Pre. Settlement | N/A |
Settlement Date | N/A |
Open | 58.55 |
Bid | 53.00 |
Last Price | 0.00 |
Day's Range | 58.38 - 58.74 |
Volume | |
Ask | 54.00 |
Oil prices (CL=F, BZ=F) are trading slightly lower on Wednesday, following heightened geopolitical tensions in the Middle East as energy markets weigh Iran's attack on Israel. Gold (GC=F) prices are inching higher despite the strength in the US dollar and the bond market. Bitcoin (BTC-USD) prices have fallen from their recent highs, as the crypto market anticipates the upcoming bitcoin halving event this week. Yahoo Finance's Madison Mills breaks down the details. For more expert insight and the latest market action, click here to watch this full episode. This post was written by Angel Smith
Noble Corporation (NE) CEO and President Robert Eifler joins Yahoo Finance to discuss the outlook for his company as energy stocks lead market gains in 2024. Eifler emphasizes that Noble Corporation's long-term activity is "driven by oil price" (CL=F, BZ=F), stating that the company is "a long-term business" where its customers create "decade-long plans" when it comes to offshore drilling. Due to this, he says that short-term oil price movements have little to no effect on the company's operations. Eifler notes that the current market dynamics "are in really good shape," setting the company up for "several years of spending" among its customers. He explains that during the "shale boom", a backlog for the company's services was created due to an increase in offshore drilling demand as consumers turned to "longer-term planning," which has driven activity in the post-COVID period. "I like to keep people focused on where we've come from and where we're headed," Eifler told Yahoo Finance, adding, "which is a tremendous ramp-up in our services— and obviously that's coming through in rising EBITDA year-over-year." For more expert insight and the latest market action, click here to watch this full episode. This post was written by Angel Smith
According to an NBC report, Israel's potential response to Iran's air attack may be "imminent." Eurasia Group Chair Cliff Kupchan joins The Morning Brief to discuss what Israeli retaliation may look like. Kupchan signals that Israel will be "very careful" as it is under pressure from the Biden administration not to trigger a regional war. However, Kupchan believes that Israel must respond in order to "trim down this new Iranian bravado" and demonstrate that such attacks cannot continue. The nation may target Iranian allies in Syria-aligned militias "one level down," so Iran will not be forced to shoot back. Though Kupchan characterizes Biden and Netanyahu's relationship as strained, he says that the conflict with Iran has "reset" the relationship, with the US coming to Israel's aid. Overall, Kupchan calls the present moment a "real risky" one: he explains that Israel and Iran's tensions are overlapping with Israel's determination to push Hezbollah back from the northern front, and adds that the War on Gaza isn't over. "We are on a structurally escalatory path," the Eurasia Group chair states, noting that if the Strait of Hormuz comes into play, oil prices could surge and shipping lanes in the Red Sea could also be affected. He characterizes these potential developments as a "risk" to the market. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This article was written by Gabriel Roy.