Crude Oil heads into its fourth straight day of gains for this week, accumulating more than 8% price rise since its opening on Monday. With tensions not easing in Lebanon, more risk is being priced in after headlines emerged that Israel was seeking green light from the Biden administration to target Oil installations in Iran. Concerns about such an attack, which could disrupt supply, set the tone to come over the weekend and into next week, with a ceasefire deal looking further away than ever. The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, is trading broadly flat this Friday after a steep four-day rally. The US Dollar Index has broken above 101.9,  the upper band of the September range in which it has been trading for over a month. The US Jobs report on Friday, which includes the key  Nonfarm Payrolls release as the main component, will decide where the DXY will close off this week. At the time of writing, Crude Oil (WTI) trades at $74.38 and Brent Crude at $78.48. Oil news and market movers: No room for easing 

  • Oil prices could rally further if there’s any response by Israel to Iran’s October 1 missile attack that targets Oil-related infrastructure. Further retaliation by Iran based on a blockade of the Strait of Hormuz could raise the price of crude to north of $100 a barrel, Bloomberg Intelligence reports. 
  • A spillover effect is taking place in petrol prices as Israel ponders a hit on Iranian Oil fields, Financial Review reports. 
  • US President Joe Biden said on Thursday that he was still discussing possible Israeli strikes on Iranian Oil facilities. The President refused to comment on whether he agrees with the path forward that Israel is asking, according to BBC. 

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