Oil poised for first monthly gain since September as Middle East on brink of wider conflict
Oil prices are on pace for the first monthly gain since September as the U.S. and Iran stand on the brink of a more direct confrontation in the Middle East.
The West Texas Intermediate contract for March was last down $1.09, or 1.40%, to trade at $76.73 a barrel on Wednesday. The Brent contract for March was trading at $81.90 a barrel, down 97 cents or 1.17%.
Prices fell Tuesday after China factory activity contracted for the fourth consecutive month. WTI and Brent, however, are up 6.98% and 6.31% respectively for January.
“The factory data confirms our view that China, at least for now, is an impediment to global oil demand growth,” Tamas Varga, an analyst with the crude broker PVM, wrote in a Tuesday note.
Though Chinese economic data is weighing on the market, prices have risen for the month on stronger than expected U.S. growth, disruptions to crude supplies in the U.S. due to winter storms, and Beijing’s efforts to simulate its economy.
The market is also waiting for the Federal Reserve’s decision on interest rates Wednesday as well as crude inventory data in the U.S.
U.S., Iran on the brink
Geopolitical tensions are also simmering in the Middle East with the U.S. and Iran standing on the precipice of a more direct confrontation, highlighting the potential risk to crude supplies in the region.
“The spreading conflict in the Middle East remains the most visible and growing risk for energy markets,” Natasha Kaneva, head of global commodities research at JPMorgan, told clients in a research note Tuesday.
“While escalation cannot be written off, it remains unlikely in our view, as main parties in the conflict have strong incentives to avoid direct confrontation, and so far they have acted accordingly,” Kaneva wrote.
Iran-allied militants have killed three U.S. soldiers in a drone strike in Jordan and hit an oil tanker with a missile in the Gulf of Aden in a series of major escalations since Friday.
President Joe Biden said Tuesday that he has decided on a response to the death of U.S. troops and holds Iran responsible for supplying the militants with weapons. Defense Secretary Lloyd Austin said the administration “will take all necessary actions to defend the United States, our troops, and our interests.”
U.S. officials told NBC News on Wednesday that the White House is planning a “campaign” that could last several weeks. The targets, which have not yet been finalized, are expected to include Iranian targets outside Iran in multiple places in several countries and locations, the officials said.
Iran has denied involvement in the attack that killed U.S. troops. Tehran said Wednesday it would “take decisive action in case of any US aggression,” according to the state news agency IRNA.
The response in the oil markets to the simmering tensions in the Middle East has been muted so far because there has not been a major disruption to crude supplies. Analysts have repeatedly warned that a direct confrontation between the U.S. and Iran could send oil prices higher if there’s a major disruption in the Strait of Hormuz, the crucial chokepoint for crude flows.
Retired U.S. Navy Admiral James Stavridis, former NATO Supreme Allied Commander, told CNBC Tuesday that the death of U.S. troops raises the risk of a wider conflict, though he noted that neither the U.S. nor Iran want a wider war.
Electric vehicles’ share of the market continues to climb in America’s second city, with BEV registrations up more than 50% in the first quarter of 2025 compared with the same period last year. Great news, but charging hasn’t up – but a new plan from Chicago Department of Transportation aims to build up enough infrastructure for the city to keep up.
In a bid to keep up with the rapid growth of EVs, Chicago Department of Transportation (CDOT is currently seeking public feedback on a plan called “Chicago Moves Electric Framework.” The city’s first such plan, it outlines initiatives that include a curbside charging pilot through the city’s utility, ComEd, and expanded charging access in key areas throughout the city.
Unlike other such plans, however, the new plan aims to focus on bringing electric vehicle charging to EIEC and low income communities, too.
“Through this framework, we are setting clear goals and identifying solutions that reflect the voices of our residents, communities, and regional partners,” said CDOT Commissioner Tom Carney. “By prioritizing equity and public input, we’re creating a roadmap for electric transportation that serves every neighborhood and helps drive down emissions across Chicago.”
Neighborhoods on the south and west sides of Chicago experience a disproportionate amount of air pollution and diesel emissions, largely due to vehicle emissions according to CDOT. Despite that, most of Chicago’s public charging stations are clustered in higher-income areas while just 7.8% are in environmental justice neighborhoods that face higher environmental burdens.
“Too often, communities facing the greatest economic and transportation barriers also experience the most air pollution,” explains Chicago Mayor Brandon Johnson. “By prioritizing investments in historically underserved areas and making clean transportation options more affordable and accessible, we can improve both mobility and public health.”
The Framework identifies other near-term policy objectives, as well – such as streamlining the EV charger installation process for businesses and residents and implementing “Low-Emission Zones” in areas disproportionately impacted by air pollution by limiting, or even restricting, access to conventional medium- and heavy-duty vehicles during peak hours.
The Chicago Moves Electric Framework includes the installation of Level 2 and DC fast charging stations in public locations such as libraries and Chicago’s Midway Airport, “supporting not only personal EVs but also electric taxis, ride-hail and commercial fleets.”
Chicago has a goal of installing 2,500 public passenger EV charging stations and electrifying the city’s entire municipal vehicle fleet by 2035.
Electrek’s Take
I hate to sound like a bed-wetting liberal here, guys, but Chicago is getting EVs absolutely right with big utility incentives on both vehicles and infrastructure, a governor willing to stand behind smart environmental policy, and a solid push for more and better infrastructure in the areas where they’ll do the most good. They’re even thinking of the children.
Here’s hoping more cities follow suit.
SOURCE: ComEd, via Smart Cities Dive; featured image by EVgo.
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With a fully-enclosed, G-Wagen-inspired body and an 80 mile electric range, the Bodo G-Wagon golf cart is the NEV you need when you decide it’s time to get serous one-upping the rest of the Palm Beach country clubbers.
If you love the look of the $230,000 Mercedes-Benz G580 off-roader, but think the 579 hp, 6,800 lb. electric 4×4 is probably overkill for occasional trips to the golf course and country club, this G-Wagen-inspired golf cart might be just what you’re looking for.
The shiny black 2024 Bodo G-Wagon sold at Mecum Auctions last month for $31,900, which seems like it might not be a lot of money to the sort of person who decides to take a flyer on a goofy, limited-use EV that ships with real, metal doors, power windows, heating and air conditioning, fully digital instrument cluster and infotainment, and a “posh,” caramel leather interior.
It even has windshield wipers, power steering, and a rear-seat entertainment system that’s built into the front headrests!
It’s really nice in there
Under the hood, the Bodo packs a 15 kW (20 hp) electric motor drawing power from a 10 kWh li-ion battery that won’t deliver a scorching 0-60 mph time (it only goes 35), but will deliver you and your buddies from one end of any golf course in North America and back several times over, thanks to the G-Wagon’s 80 mile range.
The official Mecum Auctions listing goes into a bit more detail, and I’ve included it here, in case it gets deleted after a while and you’re just finding this for the first time in 2027:
Be the envy of any country club or golf community showing up with this 2024 Bodo G-Wagon Golf Cart. Perhaps more appropriately known as an E-Wagon, this baby G-Wagon is powered by a 15kW motor with a 10kWh lithium battery. Boasting an 80-mile range and a 35 MPH top speed, the Bodo is an enclosed, luxury golf cart that pampers occupants with heating and air conditioning, rear-seat entertainment, power windows, power locks and a posh, caramel-colored interior. With the Bodo fitted with power steering and 4-wheel power disc brakes with brake boost, drivers will think they’re in a full-size G-Wagon, thanks to the multiscreen entertainment cluster, the rearview camera, windshield wipers, turn signals, running lights and so much more.
Finished in black with the right amount of brightwork, the overall vibe is one of jaw-dropping, smile-inducing fun. While the Bodo would be an excellent choice for any golf community, it should also prove to be hugely popular around a race track or car condo community as well, or maybe even a neighborhood with its own airplane runways. Over the past decade in particular, the demand for unique, luxury golf carts has been on the rise, and understandably so. The number of luxury communities with specific interests in sports, aero and auto has also been on the rise, with people buying homes in these exclusive locations to better engage with like-minded people. All too often a golf cart is the perfect way to get around these gated neighborhoods, and this one is enclosed, comes with the amenities of a full-size car and is infinitely more stylish.
You can check out a few more photos of the 2024 Bodo G-Wagon golf cart that sold at Mecum, below – and if you want one for yourself, you’re in luck! I found this brand-new 2025 “G600 E-Wagon” (in white) for $23,900 at Gulf Carts in Santa Rosa Beach, Florida. Head on down to the comments and let us know if you buy it.
G-Wagon golf cart gallery
SOURCE | LOTS MORE PHOTOS: Mecum Auctions.
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