Crude prices retraced earlier gains on Thursday as Middle East oil tankers maintained their routes despite rising regional tensions and the broadening of the US-Iran conflict.
Iran rejected an Omani proposal to share control of the strategic waterway, demanding total authority over inbound shipping and partial oversight of outbound lanes.
US forces have initiated retaliatory strikes against Iran following Iranian missile attacks on American troops in the region, threatening to reignite a wider conflict after a temporary lull.
The new tariff framework covers 99.4% of US imports across 60 trading partners but operates under a much more permanent and legally insulated design – a drag on global growth.
US crude inventories plummeted last week as domestic refineries ramped up operations to capitalize on higher fuel prices though Washington is continuing to release oil from its strategic petroleum reserve.
Experts warn that this massive inventory plunge drains crude and fuel reserves, weakening America's ability to bail out Europe and Asia if Middle East oil supplies are cut off.
EBC Financial Group analyst says, Brent crude pieced above the 50 SMA. If the price manages a clean close above 86.78, a retest the recent swing high near $95.3 could occur soon.
Asset Recap
As of market close on 29 July, among EBC major products, Intuit shares led gains. Current checks still lean toward the shares looking cheap rather than expensive, which spurred the ongoing rally.
Micron Technology MU CEO Sanjay Mehrotra sold about $37.3 million of company stock as shares extended a punishing retreat from record highs, adding an uncomfortable insider-selling headline
Global markets have been volatile this month as investors worry that technology heavyweights may be overspending on AI data centres as they race to dominate the emerging AI boom.
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EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Global Financial Collaboration or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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