Energy & Environment — Oil prices see volatile Monday amid Iran tensions, stock selloff

Presented by American Energy Action — Oil prices whipsawed Monday, driven by the conflicting drivers of a widespread stock market selloff pushing them down while anxiety about potential Iranian retaliation against Israel pushed them upwards.

View Online Energy & Environment Energy & Environment PRESENTED BY AMERICAN ENERGY ACTION The Big Story  Oil prices see volatile day amid stock selloff, Iran fears Oil prices whipsawed Monday, driven by the conflicting drivers of a widespread stock market selloff pushing them down while anxiety about potential Iranian retaliation against Israel pushed them upwards. © Brandon Bell/Getty Images Brent crude, the top global price benchmark, fell as low as $76.05 in midmorning but, after rising and falling for much of the day, closed past $77 Monday afternoon.   Meanwhile, U.S. West Texas Intermediate crude was down to $72.94, a 58-cent drop.   Markets saw a wider decline Monday, including a thousand-point tumble in the Dow and an overall 3 percent market decline. The drop has been attributed to multiple factors, including Friday's lukewarm jobs report for July and an increase in the unemployment rate, triggering fears of a broader economic slowdown. The report came shortly after the Federal Reserve declined to cut interest rates even after inflation fell.   In the meantime, oil prices have been minimally receptive to the tensions in the Middle East since Hamas' Oct. 7 attack and the subsequent war in Gaza. However, last week Israel assassinated a top Hamas leader on Iranian soil, prompting Iranian leaders to vow retaliation.   That retaliation could come as early as Monday, but it's unlikely to cause longer-term shocks without a broader disruption in the oil supply. Earlier this year, Iran conducted its first non-proxy strike against Israel in response to an Israeli strike on an Iranian.    Read more at TheHill.com. Welcome to The Hill's Energy & Environment newsletter, we're Rachel Frazin and Zack Budryk — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. Did someone forward you this newsletter? Subscribe here. Essential Reads  How policy will affect the energy and environment sectors now and in the future: Hurricane Debby makes landfall in Florida; expected to pound Southeast Hurricane Debby made landfall at 7 a.m. EDT Monday in the Florida Big Bend, the National Hurricane Center (NHC) said.  Full Story Western wildfire victims turn to crowdfunding for relief Families who have lost their homes and belongings to wildfires across the U.S. West are resorting to crowdfunding, with hopes of obtaining some relief amid an ongoing crisis.  Full Story 'We're only treading water': Ozone, smoke and smog besiege Coloradans despite climate efforts A relentless wave of dry heat, coupled with a recent outbreak of wildfires, is fueling a summertime scourge of the Intermountain West: the near-daily spikes in ozone and other air pollutants, collectively known as smog.  Full Story A MESSAGE FROM AMERICAN ENERGY ACTION 🚨 Tariffs Risk U.S. Solar Manufacturing! — Act now  A group of solar manufacturers wants to slap tariffs on imported solar cells, risking consumer costs and threatening highly skilled local jobs. Tell Congress to reject these tariffs. Act Now. In Other News  Branch out with a different read from The Hill: Maui wildfire victims secure more than $4B to settle lawsuits The Maui wildfire victims have reached a $4 billion settlement agreement, court filings show. Full Story What We're Reading  News we've flagged from other outlets touching on energy issues, the environment and other topics: Agency Votes to Replace Official Accused of Rushing Start of Seabed Mining (The New York Times)   Arctic fossils indicate ice shelf is not as stable as previously thought, scientists say (ABC News) Manchin, Graham seek to block speed rule that protects whales (E&E News) A MESSAGE FROM AMERICAN ENERGY ACTION 🚨 Tariffs Risk U.S. Solar Manufacturing! — Act now  A group of solar manufacturers wants to slap tariffs on imported solar cells, risking consumer costs and threatening highly skilled local jobs. Tell Congress to reject these tariffs. Act Now. What Others are Reading  Two key stories on The Hill right now: Harris vice presidential battle gets nasty The battle to become Vice President Harris's running mate is turning increasingly ugly as a decision nears and Democrats rally around their own preferred picks.  Read more Jenna Ellis flips to help Arizona prosecutors in 2020 election case Former Trump campaign attorney Jenna Ellis has agreed to cooperate with Arizona prosecutors in their 2020 election subversion case against aides to former President Trump and the state’s so-called fake electors. Read more   You're all caught up. See you tomorrow!  Check out The Hill's Energy & Environment page for the latest coverage. Like this newsletter? Take a moment to view our other topical products here 📩 Privacy Policy  |  Manage Subscriptions  |  Unsubscribe  1625 K Street NW, 9th Floor, Washington, DC 20006 Copyright © 1998 - 2024 Nexstar Media Inc. | All Rights Reserved.

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