Mounting miscalculations and a retreat to narrow self-interest by major countries, including the United States and China, are threatening to turn the current conflict in Iran into a global crisis for the supply of refined oil products. Much of the media focus tends to be on the price of crude oil, with benchmark Brent crude …
Summary Brent, WTI hit highest levels since July 2022 Brent jumps as much as 29%, WTI surges up to 31% Iraq, Kuwait cut oil output Iran names hardliner Mojtaba Khamenei as new supreme leader (Reuters) – Oil prices surged over $119 a barrel, hitting levels not seen since mid-2022, on Monday as some major …
Ron Wallace and Tammy Nemeth “Investors can’t ignore the commercial constraints imposed by the MoU. My concern is that the MoU does not address the key federal barriers that preclude a free-market approach to the energy industry. Key federal barriers have become conditional, reversible, or deferred.” Bryan Gould, Executive Chairman Aspenleaf Energy. As …
Iraqi oil production from its main southern oilfields has fallen by 70% to just 1.3 million barrels per day as the country is unable to export oil via the Strait of Hormuz due to the Iran war, three industry sources said on Sunday. Production from the fields stood at around 4.3 million bpd before the …
Iraqi Oil Production Collapses as Hormuz Still Blocked by US-Iran War Read More »
Trump administration officials on Sunday defended a decision to temporarily lift some sanctions on Russian oil and predicted that a sharp increase in gasoline prices resulting from the Iran war would last only weeks. Appearing on multiple TV talk shows, Energy Secretary Chris Wright and U.S. Ambassador to the United Nations Mike Waltz said a …
(Reuters) – U.S. crude futures rose more than 20% in early trade on Monday, hitting their highest since July 2022, as the expanding U.S.-Israeli war with Iran fuelled fears of tighter supply and prolonged disruptions to shipments through the Strait of Hormuz. U.S. West Texas Intermediate (WTI) crude futures gained as much as $20.34 a …
Goldman Sachs said oil prices are likely to exceed $100 per barrel next week if no signs of a solution emerge to the severe disruption in flows through the Strait of Hormuz, warning that upside risks to its base-case forecast are rapidly growing further. The bank said it plans to revisit its oil price forecast …
Goldman Sachs Warns Oil May Surge Above $100/bbl if Hormuz Flows Don’t Recover Read More »
The White House is asking federal agencies to step up efforts to address soaring energy prices from the Iran conflict, signaling a concern that steps taken so far may not be enough, according to two people familiar with the matter. Senior officials have asked the departments of Energy, Transportation and Treasury and the Environmental Protection …
White House Seeks Bolder Action on Energy Prices Amid Iran Conflict Read More »
The war with Iran could leave consumers and businesses worldwide facing weeks or months of higher fuel prices even if the week-old conflict ends quickly, as suppliers grapple with damaged facilities, disrupted logistics, and elevated risks to shipping. The outlook poses a wider global economic threat, as well as a political vulnerability for U.S. President …
Iran War Threatens a Prolonged Hit to Global Energy Markets Read More »
(Reuters) – Treasury Secretary Scott Bessent on Friday said the United States could remove sanctions from more Russian oil, a day after Washington issued a 30-day waiver allowing the sale of Russian crude currently stranded at sea to continue to India. “We may unsanction other Russian oil,” Bessent told Fox Business’ “Kudlow” program. “There are …
US Could Lift Sanctions on More Russian Oil, Says Bessent Read More »
