(World Oil) – UK Prime Minister Keir Starmer joined counterparts in Japan, Germany, France, Italy and the Netherlands in calling on Iran to stop attacks on energy sites and other civilian infrastructure and to end the shipping gridlock in the Strait of Hormuz. “We call on Iran to cease immediately its threats, laying of mines, drone and missile attacks and other attempts
(BOE Report) – Oil tankers are crossing the Strait of Hormuz and Iran’s actions to choke traffic through the shipping route have not hurt the U.S. economy, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration’s position that the war should be over in weeks, not months. “Already you’re seeing tankers are starting to dribble
(Oil Price) – Oil producers in the Arab Gulf have already lost at least $15.1 billion in oil and gas revenues since the start of the Middle East war, per estimates by commodities analytics firm Kpler cited by the Financial Times. The de facto closure of the Strait of Hormuz has choked off since March 1, millions of barrels per day of
(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
(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
(By Oil & Gas 360) – Escalating tensions involving Iran are raising new questions about the security of the Strait of Hormuz, one of the world’s most critical energy chokepoints, as military action intensifies and energy markets brace for potential supply disruptions. The United States has stepped up strikes against Iranian targets, widening the conflict and increasing uncertainty around the
(World Oil) – The largest oil producers in the Middle East Gulf have deepened production cuts and are already lowering output by a combined more than 5 million barrels per day (bpd) as the de facto halt to tanker traffic in the Strait of Hormuz has started to affect upstream production. As storage fills and crude has no way out of
(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,
(World Oil) – U.S. Energy Secretary Chris Wright sought to counter market warnings about an extended Middle East war, saying global energy supplies are sufficient and the surge in oil prices reflects a “fear premium” that won’t last. Wright joined President Donald Trump in arguing that the U.S.-Israeli war with Iran will only temporarily disrupt markets and ship traffic, saying the timeline “in
(World Oil) – The International Energy Agency said it sees no need yet to release emergency oil stockpiles amid the Middle East crisis, as global oil supplies are plentiful and the impact appears likely to be temporary. “All options are on the table, but there are no plans for a collective action at this stage,” IEA Executive Director Fatih Birol
(Investing) – Oil prices soared Friday, with Brent climbing above $90/bbl, after the release of weak U.S. jobs data, adding to previous gains as the escalating conflict in the Middle East raised concerns over global supply disruptions. At 09:30 ET (14:47 GMT), Brent Oil Futures expiring in May gained 6.6% to $91.10 per barrel, while West Texas Intermediate (WTI) crude futures gained 9.5%
