Oil prices remained elevated Tuesday after President Donald Trump abandoned plans to impose a 20% transit fee on cargo moving through the Strait of Hormuz, while the U.S. intensified pressure on Iran by resuming its shipping blockade and launching a new round of military strikes.
The European Union failed to endorse a 21st sanctions package against Russia on Monday, putting the bloc at risk of undermining one of its key tools to restrict the Kremlin’s oil revenue.
Oil prices jumped by 4% in Asian trade on Monday, following a weekend of intense U.S. strikes on Iran, claims from Iran that the Strait of Hormuz is closed to traffic once again, and Iranian strikes on five U.S. allies in the region. Brent Crude futures surged by 4% to top $79 per barrel in Asian […]
The UAE’s biggest oil company is proposing a new pricing methodology for the sale of crude supplies to term customers, said people with direct knowledge of the matter, opting for an approach that’s more aligned with wider regional trading norms. Abu Dhabi National Oil Co.’s crude-marketing team has spoken with refiners and traders about the […]
Germany may be getting cold feet about ending its oil reserve waiver. Berlin said this week it is considering extending a temporary reduction in national oil stockpiling requirements beyond the current August 31 deadline, even as markets celebrate the U.S.-Iran agreement and the expected reopening of the Strait of Hormuz. Officially, Germany insists there are […]
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 oil market just did something remarkable
Oil prices plunged in early Monday trading in Asia after the U.S. and Iran announced a deal to reopen the Strait of Hormuz more than 100 days after its closure.
The Bank of Ghana Governor, Dr. Johnson Asiama, has expressed confidence that the country has built the required reserves to help withstand oil price shocks.
China’s export prices saw their biggest gain in three years in April as the oil price surge filtered through the goods manufactured in the world’s biggest exporter of goods