(BOE Report) – At least four Asian refiners bought U.S. crude this week, as the Strait of Hormuz remained effectively closed and refiners sought alternative supplies for delivery later this year, traders said. Shipping traffic at the Strait of Hormuz fell below the average for this month towards the end of the week due to competing U.S. and Iran claims
(Investing) -HOUSTON- Brent crude oil climbed more than $1 a barrel on Friday over ongoing uncertainty about the negotiations in progress that determine control of, and reopen, the key shipping artery of the Strait of Hormuz. Brent crude futures settled at $83.55 a barrel, gaining $1.06, or 1.3%. West Texas Intermediate futures finished at $78.18 a barrel, up 89 cents, or
(Oil Price) – The United Arab Emirates has managed to boost its oil exports to pre-crisis levels as early as June, as it has kept pushing crude through the Strait of Hormuz and outside it. The UAE, which left OPEC on May 1, has found workarounds to the blockage at the Strait of Hormuz. It has been shuttling crude through
(BOE Report) – Oil prices fell on Monday, settling at their lowest levels in over a week, after the U.S. abruptly suspended a campaign of air strikes against Iran over the weekend, raising hopes of a diplomatic solution that would allow shipping to resume in the Strait of Hormuz. Brent crude futures fell $8.42, or 8.7%, to settle at $88.36
(Investing) – Oil prices advanced on Friday and were on track for sharp weekly gains, as escalating fighting between the United States and Iran kept traders focused on the risk of supply disruptions from the Middle East. As of 09:47 ET (13:47 GMT), Brent crude futures, the global oil benchmark, had risen 3.0% to $86.79 per barrel, while U.S. West Texas Intermediate (WTI)
(Oil Price) – Canada’s biggest oil sands producers, the Alberta provincial government, and the federal government have reached a new milestone in advancing the planned new West Coast pipeline that would move another 1 million barrels per day (bpd) of oil sands output from the top oil province to the British Columbia coast. The parties on Monday unveiled the backgrounder document of the
(BOE Report) – Iran has warned that its campaign to throttle global energy markets could be expanded from the Strait of Hormuz to the vital Red Sea route if U.S. attacks continue, a threat that depends on its Houthi allies in Yemen. This is why it matters and what it means for the Iran war and the global energy crisis:
(BOE Report) – Revived tanker movement through the Strait of Hormuz pushed U.S. crude prices below $70 a barrel briefly on Wednesday even though inventories at the country’s crude storage hub in Cushing, Oklahoma have dropped to their lowest in 12 years. Stocks of oil at Cushing fell to about 19 million barrels last week, the lowest level since 2014,
(World Oil) – Iran is shipping large amounts of oil that had previously been held back by a US blockade, a potential boost for Tehran after it signed an interim peace deal with Washington on Wednesday. A total of 11 tankers hauling a combined 20 MMbbl were detected leaving the Iranian port of Chabahar on the Gulf of Oman this
(World Oil) – Oil and LNG shipments through the Strait of Hormuz accelerated Thursday as the U.S.-Iran interim agreement began taking effect, with stranded cargoes leaving the Persian Gulf and producers testing the reopening of one of the world’s most important energy corridors. According to vessel-tracking data compiled by Bloomberg, four supertankers carrying approximately 8 million bbl of crude either exited
(Investing) – WASHINGTON – U.S. Vice President JD Vance said the 60-day window laid out in a memorandum of understanding approved by President Donald Trump and Iranian leaders begins on Thursday. “I would say the 60-day period officially started today,” Vance told reporters at a White House briefing. Asked what happens after the 60-day period in terms of governance of the
(By Oil & Gas 360) – The proposed sixty-day ceasefire between the United States and Iran with Pakistan as mediator has been greeted by energy markets with a sense of relief. Oil prices retreated from crisis levels, shipping companies began preparing for a gradual return to normal operations, and insurers started reassessing the elevated war-risk premiums that had accompanied weeks
