Oil Climbs Back Above $80 as Traders Watch for Iran Reprisal - Aug. 12 - Bloomberg

Oil Climbs Back Above $80 as Traders Watch for Iran Reprisal - Aug. 12 - Bloomberg

Oil extended its first weekly gain since early July, with traders continuing to monitor Iran’s response to last month’s assassination of a Hamas leader in Tehran, as well as developments in wider markets.

Brent climbed above $80 a barrel after rising almost 4% last week, while West Texas Intermediate neared $78. Tehran reiterated Sunday its determination to punish Israel for the killing, as Iranian state media reported that a missile unit of the country’s military was conducting exercises near the Iraqi border.

Monday’s gains also came after large reductions in positioning figures across the market last week. Money managers held the smallest net-long position in ICE Brent since the data was first published in 2011, while bullish wagers on gasoline and diesel in the US were also at multiyear lows.