WTI crude oil is up $1.50 to just over $75 per barrel on the August contract. It spiked as high as $75.50 as the fighting kicked off last week but this would be the highest close since January. The vast majority of the gains are due to war fears but adding to the upward pressure was yesterday's EIA weekly report showing a surprise 11.473 million barrel draw in US inventories.
My sense is that the US isn't interested in a ground campaign in Iran so that ultimately limits what is possible, along with their negotiating leverage. With that in mind, the US could look for a quick exit, even if they attack.
Up The IDF said people can leave shelters (likely because the rockets were shot down).
This article was written by Adam Button at www.forexlive.com. Read More Details
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