(Oil Price) – Saudi Aramco saw its adjusted net income jump by 33% for the second quarter from a year earlier as high oil prices and the oil giant’s ability to re-route most crude exports more than offset the constrained flows at the Strait of Hormuz. The state giant Aramco on Tuesday reported an adjusted net income of $33.385 billion for the
(Oil Price) – When Iran shut down the Strait of Hormuz, Saudi Arabia quickly redirected its oil flows to the Red Sea. Now, that route has become dangerous because of the Houthi blockade, so Saudi is rerouting to Egypt—and two LNG tankers in the Egyptian port of Damietta just got struck by drones. OPEC’s number-one is running out of options to
(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
(Oil Prices) – OPEC+ is preparing to approve one more production increase for September and then put the monthly quota parade on hold through the end of the year. Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman are expected to raise their combined September target by about 188,000 barrels per day when they meet on August 2, sources told Reuters.
(BOE Report) – The number of tankers crossing the Strait of Hormuz fell to just one on Thursday, the lowest level since May 7, according to shiptracking data, amid ongoing shipping risks in the Middle East and as oil prices surged back to $100 a barrel. Only one tanker crossed the Strait of Hormuz on July 23, compared with three
(Oil Price) – The national average price of gasoline in the United States topped $4 per gallon once again on Monday following the crude oil price rally of the past week amid the renewed hostilities in the Middle East and the fresh de facto closure of the Strait of Hormuz. As of July 20, the national average price for a gallon
(Investing) – LONDON – Oil transfers between tankers in waters outside the Strait of Hormuz have slowed following a wave of recent attacks on vessels by Iranian forces, according to satellite analysis and sources. Since the start of the Iran war in late February, ship-to-ship (STS) transfers between tankers have helped enable oil to leave the Gulf despite the threats to
(Investing) – Oil prices fell on Wednesday, shrugging off a new wave of U.S. attacks against Iranian military installations that aimed to limit Tehran’s ability to strike shipping in the Strait of Hormuz and taking heart from a smaller-than-expected drop in U.S. crude oil inventories. Brent futures fell $1.11, or 1.31%, to $83.62 a barrel at 10:43 a.m. CDT (1543 GMT). West Texas Intermediate
(BOE Report) – Oil prices rose nearly 3% on Tuesday to their highest in four weeks, as the U.S. reimposed its naval blockade of Iran while the two countries stepped up attacks in the Strait of Hormuz, heightening uncertainty about energy flows. Brent crude futures were last up $1.50, or 1.8%, to $84.80 per barrel at 0330 GMT, while U.S.
(Investing) – LONDON/SINGAPORE – The number of tankers transiting the Strait of Hormuz fell in the past day to the lowest level in two months, shipping data showed on Monday, as renewed strikes between the U.S. and Iran and attacks on vessels heightened safety concerns. Shipping industry sources said vessels were increasingly switching off their public AIS tracking transponders, making it
(Investing) – DUBAI – Daily tanker traffic in the Strait of Hormuz appeared to have slowed on Friday, after the U.S. and Iran exchanged hostilities this week and renewed their arguments over who was in control of passage through the critical waterway. The attacks renewed concerns about the recovery of global oil supplies and shipping, and highlighted the fragility of an
(World Oil) – The United States and Iran exchanged a second round of military strikes Thursday, escalating tensions in the Persian Gulf and further disrupting commercial shipping through the Strait of Hormuz. U.S. Central Command (CENTCOM) said it struck about 90 Iranian targets overnight—following roughly 80 targets hit the previous day—to further degrade Tehran’s ability to threaten commercial vessels transiting
