India, the world’s third-largest importer of oil and the second-largest buyer of liquefied petroleum gas, faced major disruptions due to restrictions on the Strait of Hormuz during the conflict between the US and Iran.
US negotiators Jared Kushner and Steve Witkoff had positive discussions with regional leaders in Qatar and technical talks with Iran are moving ahead, according to a senior administration official, as the countries seek to ease tensions in the wake of recent attacks that imperiled an already fragile ceasefire. The two Americans were in Doha as […]
India’s state oil refiners are planning to reduce their reliance on the Middle East following the supply shock of the Iran war, and will lean more heavily on alternative options including through spot-market purchases, according to people familiar with the matter. Processors are seeking to trim the volume they buy from producers in the Middle East under […]
Oil rose as traders assessed upcoming peace talks between the US and Iran following a weekend of flare-ups over the Strait of Hormuz that served as a reminder of the fragility of their truce. West Texas Intermediate rose more than 2% to settle near $71 a barrel. Brent settled up 1.6%. Both Tehran and Washington […]
Iran is shipping large amounts of oil that had previously been held back by a US blockade, a potential boost for Tehran after it signed an interim peace deal with Washington on Wednesday. A total of 11 tankers hauling a combined 20 MMbbl were detected leaving the Iranian port of Chabahar on the Gulf of […]
Millions of barrels of crude oil continued moving through the Strait of Hormuz over the weekend despite Iran’s announcement that it had closed the critical waterway, highlighting growing uncertainty over the actual status of the world’s most important oil transit route. Vessel-tracking data showed several laden supertankers transiting Hormuz on Saturday and Sunday, carrying crude […]
Tankers carrying a total of 80 million barrels of crude are preparing to move through the Strait of Hormuz after the signing of the preliminary deal between the United States and Iran, Bloomberg reported today, citing data from Vortexa. The crude is on 40 tankers, of which 21 will be heading for Asia, with five going to […]
Oil prices began to climb once again in early Asian trade on Friday due to uncertainty over the outcome of peace talks between the United States and Iran after Switzerland confirmed the talks had been postponed. At the time of writing, Brent crude had climbed back above $80 per barrel while West Texas Intermediate had risen to $76.28. Reuters reported on […]
The U.S. and Iran say they have reached a deal to reopen the Strait of Hormuz, setting the stage for talks on Tehran’s nuclear program and potentially ending a conflict that disrupted global energy markets and raised concerns over oil supplies.
The Strait of Hormuz will ultimately reopen but Iran and Oman will set new conditions for passage, including transit fees, Kazem Jalali, Iran’s Ambassador to Russia, told Russian daily Izvestia in an interview on Monday.