oil daily
The oil market is now down $3 on the day and off more than $8 from the session high shortly after the weekly open.
The market has quickly concluded a few things:
- The attack was choreographed, with a multitude of signs indicating where it would be aimed
- The attack was limited and Qatar confirms no injuries, which indicates they were intercepted
- Iran's Supreme National Security Council said the number of missiles used matched the U.S. bombs dropped on Iran’s nuclear sites, which sounds like a token move
- Trump is more concerned about oil prices than attacking Iran further
Now all this leaves aside Israel and Iran lobbing missiles at each other but neither is capable of a ground war and energy has scarcely been targeted.
I can easily see crude dropping right back to $64 and oil companies are likely hedging aggressively today.
