(Investing) – Italy is not conducting negotiations with Iran to secure safe passage through the Strait of Hormuz for Italian vessels or oil tankers, an Italian foreign ministry source said on Friday. The statement contradicts a report published by the Financial Times suggesting such talks were taking place. “In their diplomatic contacts, Italian leaders want to favour the conditions for a
(Investing) – WASHINGTON – The Trump administration is considering waiving the century-old Jones Act for a limited period to ensure energy and agricultural shipments can move freely between U.S. ports, press secretary Karoline Leavitt said on Thursday, in a bid to combat Iran-related supply disruptions. “In the interest of national defense, the White House is considering waiving the Jones Act for
(BOE Report) – Iranian crude oil has continued to flow through the Strait of Hormuz at a near-normal pace even as Tehran-linked attacks on ships in the narrow waterway have decimated exports from other Gulf countries, a Reuters review of tanker tracking data showed. Iran has exported about 13.7 million barrels of crude oil since Israel and the U.S. launched
(Oil Price) – Oil markets are bracing for an even bigger potential price shock with Iran on Wednesday warning that crude could surge to $200 per barrel if the war involving the U.S. and Israel continues to destabilize the Middle East’s energy corridors. Ebrahim Zolfaqari, spokesperson for Iran’s Khatam al-Anbiya military command headquarters, warned the world to “get ready for oil to be
(BOE Report) – Saudi Arabia’s Aramco, the world’s top oil exporter, said on Tuesday that there would be “catastrophic consequences” for the world’s oil markets if the Iran war continues to disrupt shipping in the Strait of Hormuz. The disruption has not only upended the shipping and insurance sectors but also promises to have drastic domino effects on aviation, agriculture,
(Investing) – LONDON – Oil prices surged to more than $119 a barrel on Monday, hitting levels not seen since mid-2022, as some major producers cut supplies and fears of prolonged shipping disruption gripped the market due to the expanding U.S.-Israeli war with Iran. Brent crude futures were up $8.77, or 9.46%, at $101.46 per barrel at 1339 GMT, while U.S. West
(Oil Price) – The global LNG shipping market has turned sharply higher in recent days, with charter rates for modern LNG carriers surging from roughly $40,000 last week to around $300,000 per day as traders scramble to secure vessels amid escalating disruption in the Middle East. According to shipbroker Fearnleys’ latest weekly LNG report, cited by Riviera Maritime Media, daily spot charter
(By Oil & Gas 360) – Escalating tensions involving Iran are reverberating through global energy markets, as security concerns around the Strait of Hormuz push shipping costs sharply higher and raise questions about the reliability of one of the world’s most critical oil transit routes. Iran’s Islamic Revolutionary Guard Corps (IRGC) has taken on an expanded wartime leadership role inside
(World Oil) – Oil producers across the Middle East face a tense countdown as the Iran war blocks the region’s main export artery, filling the countries’ storage tanks and threatening output cuts if the situation persists. With shipping through the Strait of Hormuz suspended, Persian Gulf countries are having to stockpile the stranded supplies in storage tanks. Iraq — which has limited
(Investing) – The U.S.–Iran war widened on Wednesday after a U.S. strike hit an Iranian warship off Sri Lanka, deepening a crisis that has paralysed shipping through the Strait of Hormuz for a fifth day and choked off vital Middle East oil and gas flows. The U.S. submarine strike on the Iranian vessel came as U.S. President Donald Trump pledged to
(World Oil) – Oil futures extended gains as the U.S.-Iran conflict widens and energy infrastructure across the Middle East comes under attack, according to Sasha Foss, Energy Analyst at CSC Commodities, a division of Marex. Front-month Brent crude rose $5.66/b to $83.40, with the prompt spread widening to $2.65/b, reflecting tightening near-term supply conditions. Foss said the biggest risks to global
(BOE Report) – A proposal led by Canadian company South Bow to revive parts of the cancelled Keystone XL oil pipeline could increase Canada’s crude exports to the U.S. by more than 12%, if it gets a green light from U.S. President Donald Trump and additional links to U.S. refining hubs are built. The new proposal involves a different route
