self explanatory chart/s: Oil is sitting within its May 2024 trading ranges of 75 and 75.50. China recession and the collapse in oil consumption v's Lebanon/Israel conflict. Please refer to Chart 1 and Chart 2. (update 2). Israel assassinates Hamas political leader Ismail Haniyeh living in Tehran, iRan.

*update*

Hamas's political leader Ismail Haniyeh has been assassinated by an Israeli missile strike, while he was in Tehran, Iran.  He was based in Qatar.  The issue is that Israel chose to assassinate Haniyeh in Iran, which appears to be a warning for Iran.  The oil price jumped on both Israel's Beirut missile attack and now the Tehran attack which have occured within 12 hours of each other.  Pointing to Israel expanding its military strike capabilities with a greater ferocity throughout the region, and the 2nd time in 2024 it has struck Iran with missiles, essentially ending their proxy war.  The potentiality of a direct conflict with Iran seems inevitable. 

Oil is closing in on its $77 resistance, and depending on Iran, Hezbollah and Hamas's response, oil could trade above its April 2024 highs of $80.

• U.S. was not warned of Haniyeh killing, Blinken says - WP

• Egypt says Israeli escalation indicates no political will for de-escalation - The Guardian

• Hamas leader Ismail Haniyeh is killed in Iran by an alleged Israeli strike, threatening escalation - AP

(Chart 1)

(Chart 2)

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