Oil prices could climb as high as US$160 a barrel, or potentially even further, if disruption around the Strait of Hormuz persists and global inventories continue to fall, according to
Oil futures decline as Iran reaffirms its commitment to nuclear non-proliferation.
Oil futures edged lower after Iranian Foreign Minister Abbas Araqchi reaffirmed Tehran’s commitment to the nuclear Non-Proliferation Treaty.
Exxon finalizes £48bn acquisition to become the leading shale oil producer.
Exxon Mobil is set to acquire Pioneer Natural Resources in a deal valued at $59.5bn (£48.4bn), positioning it as the premier global shale oil producer.
Gas prices spike due to concerns over a potential sabotage-induced leak on subsea pipeline
UK gas prices experienced a sharp rise after Finland’s government suspected that a leak in an underwater pipeline resulted from “external interference”. Finnish President Sauli Niinisto announced that along with
UK gas prices have jumped to their highest level in four months after Israel field closure
UK gas prices have soared to a four-month peak following the shutdown of a major Israeli field in the Mediterranean Sea.
Gas prices rise as Israel halts production at Tamar field
European gas prices rose following Israel’s decision to halt production at its Tamar field due to the severe attacks originating from Gaza.
Crude prices rallied to as high as $89 a barrel on Monday
Crude oil prices reached as high as $89 a barrel on Monday. This rise is attributed to concerns that the attack by Hamas on Israel may escalate tensions in the
Overnight, bomb-carrying drones attacked an Iranian defense factory in central Isfahan
Isfahan blast occurred as a refinery fire broke out and a 5.9-magnitude earthquake hit.
Recession fears lead to oil falling to a new six-month low
After a brief respite, oil fell to a six-month low on Wednesday. This was after concerns over a possible global recession that could weaken demand outweighed a report showing lower
China has again made Saudi Arabia its top crude oil supplier, while Russian oil is down 9%
After being overtaken by Russia in December 2018, Saudi Arabia has reclaimed the top spot as China’s largest crude supplier. Russian shipments fell 9% due to a reduction in import
China has been importing Iranian oil under the radar despite violating U.S. sanctions
According to Vortexa Analytics, China has transferred nearly four million barrels of Iranian crude oil into its state reserve tanks in Zhanjiang’s southern port city. This was done over the
Despite Covid Concerns Oil Bulls Remain Confident
U.S. inventory dynamics provided significant support for crude prices this week, with commercial stocks falling to the lowest level since January 2020, and signs that tightening will continue.