(Oil Price) – Oil prices have soared in recent months as a result of the almost complete closure of the Strait of Hormuz, a key trade corridor connecting Asia and Europe. High fossil fuel prices have helped to drive up the profits of oil and gas companies around the globe, particularly in the United States and Europe. As a few
(BOE Report) – Shipping through the Strait of Hormuz slowed over the weekend, data showed on Monday, following attacks on tankers, while U.S.-Iran talks to resolve the Middle East conflict stalled. Five commodity vessels transited the strait on Saturday, with none registered for Sunday, shiptracking data from Kpler showed, versus 31 in the prior weekend. Ships entering the strait on
(Oil Price) – Every week, the shopping lists of Iranians become shorter as inflation soars and purchasing power plunges. “As things disappear from the dining table, fruit goes first, then dairy products, then anything considered non-essential,” a woman in the Iranian capital, Tehran, said in an audio message sent to RFE/RL’s Radio Farda. “Ultimately, everything we buy is only essentials,
(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
(BOE Report) – U.S. shale producers are expected to report their strongest quarterly profits since 2022 after the Iran war sent crude prices soaring, with analysts expecting much of the windfall to be returned to shareholders rather than spent on expanding production. ConocoPhillips, Occidental Petroleum, EOG Resources, Diamondback Energy and Devon Energy are among the producers expected to post sharply stronger
(Oil Price) – Shipping traffic through the Strait of Hormuz slightly increased as US-Iran negotiations remained ongoing in an effort to restore peace after the memorandum of understanding collapsed amid two weeks of tit-for-tat strikes, according to Pakistan’s Foreign Ministry spokesperson Tahir Andrabi, who provided no further details. Still, the security situation in the Gulf deteriorated overnight after the US
(Investing) – Oil prices pared back earlier gains on Thursday, as investors weighed the impact of fresh U.S. strikes on Iranian targets and assessed data showing a drop in U.S. crude stockpiles. As of 06:10 ET (10:10 GMT), Brent crude futures, the global oil benchmark, had climbed 0.4% to $91.14 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were slightly higher
(Oil Price) – Oil prices surged more than 7% on Wednesday as renewed U.S.-Iran hostilities and fresh threats to shipping through the Bab el-Mandeb pushed WTI above $84 and Brent toward $90, confronting the Federal Reserve with another inflation shock just hours before one of its most uncertain interest-rate decisions in years. The rally accelerated after President Donald Trump vaguely told
(BOE Report) – Saudi Aramco has slashed its crude oil prices for Asia for August-loading cargoes, in a move that appeared to signal intent to regain market share and recover volumes after the Iran war. But even the record cut in the August official selling price (OSP) may not be enough as crude from rival Middle East producers, as well as
(BOE Report) – The world has absorbed with surprising ease the loss of over a billion barrels of oil supply since the Iran war began, but, with long-term peace elusive and buffer reserves now drained, it still faces the looming risk of future price spikes. Tehran’s throttling of the Strait of Hormuz in response to the U.S. and Israeli attacks
(World Oil) – India plans to build larger oil inventories, expand storage capacity and deepen supply partnerships to hedge against the kind of price volatility seen during the Iran war. “I’m not worried about it, but I have to prepare for it,” Oil Minister Hardeep Singh Puri told reporters in New Delhi on Thursday, replying to a question on whether
(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,
