Oil prices approached $92 per barrel in early trading on Wednesday amid escalating tensions in the Middle East. US President Donald Trump stated that the US is not in discussions with Iran, heightening concerns over supply, despite his assurance that the Strait of Hormuz remains open for traffic. Brent crude futures increased by 57 cents, Read More
Oil prices surged past $91 per barrel in early trading on Tuesday, as optimism for a resolution to the conflict in the Middle East waned. Iran announced a shift toward a more aggressive posture, while the United States dismissed the possibility of extending a ceasefire agreement, heightening concerns regarding energy supply. Brent crude futures increased Read More
Oil prices declined for a second consecutive session on Friday, despite the United States’ threat to maintain a naval blockade of Iran indefinitely, which has reignited concerns regarding crude supplies. The decision was made a day following a decline in oil prices attributed to a less optimistic forecast for global demand. Brent crude futures experienced Read More
Oil prices continued to rise on Wednesday amid uncertainty surrounding a potential US-Iran peace agreement and new assaults on shipping, which heightened concerns over additional supply disruptions in the Middle East. The rise occurred notwithstanding industry data indicating a growth in US crude inventories. Brent crude futures increased by 72 cents, or 0.81%, reaching $89.63, Read More
Oil prices increased on Monday as market uncertainty regarding the reopening of the Strait of Hormuz reemerged. Iran announced that a deal with Oman to establish new shipping lanes is nearing completion; however, it emphasised that the United States must fulfilll further conditions prior to the reopening of the waterway. Brent crude futures increased by Read More
Oil prices extended losses on Friday as investors evaluated Saudi Arabia’s proposal to spearhead a multinational maritime defence coalition designed to enhance security along critical Red Sea shipping routes. Saudi Arabia is aiming to lead a coalition focused on strengthening defence collaboration in the Bab El-Mandeb Strait, the Red Sea, and the Gulf of Aden. Read More
Oil prices relinquished a portion of their recent gains on Thursday, as oil tankers persisted in their departures from the Middle East, despite the intensifying tensions in the region, with the U.S.-Iran conflict extending beyond its primary battlegrounds. Brent futures declined by $1.29, representing a decrease of 1.42%, settling at $89.45 per barrel as of Read More
Oil prices were on track for a weekly increase on Friday, as assaults by Houthis on tankers in the Red Sea heightened apprehensions regarding a potential closure of another vital shipping corridor. Simultaneously, Kazakhstan implemented a temporary reduction in oil production following the closure of its primary export route. Brent futures declined by 81 cents, Read More
Oil prices experienced a slight increase on Friday as tensions escalated between the U.S. and Iran, resulting in intensified attacks across the Gulf. The deteriorating truce has constrained oil flows from the Strait of Hormuz, while Tehran has urged the Houthi movement to prepare for potential disruptions to the Red Sea export route. Brent crude Read More
Following further attacks by the United States, Iran expanded its military strikes to Gulf states, creating fears about the security of energy exports through the Strait of Hormuz. As a result, oil prices increased by more than 4% on Monday. Brent crude futures increased by $3.34, representing a 4.38% rise, reaching $79.5 per barrel. Meanwhile, Read More
