J.P. Morgan In a report sent this week by Natasha Kaneva, head of global commodities strategy, J.P. Morgan warned that Brent could average as much as $151 per barrel in the fourth quarter of this year if the Strait of Hormuz reopens on September 1. This figure was the highest in a table of J.P. …
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The Strait of Hormuz has emerged as the central battleground of the Iran conflict. The passage of a handful of oil and gas tankers in recent days, apparently with Tehran’s consent, hints at tacit acceptance of its control. This foreshadows a more dangerous phase in what is fast turning into a Hormuz war. Tehran’s near-complete closure …
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United States crude oil stockpiles, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 4.3 million barrels to 452.9 million barrels in the week ending May 8, the Energy Information Administration (EIA) revealed in its report on Wednesday. The country’s crude oil refinery inputs averaged 16.4 million barrels per day, up 369,000 barrels per …
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United States Energy Secretary Chris Wright said in a Senate testimony on Wednesday that Iran is “frighteningly close to” and a “small number of weeks away from” enriching uranium to a nuclear weapon-grade level, although he conceded that manufacturing a nuclear weapon would take some more time. Wright stated that Iran has “some 20% enriched …
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United States President Donald Trump stated on Monday that the Iran ceasefire is “unbelievably weak.” “I would say it is one of the weakest [ceasefires] – it’s on life support … I would say it’s on a massive life support,” the American leader told reporters. He also said that he did not “waste” his time …
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US President Donald Trump took to Truth Social on Sunday to accuse Iran of “playing games” and laughing at America for decades, while saying the country would soon be stopped, as a ceasefire in a war in the Middle East remains fragile. “For 47 years the Iranians have been ‘tapping’ us along, keeping us waiting, …
Iran submitted its response to the latest US proposal for a ceasefire through Pakistani mediators, the state-run Islamic Republic News Agency (IRNA) reported on Sunday. According to IRNA, the proposed framework would form the basis for negotiations aimed at bringing the more than two-month conflict to an end and does not include nuclear negotiations, contrary …
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Crude oil inventories in the United States decreased by 2.3 million barrels during the week ending May 1, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 457.2 million barrels, according to government data, which is still 1% above the five-year average for this …
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The rapidly shrinking stockpiles mean that the risk of even more extreme price spikes and shortages is getting ever-closer, leaving governments and industries with fewer options to cushion the impact of the loss of more than a billion barrels of supply, two months into the near-closure of the Strait of Hormuz. The sharp depletion will also mean the market …
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An oil slick was detected off Iran’s Kharg Island, a central hub for the country’s crude exports, The New York Times reported, citing satellite images. The alleged spill that caused the slick took place on the island’s western side and was estimated by Orbital EOS to cover more than 52 square kilometres, with over 3,000 …