(Oil Price) – OPEC’s second-largest producer, Iraq, is offering huge discounts of up to $33.40 per barrel off the official selling prices for its crude that has to move through the Strait of Hormuz. Iraq’s oil production and exports have been severely crippled due to the hostilities in the Middle East and the de facto closure of the Strait of Hormuz, which
(Oil Price) – European benchmark natural gas prices erased an early 3% loss at Monday opening and were up by 1.3% in morning trade in Amsterdam, as the commodity markets watch with apprehension the latest U.S.-Iran standoff at the Strait of Hormuz. The front-month contract of the Dutch TTF Natural Gas Futures, the European benchmark for gas trading, was up by
(By Oil & Gas 360) – In just over 60 days, the Iran war didn’t just rattle markets; it physically removed a massive volume of oil from the global system, a shock that continues to ripple through pricing, logistics, and investor expectations and is now approaching a scale few thought possible. Since the conflict began in late February, more than
(Oil Price) – Asia’s LNG imports slumped in March to the lowest level in seven years for the month as the closed Strait of Hormuz trapped the supply and Qatar declared force majeure following Iranian missile strikes on its LNG infrastructure. Asian imports of liquefied natural gas dropped by 4.3% from a year earlier to 21.12 million tons in March
(Oil Price) – President Donald Trump posted on Truth Social Tuesday that Iran had “informed” his administration it was in a “state of collapse” and urgently wanted the Strait of Hormuz reopened. “Iran has just informed us that they are in a ‘State of Collapse.’ They want us to ‘Open the Hormuz Strait,’ as soon as possible, as they try
(Investing) – HOUSTON – Brent crude futures climbed more than $1 a barrel on Thursday following U.S. President Donald Trump’s threat to attack ships laying mines in the Strait of Hormuz, casting doubt on the survival of a ceasefire in the war with Iran. Brent crude futures were up $1.26, or 1.24%, to $103.17 a barrel at 9:19 a.m. CDT (1419 GMT)
(Investing) – The U.S. extension of the ceasefire with Iran has done little to restore oil and gas flows through the Strait of Hormuz, with Barclays warning that the scale of disruption remains significantly underpriced in both oil futures and energy equities. Analyst Lydia Rainforth stated in a note to clients that the Strait has now been closed to oil and
(Investing) – Wall Street pushed higher on Wednesday, as sentiment was helped by an extension to a ceasefire between the U.S. and Iran. President Donald Trump also hinted at more peace talks. Market participants were also looking past the Middle East conflict and focusing on the first quarter earnings season, which continues to gather momentum. Results from the Magnificent 7
(World Oil) – Kuwait declared force majeure on shipments of crude oil and refined products as the blockade of the Strait of Hormuz makes it impossible to meet obligations to customers that can’t bring vessels into the Persian Gulf. State-run Kuwait Petroleum Corp. notified customers Friday that it was invoking the contractual clause that allows a supplier to miss deliveries,
(BOE Report) – The annual rate of inflation accelerated to 2.4 per cent in March as the war in Iran sent fuel costs soaring, Statistics Canada said Monday. That’s a jump of more than half a percentage point from the headline inflation rate of 1.8 per cent in February, though economists had widely expected the March figures to come in
(By Oil & Gas 360) – Energy markets whipsawed again this week, moving from escalation to partial relief almost overnight. Prices surged on fears of a broader supply shock, then dropped sharply as signals emerged that the Strait of Hormuz would remain open, at least for now. Beneath the volatility, the bigger story is taking shape: supply chains are shifting, capital
(Investing) – Oil prices tumbled below $90 a barrel on Friday after Iran and the U.S. declared the Strait of Hormuz temporarily open, removing constraints on a critical shipping bottleneck that have sparked worries over a widespread inflation spike. Investors were also assessing a media report which said the U.S. was considering a $20 billion cash-for-uranium deal to end the war
