Oil prices fell sharply in early asian trade on Wednesday, with both major benchmarks dropping more than 5% as traders reacted to signs of potential de-escalation in the Middle East conflict as well as a crude inventory build in the U.S.
India-flagged carriers loaded with liquefied petroleum gas (LPG) were passing through the Strait of Hormuz on Monday close to the Iranian coastline, in a sign that Iran is allowing some Indian vessels to transit the world’s most vital chokepoint for energy flows.
Europe’s gasoline exports have started to increasingly shift to Asia in recent weeks as the crude supply shock in the Middle East is tightening Asian fuel supply.
Japan is preparing to start releasing crude oil from stockpiles held jointly by the country and oil producers as well as national stocks
U.S. officials signaled an intensifying military campaign against Iran focused on securing access to the Strait of Hormuz, underscoring growing risks to global oil supply as the conflict enters its fourth week.
ADNOC CEO Sultan Al Jaber warned that disruption of the Strait of Hormuz represents a direct threat to global energy security, describing attempts to block the vital waterway as “economic terrorism” with far-reaching consequences for oil and gas markets.
Oil prices fell sharply, posting one of the largest intraday swings on record, after President Donald Trump said discussions to end the Iran conflict were underway, though Tehran denied any talks.
Saudi Aramco Chief Executive Officer Amin Nasser has withdrawn from a major energy conference in Houston, which gets underway Monday, as the situation in the Middle East remains volatile.
Saudi Arabia and Kuwait are attempting to press on with planned multibillion-dollar energy deals despite a widening conflict that’s seen Iran target oil and gas infrastructure across the Middle East over the past three weeks.
The Trump administration released TotalEnergies from $1 billion in offshore wind leases so the French energy giant can redirect those funds into oil and natural gas investments in the U.S.