Today's move can mostly be attributed to the escalating conflict between Israel and Lebanon which some fear will create further unrest all throughout the Middle East. Today Israel bombed Beirut's airport , two Lebanese army air bases and created a naval blockade against the country. Israel accused Hezbollah of launching over 100 missiles into Israel from Lebanon, but Hezbollah has denied these allegations.
While Hezbollah operates with almost total autonomy from the Lebanese government some are starting to fear that Israel's attack on Beirut today will pull the Lebanese army into a conflict that has already claimed over 50 lives in the last 2 days.
Nigeria has also been adding to concerns as government officials said two explosions hit oil installations belonging to an Italian oil company and militants attacked a group of 11 boats carrying supplies to Chevron's offshore oil fields Wednesday. The attack killed four navy sailors who were escorting the convoy according to Brig. Gen. Alfred Ilogho.
As tensions in the area continue to rise so does oil and oil stocks continue to race towards new highs. Exxon Mobil (XOM) traded as high as $64.70 and is currently trading up 0.4% to 64.25. The 52 week high on the stock is $65.96 and I would not be surprised to see the stock trade up to that level very soon. Another stock testing new highs is Chevron (CVX). Chevron hit an intra day high today of $65.81 as it looks to test it's 52 week high of $65.98.
Nigeria has also been adding to concerns as government officials said two explosions hit oil installations belonging to an Italian oil company and militants attacked a group of 11 boats carrying supplies to Chevron's offshore oil fields Wednesday. The attack killed four navy sailors who were escorting the convoy according to Brig. Gen. Alfred Ilogho.
As tensions in the area continue to rise so does oil and oil stocks continue to race towards new highs. Exxon Mobil (XOM) traded as high as $64.70 and is currently trading up 0.4% to 64.25. The 52 week high on the stock is $65.96 and I would not be surprised to see the stock trade up to that level very soon. Another stock testing new highs is Chevron (CVX). Chevron hit an intra day high today of $65.81 as it looks to test it's 52 week high of $65.98.
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