Oil goes parabolic, after Israel's assassination of Hamas's political leader Ismail Haniyeh in Tehran. The crude markets are nervously awaiting Iran's, Hezbollah and Yemen's response.

Oil has gone parabolic on Israel seemingly unrestrained assination/targeting of Iranian backed leaders in the Middle East.  Alarmingly, was the brazen missile attack by Israel on Iran to kill Hamas's political leader Ismail Haniyeh, who was based in Tehran.   Also in a skeptical manner the U.S. government (denying that they knew about the strike on Haniyeh) seems to want to play both sides of the coin as Israel's military backer and th so-called peace advocate for the Middle East, will further complicate and confuse the oil markets in what direction the U.S. State Department will do to quell the possibility that Iran will strike Israel again, like they did in April 2024.

Ontop of all this, is the Federal Reserve determined to cut rates in September while an oil shock (above $80 for Three months or more), before the U.S. elections, cannot be ruled out.  Which, although volatility may be relatively and/or deceptively low, thanks to the Fed and Central Banks maintaining their bond buying programs to smooth out the bond market whilst tackling inflation, it will be chaos that will determine how this will all play out.

The China slowdown with a collapse in commodities, more so the iron ore price, plus stickly inflation will be felt globally.  Particularly for Australia which could very well be in stagflation right now (high unemployment, stagnated/inflated economy)

Oil is bid at $78, in similarity to June/July highs when Ukraine drone attacked Russia oil facilities, and Israel threaten all out war on Hezbollah in Lebanon.   The resistance line for the trading range at $78.5 has been breached, with $80 in sight.  The question is; within the so-called unwritten rules of war between the Iranian proxies and Israel.  Which country will blink first and declare Total war on each other?

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All oil price analysis and commentary to date: chiasmusmagazine.blogspot.com/search/label/oil%20price