Situation in the Middle East is getting worse.
(Bloomberg) -- Tensions between Israel and Hezbollah intensified on Wednesday when Israeli towns and an army base came under what appeared to be the fiercest attacks from Lebanon since the confrontation began four months ago.
The assault, presumed to be carried out by Hezbollah fighters based in Lebanon, prompted Israeli fighter jets to launch extensive strikes on the Iran-backed group’s positions.
Israel Pulls Out of Peace Talks Over ‘Delusional’ Hamas Demands
The barrage of missiles from Lebanon hit the town of Safed, about 13 kilometers (8 miles) from the border and deeper into Israel than previous attacks by Hezbollah. The group has been trading fire almost daily with Israel since its war with Hamas erupted in October, though those skirmishes have mostly been contained to the border area.
Many Israeli politicians, including members of cabinet, have urged Prime Minister Benjamin Netanyahu and the army to act more aggressively against Hezbollah, the most powerful militia in the Middle East. It vows to destroy the Jewish state.
One woman soldier was killed in the Wednesday assault, Israeli media reported, and eight people were wounded. While no group has claimed responsibility, the missiles came from an area largely controlled by Hezbollah.
The Israel Defense Forces said its airstrikes targeted Hezbollah military compounds, control rooms and other infrastructure.
One civilian was killed and 10 others were wounded in a strike that damaged shops and homes in the southern Lebanese village of Adsheet, state-run National News Agency reported. Hezbollah said one if its fighters was killed.
Why is WTI up more than $1.50 today?
Why is WTI up more than $1.50 today?
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Why is WTI up more than $1.50 today?
US seizes massive stash of Iranian weapons headed for Houthi rebels in Yemen including hundreds of ballistic missile parts and explosives being shipped over on a rusty skiff in the Arabian Sea: Story by Paul Farrell For Dailymail.Com
MY TAKE: Pressure has to be building on Team Biden to attack Iran directly. Airstrikes against the Houthi are making them more determined. Team Biden is too worried about what rising gasoline prices with do to them in the next elections. They also don't want to sanction Iran's oil exports because it will hurt the Chinese economy.
MY TAKE: Pressure has to be building on Team Biden to attack Iran directly. Airstrikes against the Houthi are making them more determined. Team Biden is too worried about what rising gasoline prices with do to them in the next elections. They also don't want to sanction Iran's oil exports because it will hurt the Chinese economy.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Why is WTI up more than $1.50 today?
In its most recent Short-Term Outlook, the EIA forecasts that U.S. oil production will remain flat at around 13.3 million barrels per day and decrease slightly through the middle of 2024, and not exceeding this record until February 2025.
Right now you’re seeing control in global oil supply shift from the U.S. back to OPEC and Russia, both of which are hungry for higher oil prices.
Right now you’re seeing control in global oil supply shift from the U.S. back to OPEC and Russia, both of which are hungry for higher oil prices.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group