Commodities
Oil Climbs in Recovery Rally While Traders Eye Iran Retaliation
- Iran said it wants to punish Israel for Hamas assassination
- Production halted at Libya’s largest oil field, force majeure
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Oil rallied as markets globally recovered from a recent rout and investors remained on edge over the possibility of a retaliatory strike from Iran on Israel.
West Texas Intermediate rose 2.8% to settle above $75 a barrel, following a small advance on Tuesday. Crude’s recovery comes after the commodity slumped to seven-month lows amid the recent equities rout. The Bank of Japan moved to reassure markets in the wake of historic volatility after the slump was prompted in part by a mass unwinding of so-called currency carry trades.