Major oil storage sites in Saudi Arabia are filling rapidly as the key export route through the Strait of Hormuz effectively remains closed to shipping, according to geospatial analytics company Kayrros. The Ju’aymah terminal on the country’s east coast “was quickly running out of spare capacity” as of March 1, Kayrros co-founder and chief analyst Antoine […]
Falling debris from an intercepted drone caused a major fire at the United Arab Emirates oil-trading hub of Fujairah, the latest in a series of incidents to affect energy facilities in the Middle East. Civil defense units are working to bring the blaze under control, the Fujairah Media Office said in a post on X. […]
Oil futures extended gains as the U.S.-Iran conflict widens and energy infrastructure across the Middle East comes under attack, according to Sasha Foss, Energy Analyst at CSC Commodities, a division of Marex. Front-month Brent crude rose $5.66/b to $83.40, with the prompt spread widening to $2.65/b, reflecting tightening near-term supply conditions. Foss said the biggest […]
Oil prices posted their largest single-day gain in four years as conflict in the Middle East disrupted tanker traffic through the Strait of Hormuz and heightened concerns about supply from one of the world’s most critical producing regions. Brent crude climbed roughly 9% after briefly topping $80/bbl, while diesel futures jumped more than 20% at […]
Oil market concerns over Middle East hostilities became almost exclusively focused over the past week on the Strait of Hormuz and the potential for short-term disruption. That’s what analysts at Standard Chartered Bank, including the company’s commodities research head Paul Horsnell, think, a new report sent to Rigzone by the Standard Chartered Bank team on […]
“And so what is going to happen is that Oman is not going to allow for a unilateral decision to just close that end completely again, like I pointed out, the Chinese had a lot of interest in terms of movements of goods and other services, or, eh, movements of goods more or less to the Chinese and other South Asian countries. And so they also have an interest in ensuring that the passage is not closed,” he said during a discussion on TV3 on Monday, June 23.