- WTI neared it’s biggest weekly loss since last October, as prices dropped 6.6% this week to settle at $69.09 on Aug 5
- Fears of the Delta variant keep price fluctuating, as new daily cases set new records in Thailand and Australia, and cities throughout China warn citizens against travel
- In the U.S., new COVID cases reached a six-month high, with over 100,000 cases reported nationwide as the Delta variant spreads through states with lower vaccine rates
- Concerns over tensions in the middle east between Iran and Israel limited losses in price after an altercation early Thursday morning Aug 5 between Israel and Iran
- Israeli jets struck what its military said were rocket launch sites in Lebanon early on Thursday after rockets were fired at Israel from southern Lebanese territory, which is controlled by Iranian backed Hezbollah, in an escalation of cross-border hostilities amid heightened tensions with Iran (Reuters)
- When asked if Israel was prepared to strike Iran, Israeli Defence Minister Benny Gantz responded "Yes." Gantz also stated that Israel is ready to engage in a “multi-front” conflict that might include Iran. “Iran is a global and regional problem and an Israeli challenge” (Aljazeera)
- The comments on Thursday came as hardliner Ebrahim Raisi was due to take the oath of office as the new Iranian president, and tensions continue to rise in the region following a drone strike on an Israeli tanker off the coast of Oman where two crew members were killed last week, which Israel blamed on Iran. Iran has since denied any involvement
- Israel remains opposed to the U.S. and other western powers lifting sanctions against Iran through a revival of a 2015 nuclear deal, where Iran would stall its nuclear ambitions in exchange for sanctions relief