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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.
Tehran says reopening Strait of Hormuz has been its main goal, while the US continues to focus on nuclear talks.
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)
Iran's Foreign Minister Abbas Araghchi said Tehran expects Washington to respond to its proposal to reopen the Strait of Hormuz on Tuesday. In exchange for reopening the vital shipping route, Tehran is seeking guarantees including a regional ceasefire, the lifting of sanctions on its oil sector and an end to the US naval blockade.
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.
Abbas Araghchi's warning comes after Washington rejected a seven-day roadmap to end the war and reopen Strait of Hormuz.
US President Donald Trump said on Sunday he expected talks with Iran to resume next week, despite rejecting Tehran’s proposal for a seven-day truce followed by the reopening of the Strait of Hormuz. Trump has raised the possibility of renewed air strikes on Iran, but told Axios he anticipated further negotiations.
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.
There are fears of renewed fighting between the US and Iran, after President Trump rejected a deal.
Bloomberg White House correspondent and national security editor Michelle Jamrisko is on Bloomberg This Weekend discussing renewed US-Iran diplomacy after indirect talks in New York failed to overcome disagreements over sanctions, the US blockade and the Strait of Hormuz. Speaking with hosts David Gura and Christina Ruffini, Jamrisko says the two sides remain on different timelines and also examines questions surrounding Taiwan after President Donald Trump’s meeting with Chinese President Xi Jinping. (Source: Bloomberg)
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)