching the upcoming Fed meeting for rate decisions, while oil executives will speak at CERAWeek
- Shell stated it is prioritizing investor returns over climate goals for now
