In a Skandinaviska Enskilda Banken AB (SEB) report sent by the SEB team on Tuesday, SEB Chief Commodities Analyst Bjarne Schieldrop warned that “oil is Iran’s weapon of choice, and the U.S. gasoline pump is part of the battlefield” . “Iran’s Revolutionary Guard Corps last evening declared the Strait of Hormuz for closed and that …
United States President Donald Trump stressed on Tuesday that if Washington didn’t strike Iran’s nuclear sites in 2025, the country would have made “a very powerful nuclear weapon within one month.” Speaking to reporters, Trump insisted that Iran is “evil,” saying that its regime killed 35,000 of its citizens. “Iran is a bad seed. Something …
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Crude oil prices continued to surge on Tuesday due to supply risks driven by the Middle East conflict, with European benchmark Brent surpassing $85 per barrel for the first time since July 2024. Brent for deliveries in May jumped 7.19% and went for $84.85 per barrel at 6:23 am ET, while West Texas Intermediate (WTI) …
The Omani port of Duqm was targeted by several drones on Tuesday, with one of them hitting a fuel tank, according to the state news agency Oman Observer, citing security sources. The damage to the tanker was brought under control without any casualties, and the authorities condemned the attack, noting that “necessary measures” will be …
European natural gas prices experienced a surge on Tuesday, driven by a joint combination of factors stemming from escalating tensions in the Middle East. Following the start of US and Israeli attacks in the region, the Strait of Hormuz was formally closed and China issued urgent safety recommendations for vessels, while Qatari LNG exports remained …
Adhviser to the commander of Iran’s Revolutionary Guard Corps, Ebrahim Jabari, declared on Monday that the Strait of Hormuz has been officially closed amid the ongoing conflict between Iran and the United States. NN: Told you so.. buy more oil
Fitch Ratings shared in its latest release posted on Monday that it expects the Strait of Hormuz to be closed for the duration of the Middle East conflict, due to “direct physical blockage, [and] vessels being unable to secure insurance or other threat-related factors.” “Saudi Arabia and the UAE have pipelines that can allow much of …
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Oil prices jumped sharply in early trading on Monday as the war involving Iran escalated and traders priced in higher risks to regional supply and shipping. The surge comes as traders focus on the risk of disruption around the Strait of Hormuz and other key routes, where even the threat of delays can tighten supply …
Continue reading “Oil skyrockets 12% as Iran war intensifies”
Saudi Arabia confirmed on Monday that the Ras Tanura refinery suffered minor damage from debris after two drones were intercepted in the area. There were no casualties, according to the Defense Ministry. Saudi Arabia’s state news outlet, the Saudi Press Agency, said that some operational units at the refinery were shut down as a precaution, but …
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The Saudi Arabian authorities warned Iran on Sunday that the country “will do what is needed to protect [itself]” if the strikes on its territory continue. However, the kingdom provided no details on what its retaliation against Iran might look like. The Saudi Foreign Ministry previously denounced Iran’s actions, saying that the strike came “despite the …