Oil prices fell about 5% for a second day in a row to a three-month low on Tuesday as details emerged of an interim deal to end the war in the Middle East and reopen the Strait of Hormuz, including an agreement allowing Iran to sell oil. Brent crude futures fell $4.21, or 5.1%, to settle at $78.96 […]
Europe has “maybe six weeks of jet fuel left”, the head of the International Energy Agency (IEA) has warned. Stocks would reach a tipping point in June if Europe was unable to replace at least half of its imports from the Middle East, the organisation said in a report this week. The Strait of Hormuz, […]
As the United States warned of a “counter-blockade” in the Strait of Hormuz, some oil tankers have begun turning around again. According to data from the London Stock Exchange Group, LSEG, and shipping data firm Kpler, verified by Reuters on the 13th, a Malta-flagged very large crude carrier (VLCC) *Agios Fanourios I* attempted to enter […]
Oil fell below $100 per barrel on Wednesday after U.S. President Donald Trump said he had agreed to a two-week ceasefire with Iran, subject to the immediate and safe reopening of the Strait of Hormuz. Brent fell $14.84, or 13.6%, to $94.43 a barrel, and WTI slid $16.13, or 14.3%, to $96.82 a barrel as of 0023 GMT. Trump’s turnaround came […]
Oil prices continued to rise on Thursday despite major countries agreeing to release a record amount of oil from their emergency reserves as they try to curb the impact of the Iran war. Brent crude rose by almost 9% to top $100 ($74.79) a barrel in Asia trading even after all 32 members of the International […]
Brent oil prices are set to trade above $95 a barrel over the next two months as the Iran war disrupts supplies, before falling to around $70 by the end of the year, the Energy Information Administration said on Tuesday in a monthly report. Oil shipments have been largely blocked from using the Strait of […]
