Saudi Aramco Chief Executive Amin Nasser has cancelled his planned appearance at the CERAWeek energy conference in Houston to remain in Saudi Arabia because of the Iran conflict, an industry source told Reuters. Nasser, who has been CEO of the world’s top oil exporter for more than a decade, is usually one of the headline …
The crude oil futures markets are still largely pricing for an early resolution to the conflict in the Middle East that results in the full re-opening of the Strait of Hormuz. But in pricing for this outcome the market is actually making it more likely the narrow waterway that serves as a conduit for as …
CRUDE OIL’S CATCH-22: Pricing for Trump TACO Trade Makes it Less Likely: Russell Read More »
Critical infrastructure and energy facilities in the Middle East could be “irreversibly destroyed” should Iranian power plants be targeted, Iran’s Parliament Speaker Mohammad Baqer Qalibaf said in comments posted on X on Sunday. His comments come after U.S. President Donald Trump warned that Iranian power plants would be targeted if the Strait of Hormuz is …
Iran will completely shut the strategic Strait of Hormuz if U.S. President Trump executes threats to target Iranian energy facilities, the country’s Revolutionary Guards said in a statement on Sunday. Trump on Saturday threatened to “obliterate” Iran’s power plants if Tehran did not fully reopen the Strait of Hormuz within 48-hours, suggesting a significant escalation …
Cuba’s national electric grid collapsed on Saturday for the second time in a week amid the U.S.-imposed oil blockade, officials announced, as the communist government struggles to keep the lights on for its 10 million people with decrepit infrastructure. “At 18:32 (2232 GMT), a total disconnection of the National Electric Power System occurred. We will …
Cuban Power Grid Collapses for Second Time in a Week Amid US Oil Blockade Read More »
Oil prices look set to rise further on Monday, having closed before the weekend at their highest in nearly four years, after U.S. and Iranian threats to target energy facilities, analysts said on Sunday. U.S. President Donald Trump on Saturday threatened to “obliterate” Iran’s power plants if Tehran did not fully reopen the Strait of …
Oil Prices Set to Rise Further on Monday as Mideast War Escalates Read More »
The EU has urged member states to lower natural-gas storage targets and start refilling reserves gradually to curb demand, as energy prices spike during the U.S.-Israeli war on Iran, the Financial Times reported on Saturday.Energy Commissioner Dan Jorgensen instructed member states to lower the filling target for their gas storage facilities to 80% of capacity, …
EU Urges Members to Cut Gas-Storage Targets Due to Iran War, FT Reports Read More »
The Trump administration waived sanctions on the purchase of Iranian oil at sea for 30 days on Friday in its latest attempt to ease oil prices that have been driven up by the U.S.-Israeli war on Iran. The waiver will bring some 140 million barrels of oil to global markets and help relieve pressure …
US Allows 30-Day Sale of Iran Oil at Sea in Bid to Tame Prices Read More »
The U.S. Energy Department said it had awarded contracts to loan 45.2 million barrels of crude oil from the Strategic Petroleum Reserve as of Friday. Companies that have been awarded the SPR contracts include BP Products North America, Gunvor USA, Marathon Petroleum and Shell Trading, the Energy Department said in a statement. The Trump administration is loaning …
US Loans 45.2 Million Barrels of Strategic Reserve Oil in First Batch Since Iran War Read More »
The Panama Canal is operating at top capacity with a daily passage of between 36 and 38 vessels, the waterway’s chief Ricaurte Vasquez told reporters on Friday, adding that the Iran war is boosting demand by owners and operators of liquefied natural gas tankers, particularly those loading at U.S. ports.The world’s second busiest waterway, which …
