Oil Halts Two-Day Drop on Iran Tensions, Strong US Retail Sales
- Retail sales data underscore strength in the US economy
- Kirby said he doesn’t see cease-fire talks reaching deal today
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Oil pushed higher after a two-day drop as jitters surrounding a potential Iranian attack on Israel and a strong US economic reading overshadowed persistent demand fears.
West Texas Intermediate soared by over a dollar to settle above $78 a barrel after falling more than 3% over the previous two sessions. White House spokesman John Kirby told reporters that he doesn’t expect newly initiated Gaza cease-fire talks to reach a deal on Thursday. Crude’s advance was also aided by gains in equities, after the latest reading on US retail sales underscored the strength of the world’s largest economy.