Oil prices pared gains early Monday after jumping amid strikes between Iran and Israel, after the latter targeted Hezbollah in Lebanon. The S&P 500 gained steam as President Donald Trump's efforts to restrain both countries and keep ceasefire negotiations on track seem to be working.
Iran's Islamic Revolutionary Guard Corps announced the end of military operations vs. Israel but warned of "harsher and more devastating strikes" if Lebanon attacks resume. That follows Trump's Truth Social post saying that things should move quickly to a final deal that lifts oil blockades, unless "ignorance or stupidity (get) in its way."
Crude oil prices rose 0.8% from Friday afternoon levels to $91.29 a barrel, but came way off morning highs of $95.47, according to CME Group data. Near-month oil futures traded above $100 as recently as May 19. Markets now show futures prices falling close to $80 a barrel for December delivery and near $75 by next June. That compares with prices below $70 before war broke out on Feb. 28.
Benchmark crude oil prices in Europe rose 1.4% to $94.40, after earlier trading near $98. Brent crude traded above $110 on May 19, according to Intercontinental Exchange data.
Trump had sought to dissuade Israel from retaliating after Iran launched missiles, saying that the "Iranian strikes didn't hurt anybody." Israel fired at an Iranian petrochemical complex, but the strikes were characterized by Axios as "relatively limited."
Iran's Islamic Revolutionary Guard Corps announced the end of military operations vs. Israel but warned of "harsher and more devastating strikes" if Lebanon attacks resume. That follows Trump's Truth Social post saying that things should move quickly to a final deal that lifts oil blockades, unless "ignorance or stupidity (get) in its way."
Crude oil prices rose 0.8% from Friday afternoon levels to $91.29 a barrel, but came way off morning highs of $95.47, according to CME Group data. Near-month oil futures traded above $100 as recently as May 19. Markets now show futures prices falling close to $80 a barrel for December delivery and near $75 by next June. That compares with prices below $70 before war broke out on Feb. 28.
Benchmark crude oil prices in Europe rose 1.4% to $94.40, after earlier trading near $98. Brent crude traded above $110 on May 19, according to Intercontinental Exchange data.
Trump had sought to dissuade Israel from retaliating after Iran launched missiles, saying that the "Iranian strikes didn't hurt anybody." Israel fired at an Iranian petrochemical complex, but the strikes were characterized by Axios as "relatively limited."
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