Latest market news

Iran launches missile attack on Israel: Update 2

  • Market: Crude oil
  • 01/10/24

Updates with details throughout.

A missile attack by Iran against targets in Israel has not resulted in significant damage or many fatalities, according to the White House and the Pentagon.

Iran today launched over 200 missiles against Israel after Israeli forces had begun ground operations in southern Lebanon. The Middle East region has been braced for Iran to attack Israel since the leader of Palestinian group Hamas, Ismail Haniyeh, was killed in Tehran in July. Tensions have grown in recent weeks after Israel stepped up attacks against Lebanon's Iran-backed Hezbollah militia, culminating in the killing of the group's leader Hassan Nasrallah in Beirut on 27 September.

The Iranian missile barrage aimed at Israel "appears to have been defeated and ineffective," White House national security adviser Jake Sullivan said in the aftermath of the attack. At the direction of President Joe Biden, "US naval destroyers joined Israeli air defense units in firing interceptors to shoot down inbound missiles," Sullivan said.

"We do not know of any damage to aircraft or strategic military assets in Israel," and the only reported fatality is of a Palestinian civilian in the West Bank, Sullivan said.

Chevron said it shut in its Tamar and Leviathan gas platforms offshore Israel for a brief period of time, as a precautionary measure, adding that "we can confirm that our people and facilities are safe."

The US had forewarning of the Iranian attack, which it shared with Israel. Biden and vice president Kamala Harris monitored the Iranian attack and the US response to it from the White House situation room.

November Nymex WTI peaked at $71.94/bl earlier in Tuesday's session, but retraced those gains after the attack appeared to have inflicted little damage.

The last Iranian direct missile attack on Israel, in April, led to a restrained Israeli retaliation on targets inside Iran, with the US, China and other regional powers intervening to prevent a further escalation.

How Israel will retaliate this time remains to be seen, and the US, at least publicly, is not restricting its ally's possible actions.

"We've had some initial discussions with the Israelis in the aftermath of this, at the military level and also at the White House to prime minister's office level," Sullivan said. "We are now going to look at what the appropriate next steps are to secure, first and foremost, American interests, and then to promote stability to the maximum extent possible."


Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News

US light vehicle sales surged in September


03/10/24
News
03/10/24

US light vehicle sales surged in September

Houston, 3 October (Argus) — Domestic sales of light vehicles rebounded in September, increasing to a seasonally adjusted rate of 15.8mn on the strength of greater truck purchases. Sales of light vehicles — trucks and cars — rose from a seasonally adjusted annual of rate 15.3mn in August, the Bureau of Economic Analysis reported today. Sales have whipsawed the previous four months, but September's rate largely was in line with the 15.7mn unit rate in September 2023. The US Federal Reserve last month cut its target rate for the first time since 2020, bringing it down by 50 basis points from its 23-year highs as inflation has been easing. Lower inflation and Fed easing, which ripples across credit markets, make it more affordable for people to purchase new vehicles. Fed policymakers have penciled in another 150 basis points worth of cuts through 2025, as they hope to head off any weakening in the labor market that could scuttle the wider economy. Higher overall sentiment about the US economy, fueled by a robust 3pc growth in gross domestic product (GDP) in the second quarter, healthy labor conditions and consumer spending also have encouraged consumers to spend. Sequentially, light truck sales increased by 3.1pc to a 12.8mn unit rate in September, while sales of cars rose by 4.4pc to a 3mn unit rate in the same time period. By Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Libya lifts force majeure as oil blockade ends


03/10/24
News
03/10/24

Libya lifts force majeure as oil blockade ends

London, 3 October (Argus) — Libya has begun to ramp up crude production after state-owned NOC lifted force majeure on all fields and terminals today. This should restore Libya's crude production to more than 1.2mn b/d, from an estimated 500,000 b/d. NOC declared force majeure after much of Libya's output was forced offline by a blockade imposed by the country's eastern-based administration in late August. Libya's eastern-based parliament earlier this week approved an agreement to resolve a leadership crisis at the central bank, which had prompted the blockade. NOC also lifted force majeure at the El Sharara oil field, which was shut down before the blockade. Output at the field, which normally produces about 260,000-270,000 b/d, has started, a source told Argus . By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

US tries to shape Israel's response to Iran: Update


02/10/24
News
02/10/24

US tries to shape Israel's response to Iran: Update

Updates with additional comments by President Biden starting in second paragraph. Washington, 2 October (Argus) — US president Joe Biden today called on Israel to keep its expected retaliatory strike proportionate after an Iranian missile attack on Tuesday. "We'll be discussing with the Israelis what they're going to do," Biden told reporters. The US and other G7 countries agree "that they have a right to respond, but they should respond in proportion", he said. The US would not support an attack by Israel on sites associated with Iran's nuclear program, Biden said. For its part, the immediate US response would include new sanctions, he said. Biden reached out to fellow leaders of the G7 group of advanced democracies on Wednesday "to coordinate on a response to this attack, including new sanctions", the White House said. The US Treasury Department today imposed sanctions on two additional tankers allegedly engaged in transporting Iranian crude to China. The Gabon-flagged Izumo and the Marshall Islands-flagged Frunze allegedly also transported Russian crude in contravention of the G7 price cap on Russian exports, Treasury said. Including today's action, the US sanctions list now totals 302 tankers and other vessels accused of facilitating Iran's oil and other commodity exports since 2019, including 68 tankers added by Treasury's sanctions enforcement arm this year. That has not succeeded in stopping the flow of Iranian crude to China, as Tehran has developed a sophisticated network of intermediaries and "shadow fleet" tankers to bypass US sanctions. Biden, who ordered US naval and military assets in the region to shoot down Iranian missiles aimed at Israel, promptly declared Tehran's barrage of missiles to have been ineffective. The nearly 200 missiles launched by Iran appeared to be targeting military sites but did not cause significant damage, and the only reported fatality is of a Palestinian civilian in the West Bank, according to the White House. The White House is holding consultations with Israel to help shape its response to the attack. "Iran made a big mistake and it will pay for it," Israeli prime minister Benjamin Netanyahu said following the Iranian attack, which came hours after Israel launched a ground invasion of Lebanon. Netanyahu referenced the aerial strikes that decapitated the leadership of the Iran-backed Hezbollah militant group in Lebanon, noting that "the regime in Tehran does not understand our determination to defend ourselves and to exact a price from our enemies". Tehran, in turn, said "we will respond in a more severe manner" if Israel retaliates with strikes against Iran. A previous Iranian missile attack on Israel in April led to a restrained Israeli retaliation on targets inside Iran, with the US, China and other regional powers intervening to prevent a further escalation. The Biden administration has tried to balance support for Israel's self-defense with efforts to prevent an escalation of the conflict that could engulf the world's largest oil producing region on the eve of the 5 November US presidential election. The Iran-Israel confrontation featured at Tuesday's televised debate between the US vice-presidential candidates, but neither offered an explicit plan for how the US should respond to the Iranian attack. The response from US lawmakers similarly fell along partisan lines, with the Democrats backing efforts by the White House to prevent further escalation, while the Republicans called for a stronger response. Iranian "oil refineries need to be hit and hit hard because that is the source of cash for the regime to perpetrate their terror", senator Lindsey Graham (R-South Carolina) said. Graham made similar calls in April and in October 2023, at the outset of the Gaza conflict. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

US tries to shape Israel's response to Iran attack


02/10/24
News
02/10/24

US tries to shape Israel's response to Iran attack

Washington, 2 October (Argus) — US president Joe Biden's administration is working to moderate a likely retaliatory strike by Israel after an Iranian missile attack on Tuesday. The US would not support an attack by Israel on sites associated with Iran's nuclear program, Biden told reporters today. Biden reached out to fellow leaders of the G7 group of advanced democracies today "to coordinate on a response to this attack, including new sanctions," the White House said. The US Treasury Department today imposed sanctions on two additional tankers allegedly engaged in transporting Iranian crude to China. The Gabon-flagged Izumo and the Marshall Islands-flagged Frunze allegedly also transported Russian crude in contravention of the G7 price cap on Russian exports, Treasury said. Including today's action, the US sanctions list now totals 302 tankers and other vessels accused of facilitating Iran's oil and other commodity exports since 2019, including 68 tankers added by Treasury's sanctions enforcement arm this year. That has not succeeded in stopping the flow of Iranian crude to China, as Tehran has developed a sophisticated network of intermediaries and "shadow fleet" tankers to bypass US sanctions. Biden, who ordered US naval and military assets in the region to shoot down Iranian missiles aimed at Israel, promptly declared Tehran's barrage of missiles to have been ineffective. The White House is holding consultations with Israel to help shape its response to the attack. "Iran made a big mistake and it will pay for it," Israeli prime minister Benjamin Netanyahu said following the Iranian attack, which came hours after Israel launched a ground invasion of Lebanon. Netanyahu referenced the aerial strikes that decapitated the leadership of the Iran-backed Hezbollah militant group in Lebanon, noting that "the regime in Tehran does not understand our determination to defend ourselves and to exact a price from our enemies." Tehran, in turn, said "we will respond in a more severe manner" if Israel retaliates with strikes against Iran. The previous Iranian missile attack on Israel, in April, led to a restrained Israeli retaliation on targets inside Iran, with the US, China and other regional powers intervening to prevent a further escalation. The Biden administration has tried to balance support for Israel's self-defense with efforts to prevent an escalation of the conflict that could engulf the world's largest oil producing region on the eve of the 5 November US presidential election. The Iran-Israel confrontation featured at Tuesday's televised debate between the US vice-presidential candidates, but neither offered an explicit plan for how the US should respond to the Iranian attack. The response from US lawmakers similarly fell along partisan lines, with the Democrats backing efforts by the White House to prevent further escalation, while the Republicans called for a stronger response. Iranian "oil refineries need to be hit and hit hard because that is the source of cash for the regime to perpetrate their terror," senator Lindsey Graham (R-South Carolina) said. Graham made similar calls in April and in October 2023, at the outset of the Gaza conflict. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more