Oil futures stayed pretty much put Wednesday with U.S. crude trading above $78 per barrel, after President Joe Biden said Iran might refrain from attacking Israel if a ceasefire deal is reached in Gaza.
Biden told reporters Tuesday afternoon his “expectation” is Iran would not strike Israel if a deal is clinched to stop the fighting in Gaza, though he said efforts to broker a cease-fire are “getting hard.”
A new round of ceasefire talks are scheduled to begin Thursday in Qatar, though Hamas told Reuters that the militant group does not plan to take part in the negotiations.
West Texas Intermediate September contract was listed at $78.47 per barrel, up 12 cents, or 0.15%. Year to date, U.S. crude oil has gained about 9.5%.
Brent October contract: $80.89 per barrel, up 20 cents, or 0.25%. Year to date, the global benchmark is ahead 4.98%.
RBOB Gasoline September contract is at $2.37 per gallon, little changed. Year to date, gasoline is up about 12.8%.
Natural Gas September contract registered $2.22 per thousand cubic feet, up 7 cents, or 3.58%. Year to date, gas is down 11.5%.
Iran has vowed to retaliate against Israel after a Hamas leader was assassinated in Tehran two weeks ago. Israel has put its military on high alert, and the U.S. is dispatching a carrier strike group and guided-missile submarine to the region to help defend its ally.
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