Dec’24 Brent futures flat price rallied this afternoon, from $75.65/bbl at 14:00 BST to over $77.00/bbl at around 17:00 BST, currently at $77.15/bbl at 17:20 BST (time of writing). Prices jumped this afternoon as President Biden was asked if he would support Israel striking Iran’s oil facilities and responded: “We’re discussing that”. BoE Governor Andrew Bailey told The Guardian that while the absence of a significant oil price surge has been helpful for monetary policy, the situation in the Middle East must be closely monitored as it could worsen. Reflecting on past oil crises like in the 1970s, he claimed there seems to be a strong commitment in the region to maintain market stability. Libya is resuming oil production after a month-long halt due to political conflict, Oil Minister Khalifa Abdul Sadiq told Bloomberg. This will add a maximum of 260kb/d. Initial jobless claims for the week ending September 28 rose to 225k, surpassing the expected 221k. This is ahead of tomorrow’s September jobs report. At the time of writing, the front month (Dec/Jan’25) and six-month (Dec/Jun’25) Brent futures spreads are at $0.49/bbl and $1.85/bbl, respectively.
