Oil prices surged back above $100 a barrel in early Asian trade following the collapse of U.S.-Iran negotiations and Trump’s announcement that the U.S. would blockade the Strait of Hormuz. At the time of writing, West Texas Intermediate was trading at $105.30 per barrel, up 9.04%, while Brent had risen 8.55% to trade at $103.30. Both benchmarks remain roughly […]
Saudi Arabia’s East-West Pipeline, a critical artery bypassing the Strait of Hormuz, was reportedly hit in an Iranian drone attack on Wednesday, Reuters has reported. According to the report, a pumping station along the 1,200 km pipeline was struck by a drone early morning on Wednesday. Prior to the attack, the pipeline was pumping at its emergency capacity of 7 million barrels per day (bpd) to bypass the shuttered Strait of Hormuz
Oil and natural gas prices dropped sharply after the U.S. and Iran agreed to a two-week ceasefire aimed at halting the six-week conflict, though uncertainty persists over the timing of resumed flows through the Strait of Hormuz.
The US and Iran agreed to a two-week ceasefire in exchange for Tehran reopening the Strait of Hormuz, a last-ditch deal that averted President Donald Trump’s threatened escalation of the war.
President Donald Trump has suggested the United States may try to take over Iran’s oil the way it did with Venezuela’s, per a Financial Times interview.
Iran is maintaining oil exports near prewar levels and capturing higher prices as disruptions in the Strait of Hormuz constrain shipments from other Gulf producers. Exports are estimated at about 1.6 MMbpd in March, largely unchanged from before the conflict, with cargoes continuing to load at Kharg Island and transit the strait. That contrasts sharply […]
Iran has said that United States and Israeli strikes hit its South Pars natural gas field and associated infrastructure, Bloomberg reported on Wednesday.
The U.S.-Israeli war against Iran poses a fresh threat to Ghana’s inflation outlook through higher oil prices and tighter global financial conditions, even as the same geopolitical uncertainty is pushing up gold prices, the Bank of Ghana Governor said on Monday.
Oil prices surged sharply on Wednesday as the Iran conflict continued to disrupt flows through the Persian Gulf, with the global benchmark pulling decisively away from U.S. crude as the Brent-WTI spread widened to roughly $10 per barrel, signaling mounting stress in seaborne supply markets.
Iran has warned that oil and gas infrastructure across the Persian Gulf could become “legitimate targets” following a strike on its giant South Pars gas field, escalating concerns over regional supply disruptions and global energy market volatility.