Airstrikes push oil higher as U.S. keeps pumping

Oil prices are up an average 4.1% in the first two days of 2020 following U.S. military action in Iraq. Airstrikes targeting Iran-backed forces in the area threaten production that could spread should conflict escalate in the region. According to the most recent U.S. Department of Energy data, global production as of Aug. 31 was 82.5 million barrels per day, on par with its three-year average. U.S. production, however, has continued its general upward trajectory as the shale boom persists coupled with growing exports. U.S. oil production was about 15% of all global oil production.

FactSet Research Systems estimated in its most recent growth report that U.S. S&P 500 energy companies are poised for 21.4% earnings growth in 2020, ahead of the broad index's 9.6% estimated growth.