Oil prices increase as market panics

Oil prices surged on what can be best described as a panic attack. Oil prices surged as reports that an attack on Iran may be imminent, or if you prefer, on reports that Iran cut off oil supply to Europe. Either way, it caused the market to price in some scary scenarios as European and Asian buyers continued their panicked crude oil buying.

Yet with another deal with Greece and a voluntary forced bond-holder haircut on Greek bonds, the market is under some pressure.

About the Author
Phil Flynn

Senior energy analyst at The PRICE Futures Group and a Fox Business Network contributor. He is one of the world's leading market analysts, providing individual investors, professional traders, and institutions with up-to-the-minute investment and risk management insight into global petroleum, gasoline, and energy markets. His precise and timely forecasts have come to be in great demand by industry and media worldwide and his impressive career goes back almost three decades, gaining attention with his market calls and energetic personality as writer of The Energy Report. You can contact Phil by phone at (888) 264-5665 or by email at pflynn@pricegroup.com. Learn even more on our website at www.pricegroup.com.

 

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