At the beginning of October, Saudi Arabia affirmed it would keep its voluntary oil production cut of 1 million barrels per day (bpd) until the end of the year and was in talks with the United States, which was brokering a deal on the normalization of Saudi-Israel relations. But the Hamas attack on Israel on …
Continue reading “Saudi Arabia About to change its Oil Strategy”
The United States Navy warship USS Carney, which is operating in the Middle East region, intercepted several missiles and drones fired from Yemen, Pentagon’s press secretary Pat Ryder said during a press briefing on Thursday. According to the official, the missile and drones were launched by Houthi militants. He added that it is still unclear …
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Oil prices dropped on Thursday after the United States announced it will temporarily suspend sanctions on Venezuelan energy exports. The US Treasury said the measures will be halted for six months following an agreement between Venezuelan President Nicolas Maduro and the opposition ahead of a possible election in 2024. Meanwhile, the US commercial crude oil …
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Commodity experts are now saying the oil markets have underpriced the risk of further escalation of the Israel-Hamas conflict. The price response to the escalation in the Middle East tensions has so far been modest. StanChart: Middle East geopolitical risk is currently being significantly under-priced and the current fundamentalsalone are enough to justify a complete …
Continue reading “The Risk Of A Middle East Oil Crises is REAL and The US has NO Oil Reserves”
Israel says it’s in talks with SpaceX on setting up Starlink internet services to bolster its wartime communications, ahead of its expected ground invasion in the Gaza Strip. The announcement comes as Israel goes to war with Hamas in Gaza, following a deadly cross-border invasion on Oct. 7 that killed more than 1,400 Israelis, mostly …
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Iran has called for a complete and immediate oil embargo on Israel as air strikes on the Gaza Strip continue. The calls came hours after a blast at a hospital in Gaza killed a reported 500 people, with both sides blaming each other for the blast. Oil prices climbed on Wednesday morning as rising tensions …
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Israeli Prime Minister Benjamin Netanyahu insisted on Tuesday that a deadly hospital strike in Gaza was carried out by “barbaric terrorists” and not the Israeli Defense Forces (IDF). In a post on X, formerly known as Twitter, Netanyahu underlined that “the whole world knows” who is to blame. “[Those] who brutally murder our children, also …
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It seemed crystal clear on Thursday: the IDF counter-invasion of Gaza would start either Friday or Saturday. The IDF had given certain deadlines for Palestinians to evacuate northern Gaza, with the deadlines expiring by midday Friday. The drum beat toward an invasion had started as early as Sunday-Monday and was only getting louder, with the …
The Israel-Hamas war will draw in militant groups from Lebanon or Syria and could prduce a direct conflict with Iran — creating more oil disruptions than financial markets currently think. Strategists are contemplating the potential ramifications of the conflict on financial markets, even as investors appeared to be relatively calm for now. Traders shook off …
Continue reading “Odds Are Israel-Hamas war spreads beyond Gaza, threatening oil supplies”
CAIRO — U.S. Secretary of State Antony Blinken faced stiff resistance from the Arab world’s most powerful strongmen on Sunday, trying to convince Egypt’s Abdel Fatah El-Sisi and Saudi Arabian Crown Prince Mohammed bin Salman to embrace Washington’s view of the Israel-Hamas conflict, despite deep public sympathies for the Palestinian cause in the respective countries. …
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