(BOE Report) – U.S. President Donald Trump on Tuesday said there were no conversations taking place with Iran, and none were scheduled, adding that the Strait of Hormuz was open. “There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran. The Naval Blockade remains in full force and effect. The Hormuz Strait is open
(Oil Price) – A cargo vessel was struck by an unknown projectile in the Strait of Hormuz early on Tuesday local time as risks of additional escalation in the region pushed Brent Crude oil prices above $91 per barrel. The United Kingdom Maritime Trade Operations (UKMTO), a Royal Navy-sponsored organization, said on Tuesday that it had received a report of an incident
(BOE Report) – The Strait of Hormuz will remain shut until the U.S. meets the conditions of an interim deal signed with Iran in June, the top Iranian negotiator Mohammad Baqer Qalibaf said in comments published by state media on Tuesday. These conditions include the U.S. liftingits blockade of Iranian ports, lifting oil sanctions,releasingTehran’s frozen assets, and ending threats and
(Oil Price) – Declarations by Iran and the U.S. earlier this week make the prospect of peace in the Middle East even more distant, driving crude oil prices higher. Meanwhile, the diesel crack spread in the U.S. topped $100 per barrel for the first time in history. At the time of writing, Brent crude was trading at $91.33 per barrel, with West Texas
(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
(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) – Brent crude futures, the global oil benchmark, had edged down 0.2% to $86.84 a barrel, while U.S. West Texas Intermediate crude futures had dipped 0.4% to $80.91 a barrel by 09:30 ET (13:30 GMT). Brent and WTI futures were trading up around 5% this week. The effective closure of the Strait of Hormuz has been a key point of support for
(Investing) – Oil prices edged up to a one-week high on Tuesday as doubts about a potential U.S.-Iran peace deal fueled concerns that Middle East supply disruptions would persist. Brent futures rose $1.19, or 1.4%, to settle at $88.91 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.07, or 1.3%, to settle at $83.20. Those were the highest closes for
(World Oil) – ADNOC released the following statement Friday addressing the impact of recent attacks on its vessels and operations amid continued disruption in the Strait of Hormuz: “ADNOC remains firmly focused on meeting customer requirements despite an exceptionally challenging environment. We continue to be significantly impacted by unprovoked attacks on our people and our assets. Since the beginning of the
(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
(Investing) – DUBAI/RIYADH – A proposed deal between Iran and Oman to help end five months of war between Iran and the United States would give Tehran control over ships entering the Gulf through the Strait of Hormuz, a senior Iranian source and two regional officials told Reuters on Wednesday, one of the biggest concessions yet to Iran. There was no
(BOE Report) – Goldman Sachs said on Tuesday it expects Brent crude to trade in an $80-$90 per barrel range until there is either confirmation of a new U.S.-Iran nuclear deal or a significant escalation of their conflict. The bank estimates spot Brent’s fair value at about $80 a barrel, suggesting markets are pricing in only a modest risk premium
