World Oil (Bloomberg) – A drone strike that killed U.S. troops in Jordan and a separate attack on a fuel tanker in the Red Sea have led to an escalation of tensions in the region key to energy production and global trade. The White House blamed Iranian-backed militias for the assault on U.S. soldiers, which was denied by Tehran, while
World Oil (Bloomberg) – Saudi Aramco, the world’s largest oil company, is continuing to send tanker loads of crude and fuels through the southern Red Sea, where Houthi militants have for months been menacing merchant ships in response to the Israel-Hamas war in Gaza. “We’re moving in the Red Sea with our oil and products cargoes,” Mohammed Al Qahtani, who
Oil Price Oil prices rose by more than 1% early on Thursday, buoyed by a larger-than-expected U.S. crude draw, Chinese stimulus, and continued attacks by the Houthis in and near the Red Sea. As of 10:50 a.m. ET on Thursday, the U.S. benchmark, WTI Crude, had risen by 1.53% to $76.00. The international benchmark, Brent Crude, was up by 1.36% at $80.95.
Oil Price The Iran-aligned Houthis fired late on Thursday two anti-ship ballistic missiles at a U.S.-owned chemical tanker in the Red Sea, the U.S. Central Command said in what it described as the third Houthi attack on a commercial vessel in three days. On Thursday evening local time, the Houthis launched two anti-ship ballistic missiles at the chemical tanker M/V Chem Ranger.
Oil Price Tankers carrying nearly 9 million barrels of oil from Saudi Arabia and Iraq will delay their deliveries as they have diverted away from the Red Sea/Suez Canal route in recent days, and are now headed on the longer route via Africa, Bloomberg vessel-tracking data showed on Friday. The tankers loaded crude oil and petroleum products at Saudi Arabia’s ports of
Nasdaq LONDON – Saudi Arabia’s cut in official crude oil selling prices to Asia reflects weaker fundamentals of supply and demand, and does not imply a looming shift in OPEC+ policy or a fight for market share, analysts and industry sources said. On Jan. 7, Saudi Arabia reduced the February official selling price (OSP) of its flagship Arab Light crude to Asia
Oil Price Hours after targeting a U.S. warship with a cruise missile in the Red Sea, Yemen’s Iran-backed Houthis fired a missile and struck a U.S.-owned merchant vessel in the Gulf of Aden, giving further momentum to the escalation of this conflict. Early on Monday, the Houthis fired a missile at the Marshall Islands-flagged bulk carrier, the Eagle Gibraltar, hitting
CNBC Oil prices slipped on Monday with traders watching out for supply disruption risk in the Middle East following strikes by U.S. and British forces to stop Houthi militia in Yemen from attacking ships in the Red Sea. Brent crude futures fell 31 cents, or 0.4%, to $77.98 a barrel by 0124 GMT after settling up 1.1% on Friday. U.S. West Texas Intermediate crude was at $72.36 a
Oil Price While oil prices have been struggling to move above $80 per barrel for weeks, some traders have bet on oil hitting as high as $110 a barrel in the early spring. It looks like some speculators are betting on a major escalation of the conflict in the Middle East in the coming months, considering the fact that fundamentals
Oil Price Iran and Iraq last week agreed to create a series of executive committees aimed at increasing cooperation in all areas of the energy sector and beyond. Given that the U.S. is now the world’s leading producer of crude oil, natural gas, and liquefied natural gas, many Americans may wonder why this matters. The answer is that the world
CNBC Oil rose around 1% on Wednesday in a second day of gains as Middle East supply concerns arising from the Israel-Hamas war and the shutdown of a top Libyan oilfield offset rising U.S. output and worries about economic growth. A report from industry group the American Petroleum Institute added further support as it showed a bigger-than-expected drop in crude
Investing LONDON – Oil prices rose on Tuesday as the Middle East crisis and a Libyan supply outage reduced the previous day’s heavy losses. Brent crude futures were up $1.07, or 1.41%, at $77.19 a barrel by 1515 GMT and U.S. West Texas Intermediate crude futures gained $1.12, or 1.58%, to $71.89. At their intra-day peaks both benchmarks were up by
