Global Economic Chiefs Warn of Lingering Energy Risks

Top global energy and economic forums warned Wednesday of high uncertainty and transit strains looming over energy markets, despite recent drops in fuel prices.

The heads of the International Energy Agency, International Monetary Fund, World Bank Group, and World Trade Organization convened on July 7 to assess the impact of war in the Middle East, according to the statement.

It further stated that while global economy has shown broad resilience to the conflict's shocks, the macroeconomic and supply impacts remain highly uneven across different regions.

The joint statement put a heavy emphasis on the necessity of freedom of navigation, explicitly calling for the definitive reopening and safeguarding of the Strait of Hormuz.

"However, uncertainty remains high, and the impacts of the war could linger," it added.

Meanwhile, US President Donald Trump recently said that as far as he is concerned, the interim MOU with Iran is "over," dismissing the fragile ceasefire accord as "a waste of time."

The two nations have since engaged in direct military exchanges while reportedly blaming each other for violating the terms of ceasefire in the crucial Strait of Hormuz.

Market Chatter: Qatari LNG Cargo Appears Secure After Tanker Strike Off Oman

A projectile strike left a Qatari liquefied natural gas tanker disabled near Oman's coast, though its cargo remained intact and the immediate threat of an explosion appeared limited, Reuters reported Wednesday, citing industry sources.The report said a fire continued in the engine room after the tanker was hit on its port side Tuesday, while the crew evacuated safely. Sources added that the vessel would likely remain stable unless another attack damaged it.At least four oil and gas tankers abandoned attempts to pass through the Strait of Hormuz, while the head of the United Nations shipping agency urged the warring parties to allow stranded vessels to evacuate.Ship-tracking data from LSEG and MarineTraffic showed a tugboat and a support vessel alongside the tanker near the entrance to the Strait of Hormuz as recovery efforts continued, according to the report. Qatar's Ministry of Foreign Affairs did not immediately reply to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

US Oil Update: Futures Surge as US Strikes Iran, Trump Declares Truce 'Over'

Crude futures settled higher in after-hours trading on Wednesday after the US military launched another round of strikes against Iran, and President Trump declared the interim ceasefire with Iran "over," stoking fears of supply disruptions through the Strait of Hormuz.Front-month West Texas Intermediate crude futures advanced 6.1% to $74.58 per barrel, while Brent futures rallied 7.3% to $79.45/bbl.On Wednesday, the US Central Command said the US military had launched fresh strikes against Iran, in response to Tehran attacking commercial vessels in or around the Strait. This marks the second straight day of US strikes against Iran."At the direction of the Commander in Chief, US Central Command forces have started conducting additional strikes against Iran to further degrade their ability to threaten freedom of navigation in the Strait of Hormuz," Centcom said in a social media post on X.The latest military assault came hours after Trump said he may no longer be interested in even trying to reach a deal with Iran, after he declared the recent ceasefire agreement between Washington and Tehran "over" amid renewed hostilities in the Middle East.Earlier on Wednesday, Centcom posted that over 20 naval warships were patrolling waters across the Middle East.Iranian Foreign Ministry spokesman Esmaeil Baqaei said that the memorandum of understanding between Iran and the US was not based on the "commitment for commitment" mechanism because there was no sign of good faith in the opposing side's behavior.Soojin Kim, research analyst at MUFG, said that the latest developments are likely to restore part of the geopolitical premium that had largely unwound in recent weeks, though the broader outlook will depend on whether the conflict escalates further or peace talks resume.Meanwhile, US commercial crude oil inventories increased by 3 million barrels to 411.4 mmbbls in the week ended July 3, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 6% below the five-year average for this time of year, the EIA said.Aegis Hedging strategists said in a Wednesday note that US crude stocks are now at a deficit of 14.70 mmbbls, or -3.4% to last year, and a deficit of 50.40 mmbbls, or -10.9% to the five-year average.

Global Economic Chiefs Warn of Lingering Energy Risks

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Market Chatter: Qatari LNG Cargo Appears Secure After Tanker Strike Off Oman

Trump Says US Strikes on Iran are 'Retribution' for Hormuz Ship Bombing; Warns of Harsher Response if Attacks Continue

US Oil Update: Futures Surge as US Strikes Iran, Trump Declares Truce 'Over'

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Oil & Energy16h ago
Market Chatter: Qatari LNG Cargo Appears Secure After Tanker Strike Off Oman
A projectile strike left a Qatari liquefied natural gas tanker disabled near Oman's coast, though its cargo remained intact and the immediate threat of an explosion appeared limited, Reuters reported Wednesday, citing industry sources.The report said a fire continued in the engine room after the tanker was hit on its port side Tuesday, while the crew evacuated safely. Sources added that the vessel would likely remain stable unless another attack damaged it.At least four oil and gas tankers abandoned attempts to pass through the Strait of Hormuz, while the head of the United Nations shipping agency urged the warring parties to allow stranded vessels to evacuate.Ship-tracking data from LSEG and MarineTraffic showed a tugboat and a support vessel alongside the tanker near the entrance to the Strait of Hormuz as recovery efforts continued, according to the report. Qatar's Ministry of Foreign Affairs did not immediately reply to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Oil & Energy16h ago
Trump Says US Strikes on Iran are 'Retribution' for Hormuz Ship Bombing; Warns of Harsher Response if Attacks Continue

Oil & Energy16h ago
US Oil Update: Futures Surge as US Strikes Iran, Trump Declares Truce 'Over'
Crude futures settled higher in after-hours trading on Wednesday after the US military launched another round of strikes against Iran, and President Trump declared the interim ceasefire with Iran "over," stoking fears of supply disruptions through the Strait of Hormuz.Front-month West Texas Intermediate crude futures advanced 6.1% to $74.58 per barrel, while Brent futures rallied 7.3% to $79.45/bbl.On Wednesday, the US Central Command said the US military had launched fresh strikes against Iran, in response to Tehran attacking commercial vessels in or around the Strait. This marks the second straight day of US strikes against Iran."At the direction of the Commander in Chief, US Central Command forces have started conducting additional strikes against Iran to further degrade their ability to threaten freedom of navigation in the Strait of Hormuz," Centcom said in a social media post on X.The latest military assault came hours after Trump said he may no longer be interested in even trying to reach a deal with Iran, after he declared the recent ceasefire agreement between Washington and Tehran "over" amid renewed hostilities in the Middle East.Earlier on Wednesday, Centcom posted that over 20 naval warships were patrolling waters across the Middle East.Iranian Foreign Ministry spokesman Esmaeil Baqaei said that the memorandum of understanding between Iran and the US was not based on the "commitment for commitment" mechanism because there was no sign of good faith in the opposing side's behavior.Soojin Kim, research analyst at MUFG, said that the latest developments are likely to restore part of the geopolitical premium that had largely unwound in recent weeks, though the broader outlook will depend on whether the conflict escalates further or peace talks resume.Meanwhile, US commercial crude oil inventories increased by 3 million barrels to 411.4 mmbbls in the week ended July 3, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 6% below the five-year average for this time of year, the EIA said.Aegis Hedging strategists said in a Wednesday note that US crude stocks are now at a deficit of 14.70 mmbbls, or -3.4% to last year, and a deficit of 50.40 mmbbls, or -10.9% to the five-year average.