Saudi Aramco reported stronger first-quarter earnings as higher crude prices and expanded pipeline exports helped offset disruption tied to the ongoing Strait of Hormuz crisis.
Traffic through the Strait of Hormuz remained largely frozen amid increasing tensions, as Iran attacked ships and the US started a plan to guide vessels out of the vital waterway.
President Donald Trump said the US will begin guiding some neutral ships trapped in the Persian Gulf out through the Strait of Hormuz starting Monday.
Asia’s LNG imports slumped in March to the lowest level in seven years for the month as the closed Strait of Hormuz trapped the supply and Qatar declared force majeure following Iranian missile strikes on its LNG infrastructure.
Oil prices rose Sunday after an Iranian official warned that the Strait of Hormuz will “under no circumstances” return to its previous state.
Oil rose as peace negotiations between the US and Iran stalled, with both sides using blockades of the vital Strait of Hormuz to try and gain leverage in a seven-week war that has upended global energy markets.
President Donald Trump said it’s “highly unlikely” he would extend the two-week ceasefire with Iran if a deal is not reached before it ends, and said the Strait of Hormuz would remain blocked until an agreement is finalized.
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.
Traffic through the Strait of Hormuz has climbed to its highest levels since the early days of the war, as more countries secure apparent safe-passage agreements with Iran.
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 […]