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Oil rose following a deadly attack on a Saudi oil field, raising concerns that escalating hostilities in the Middle East could hit supply even as exports through the Strait of Hormuz have accelerated in recent months.
Kuwait Petroleum Corporation CEO Sheikh Nawaf Al-Sabah said that company told customers that it would do 'everything possible' to ensure shipments of crude would continue despite the closure of the Strait of Hormuz. Al-Sabah said that the company has been able to produce over 2 million barrels a day and is looking into future pipelines to move crude. (Source: Bloomberg)
Oil wavered as traders weighed the prospect of an escalation in hostilities by Iran in the Strait of Hormuz against robust crude flows from the Persian Gulf.
Accelerating crude exports through the Strait of Hormuz aren’t translating into higher production of a dirty shipping fuel, according to a top Vitol Group executive, tightening supplies and sending prices soaring.
Oil edged higher as renewed strikes on Saudi Arabia’s main airport and a fresh tanker attack near the Strait of Hormuz raised the prospect that intensifying hostilities could exacerbate supply risks.
High energy prices continue to drive inflation and stoke anger among voters around the world. But with more crude oil flowing through the Strait of Hormuz, and governments releasing more emergency fuel stockpiles, how long will the energy crunch last?
In the heart of the Egyptian capital Cairo, within the labyrinthine streets of the Manshiyet Nasser district, nearly 120,000 residents process a third of the megacity's waste every day. Long marginalised, these informal recycling specialists are now undergoing a dramatic transformation due to geopolitical tensions in the Strait of Hormuz, through which polyethylene from the Gulf usually passes.
Gold traded near a nine-week low as fresh tensions in the Strait of Hormuz heightened war-driven inflation concerns and investors weighed prospects for at least one more US rate hike this year.
Oil steadied as traders weighed increased flows through the Strait of Hormuz against a pickup in Iranian attacks against vessels.
Gulf oil flows surge despite escalating ship attacks in the critical Strait of Hormuz energy corridor.
Kuwait is pumping oil at about 75% of the level it was at before the Iran war started as more tankers take the risk of navigating the Strait of Hormuz, the chief executive officer of the nation’s state oil company said.
Intercontinental Exchange Inc. said it would offer tanker derivatives contracts based on a route outside the Strait of Hormuz, as the oil shipping industry’s main benchmark continues to be upended by the Iran war.
Iraq’s state tanker company arranged a very large crude carrier to transport 2 million barrels beyond the Strait of Hormuz, marking a move toward offering oil outside the Persian Gulf.
The head of the world’s largest liquefied natural gas buyer expects disruptions to the Strait of Hormuz to persist, further curtailing flows from a region that accounted for about a fifth of global supply before the Middle East war.
Indian oil refiners are hiring tankers to sail through the Strait of Hormuz to pick up crude from within the Persian Gulf, a change of tactics to help them cut costs and secure their supply chains.
Crude flows through Hormuz have recovered, but tanker insurance costs and geopolitical risks remain barriers to a return to normality.
Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed Al Nahyan took the helm of a $300 billion sovereign wealth fund which has become central to building the infrastructure needed to override Iran’s stranglehold over the Strait of Hormuz. The fund is now likely to spend tens of billions of dollars more on new port infrastructure outside the embattled strait, people familiar with the matter said. Bloomberg's Alex Dooler reports. (Source: Bloomberg)
The continued blockade of the Strait of Hormuz has forced Iraq to look for alternatives to export its oil.
Brent crude rises more than 3 percent to top $107 a barrel as Washington dismisses Tehran's proposal to end war.
A selloff in Treasuries resumed Monday as oil rallied after President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, intensifying inflation concerns.
Oil rose as Iran stuck to a seven-day proposal for reopening the crucial Strait of Hormuz rejected by US President Donald Trump, threatening further delays in the reopening of the crucial waterway.
Libyan hydrocarbons are increasingly sought after. To take full advantage, the country needs a new economic strategy.
Bloomberg News Middle East reporter Dan Williams and Bloomberg Intelligence senior commodity strategist Mike McGlone are on Bloomberg This Weekend discussing President Donald Trump’s rejection of Iran’s latest proposal to reopen the Strait of Hormuz and restart negotiations, as the conflict continues to strain global energy markets. They tell hosts David Gura and Christina Ruffini that economic pressure could shape the next phase of diplomacy, while rising fuel costs and shifting US supply and Chinese demand remain critical factors for oil prices. (Source: Bloomberg)
Iran is looking for alternatives to export its oil as the US blockades its southern ports.
Get a jump start on the US trading day with Dani Burger on "Bloomberg Open Interest." Bonds stabilize after a brutal week, oil retreats as the U.S. and Iran explore a deal to reopen the Strait of Hormuz, and Anthropic signs another massive data center deal. Plus, Winners Alliance CEO Ahmad Nassar on unlocking tennis’ commercial potential, and State Street’s Anna Paglia on the retail ETF boom. (Source: Bloomberg)
Oil steadied as US and Iranian negotiators were said to be exploring a phased deal that would see Tehran reopen the Strait of Hormuz.
Oil headed for the longest losing streak in more than a year, as Saudi Arabia moved to restart a key pipeline and the US flagged progress in talks with Iran to end a war that’s rocked the Middle East since March. Mekala Krishnan, Partner at McKinsey Global Institute spoke to Bloomberg’s Abeer Abu Omar on Horizons Middle East & Africa about the disruption in the Strait of Hormuz and its impact on oil. (Source: Bloomberg)
Brent fell toward $99 a barrel, after tumbling over the previous four sessions. Oil erased earlier gains on a report that Iran could reopen the Strait of Hormuz if the US lifted a blockade of its ports. US President Donald Trump is set to address the United Nations General Assembly in New York later, and he may meet with his Iranian counterpart, Masoud Pezeshkian. Bloomberg's Will Kennedy breaks down the situation. (Source: Bloomberg)
Saudi Arabia’s observed oil loadings from inside the Persian Gulf jumped over the weekend, the clearest sign yet of how the kingdom has shifted its exports back toward the Strait of Hormuz following the shutdown of a key cross-country pipeline.