Update: Brazil Extends 12% Crude Oil Export Tax for 60 Days

(Updates with additional details from Gecezx's statement throughout the copy.)

Brazil's Executive Management Committee of the Foreign Trade Chamber, or Gecex, on Thursday approved a 60-day extension for the continued application of a 12% export tax on crude oil, the committee said in an emailed response to.

According to Reuters, which reported the story earlier on Thursday, Gecex maintained a temporary measure introduced in March.

Reuters also reported that officials had recently signaled lower oil prices could justify easing or scrapping the levy, but ultimately decided to keep it in place.

Gecex toldthe temporary measure is intended to preserve stability in the oil market by ensuring adequate domestic refining conditions and protecting Brazil from potential fuel shortages.

The committee said the decision reflects a deterioration in the geopolitical situation in the Middle East, particularly renewed tensions around the Strait of Hormuz.

The measure will be reassessed after 30 days based on developments in international markets and their impact on oil and fuel supplies.

The full text of the resolutions is expected to be published later Thursday on the Camex website.

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.

Update: Brazil Extends 12% Crude Oil Export Tax for 60 Days

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

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Oil & Energy1d 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 & Energy1d ago
Trump Says US Strikes on Iran are 'Retribution' for Hormuz Ship Bombing; Warns of Harsher Response if Attacks Continue

Oil & Energy1d 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.