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EMEA Natural Gas Update: European Gas Declines Amid Expectations of Iran-Oman Hormuz Framework

European natural gas futures declined in after-hours trading on Friday as traders pared recent gains, although ongoing concerns over potential liquefied natural gas supply disruptions in the Middle East continued to underpin the market.Front-month Dutch TTF contracts fell 0.92% to 55.255 euros ($63.87) per megawatt hour, while UK NBP futures declined 0.96% to 135.600 British pence ($1.83) per therm.European gas markets remain focused on uncertainty surrounding LNG flows through the Strait of Hormuz. Continued disruption risks have kept global supply balances tight and complicated Europe's storage refill efforts, according to Trading Economics.Iran and Oman have reached a preliminary consensus on the Strait of Hormuz, though senior officials in both countries must still approve the proposal, Hassan Ghashghavi, spokesman for Iran's Parliament National Security and Foreign Policy Committee, said, according to Mehr News Agency.The two countries are awaiting a final agreement and joint statement outlining the proposed framework, a step that could ease disruptions around the strategic waterway, Mehr News Agency reported."The market is still hopeful about a new US-Iran deal, which could re-open Hormuz, but has to keep the fundamentally unhealthy situation in mind, in which the European gas market currently finds itself," Mind Energy analysts said in a Friday note.Latest data from Gas Infrastructure Europe showed inventories at 58.13%, down from 70.30% a year ago, with Germany at 47.62% and France at 58.71%.Traffic through the Strait of Hormuz remained subdued, with only 10 vessel transits recorded on Thursday, highlighting continued disruptions along a route that normally carries about one-fifth of global LNG flows, according to data from ShipFinder.While prices eased in after-hours trading, uncertainty over LNG exports from the Persian Gulf is expected to keep volatility elevated as traders assess the outlook for shipments through the Strait of Hormuz.

Oil & Energy1h ago

Market Chatter: Reliance Secures Iraqi Crude Cargo at Record Freight Rate

Reliance Industries booked a supertanker at a record freight rate to transport Iraqi crude, with the charter expected to cost about $23 million to $25 million, Reuters reported Friday, citing three shipping sources.The refiner booked the Sinokor-operated supertanker at a freight rate of about 1,200 World Scale to ship a 2 million-barrel cargo, while comparable voyages cost about $2 million before the conflict, according to the report.Reliance is expected to recover its higher shipping costs through steep crude discounts offered by Iraq's state oil marketer, SOMO, resulting in millions of dollars in savings on the cargo, the report said.Steep discounts have drawn interest from Indian and Chinese refiners, although shipowners remain reluctant to send vessels through the Strait. Reliance Industries and Sinokor 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 & Energy1h ago

Adnoc Says 3 More Vessels Attacked This Week, 15 Hit Since Conflict Began

UAE's Abu Dhabi National Oil Company said Friday that three of its vessels came under missile and drone attacks in the Strait of Hormuz this week, bringing the total number of its vessels targeted since the conflict began to 15.The strikes have left one crew member dead and 20 others injured, Adnoc said.The company said the attacks have continued as its vessels transited the Strait of Hormuz, adding that repeated strikes have disrupted operations during an exceptionally challenging operating environment.Adnoc said it remains focused on meeting customer requirements despite the ongoing attacks and continues to work with relevant authorities to protect its people, assets and operations while maintaining supplies."Freedom of navigation and the safe, uninterrupted passage of commercial shipping through international waterways must be respected and protected without threat, harassment or attack," it said.Over the past two months, Adnoc has kept crude exports flowing through the Strait of Hormuz by using its own fleet alongside chartered tankers, with many cargoes moving at night under military escort, according to a Bloomberg report.

Oil & Energy3h ago

EMEA Natural Gas Update: Futures Slide After Iran, Oman Agree on Hormuz Framework

European natural gas futures reversed gains from earlier in the day after Iran said it had agreed to a framework with Oman to reopen the Strait of Hormuz.The front-month Dutch TTF contract dropped 2.16% to 54.580 euros ($63.17) per megawatt-hour, while the front-month UK NBP contract declined 2.57% to 133.390 British pence ($1.79) per therm.Both Dutch TTF and UK Gas were sent to end the week down by 7.89% and 7.86%, respectively, according to Trading Economics.Hassan Ghashghavi, the spokesman for Iran's Parliament National Security and Foreign Policy Committee, said that Tehran and Muscat had reached a consensus on the Strait of Hormuz, pending final approval from higher official levels of both countries, according to a report by Iran's Mehr News Agency."We are waiting for both the final agreement and a joint statement that will clarify many of the general guidelines," Ghashghavi said, hinting at a potential end to disruptions along the Hormuz.Traffic through the strait, which accounted for one-fifth of global LNG flows, slipped to just 10 total transits on Thursday, according to ShipFinder.Daniel Hynes, a senior commodity strategist at ANZ, noted that the proposed deal still posed challenges for Oman's resumption of shipments through the Strait.This comes amid low gas inventories across Europe, at just 58.10%, compared to 70.30% during the corresponding period a year ago, according to Gas Infrastructure Europe.Inventories were also significantly below the five-year average for this period, at 74.6%, according to the Swiss Federal Office of Energy.

Oil & Energy3h ago

US Oil Update: Oil Retreats Toward 2nd Straight Weekly Loss on Hormuz Deal Hopes

Oil prices dipped on Friday as investors weighed signals that Gulf states and Iran were closing in on a deal to reopen the Strait of Hormuz under a temporary arrangement aimed at allowing for broader talks to bring the Iran war to a close.Brent crude futures fell 0.9% to $81.74 per barrel, while West Texas Intermediate crude futures fell 0.7% to $76.74/bbl. However, both the benchmarks were headed for second straight weekly losses of more than 9% each on a weekly basis.Reuters reported that a senior Iranian official stated Tehran is seeking fees of 5% to 7% of cargo value for ships using the strait, while Oman is discussing a 3% fee, and Washington continues to push for zero fees.The geopolitical gridlock was intensified by reports from Iranian state media regarding strikes on hostile targets in the strait, alongside Houthi claims of a large-scale attack against Yemen's Saudi-backed government forces.Despite these acute risks, ING maintained its forecast that flows will begin to normalize through the third quarter, projecting Brent will average $80/bbl for the period, though noting substantial ongoing uncertainty.Saudi Arabia slashed its official selling prices for almost all crude grades for September loading. Arab Light destined for Asian buyers was reduced by $0.50/bbl to a $2/bbl discount against the benchmark.ING analysts noted that the price cuts are a direct response to pressure from Asian buyers navigating longer, costlier shipping routes around Africa to safely bypass ongoing hazards in the Red Sea.

Oil & Energy3h ago

EMEA Oil Update: Crude Mixed Despite High Tension Over Strait of Hormuz

Oil prices were mixed on Friday as escalating friction over transit fees in the Strait of Hormuz dampened hopes for an imminent supply normalization, as consumers scrambled to gather energy supplies for the months ahead.Brent crude futures fell more than 1% to $81.67 per barrel, while Murban crude futures advanced by nearly 2% to $81.10/bbl. However, both benchmarks were headed for a second straight weekly loss."Crude oil gained as cracks appeared around the proposal to reopen the Strait of Hormuz," ANZ analysts noted.ING analysts noted that oil prices rallied earlier, taking Brent back above $82/bbl, and this strength continued into early morning trading.Developments over the past 24 hours demonstrated once again that negotiations between the US and Iran are unlikely to proceed smoothly, they said.A senior Iranian official said Iran wants to charge ships 5% to 7% of their cargo value to use the strait, while Oman is looking at a 3% fee, but Washington is pushing for free passage with no fees, Reuters reported.Geopolitical friction intensified as Iranian state media reported strikes on hostile targets in the Strait of Hormuz, alongside claims from Houthi militants of a large-scale attack against Yemen's Saudi-backed government forces."For now, we hold onto our view that flows will start to normalise through the third quarter, which leaves us expecting Brent to average $80/bbl this quarter. However, there's plenty of risk and uncertainty to this view," ING said.Saudi Arabia cut its official selling prices for almost all crude grades to all destinations for September loadings.Arab Light destined for Asia was reduced by $0.50/bbl to a $2/bbl discount against the benchmark, responding to pressure from Asian buyers navigating longer, costlier shipping routes around Africa to bypass Red Sea hazards, analysts said.

Oil & Energy3h ago

Vistra Q2 Electricity Generation Up YoY

Integrated retail electricity and power generation company Vistra (VST) Friday posted a year-over-year increase in Q2 electricity generation to 50.2 terawatt-hours from 45.6 TWh.Commercial availability of power generating facilities averaged 95.7% during the quarter, up from 91.8% a year earlier.Vistra's assets, consisting of combined-cycle gas turbines, nuclear power plants, coal power plants, solar farms, and battery storage, have a total net capacity of 43.82 gigawatts as of June 30.The company projects this year's adjusted capital expenditure to total $1.50 billion, up from the previous year's $1.31 billion.It has formed Helix Digital Infrastructure along with partners Nvidia (NVDA), KKR (KKR), and Kuwait Investment Authority, and has advanced the acquisition of Cogentrix Energy, the construction of two Permian Basin natural gas units, and the development of solar facilities.

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Oil & Energy6h ago

Abu Dhabi's Adnoc Buys 11 Vessels for $1.3 Billion

Adnoc Logistics & Services has added 11 vessels to its fleet in a $1.3 billion acquisition, it said on Friday, boosting its capacity to supply global markets.The additions include three very large gas carriers and six very large crude carriers for delivery in Q3, 2026 with two more VLGCs to be delivered in Q4.The acquisitions bring the VLCC fleet to 14 and VLGC fleet to 12, the company said in a statement.Nine of the vessels, six VLCCs and three VLGCs were purchased second hand and will enter service upon delivery in Q3, while two VLGCs were bought through a resale from a leading Chinese shipyard, with delivery in Q4.

Oil & Energy7h ago

EMEA Natural Gas Update: Futures Rise After Mixed Signals From US-Iran Talks Cloud Outlook

European natural gas futures edged higher on Friday as uncertainty surrounding US-Iran diplomatic efforts persisted amid mixed signals from both sides.The front-month Dutch TTF contract climbed 1.06% to 56.360 euros ($64.94) per megawatt-hour, while the front-month UK NBP contract rose 0.78% to 137.980 British pence ($1.85) per therm.On Thursday, US President Donald Trump said that the ongoing conflict with Iran was set to end "pretty soon," noting that talks with the country were progressing "very well," while addressing reporters from the Oval Office in Washington.Meanwhile, Iran's Parliament Speaker, Mohammad Bagher Ghalibaf, accused Trump of "theater diplomacy" in a post on X, as Tehran unveiled plans to block ships linked to the US, Israel and other "hostile countries" from transiting via the Strait of Hormuz, according to Iranian state media reports.This comes amid Tehran's ongoing negotiations with Oman, which involved plans to eliminate the "northern and southern corridors of the Strait," according to Iran's Fars News Agency.Traffic along the strategically crucial Strait, which accounted for one-fifth of global LNG flows, slipped to just 10 total transits on Thursday, according to ShipFinder.Daniel Hynes, a senior commodity strategist at ANZ, noted that the proposed deal still posed challenges for Oman to resume shipments along the Strait.This comes amid low gas inventories across Europe, at just 58.10%, compared to 70.30% during the corresponding period a year ago, according to Gas Infrastructure Europe.Inventories were also significantly below the five-year average for this period, at 74.6%, according to the Swiss Federal Office of Energy.

Oil & Energy8h ago

Kurdish Authorities Say Dana Gas, Crescent Violated Contract Over Gas Supply to Iraq

Iraq's Kurdistan Regional Government, or KRG, has accused Dana Gas and Crescent Petroleum of breaking their contract by failing to inform it of the start of gas supplies from the Khor Mor field to Iraq's Electricity Ministry, it said on Thursday.It is now planning to take appropriate measures to protect its contractual rights, it in a statement.The KRG said it was eventually informed at the same time as the publication of the companies' public announcement and said that the companies had acted unilaterally in arranging the supply to Iraq, in breach of their obligations.The statement said that this "represents an unwarranted interference in the institutional arrangements governing the relationship between the KRG and the Federal Government."Dana Gas and Crescent said a total of $4 billion had been invested in the Khor Mor field in Kurdistan and that they would supply 100 million standard cubic feet of gas from a related processing facility to Kirkuk Taza power station, initially for one year, to boost power supply.The Kurdish government said it worked in a spirit of cooperation with Iraq on the strengthening of energy security and has invested significant sums to that end, never opposing supply to Iraq via contractors who first seek approval.Neither Dana Gas nor Crescent had informed or liaised with the KRG in advance of the allocation to Iraq, it said."The operators' actions are particularly disappointing because the KRG has repeatedly requested additional gas supplies for facilities that had more demand for gas supplies and in which KRG has invested substantial public resources," the statement said."Those facilities were developed not only to strengthen electricity supply within the Kurdistan Region but also to expand electricity generation for the benefit of the people of the Kurdistan Region and Iraq. Instead of working with the KRG to achieve these shared objectives, the operators chose to proceed unilaterally."The statement ended saying that the KRG "rejects" the operators' "misleading"Aug. 4 public statement of thanks to the KRG for its support of these gas supplies, given this was never approved nor authorized.has contacted Dana Gas,

Oil & Energy9h ago

EMEA Oil Update: Oil Prices Extend Gains on Hormuz Reopening Doubts

Crude oil futures extended gains on Friday driven by growing skepticism over a potential Strait of Hormuz reopening and fresh regional tensions.Brent crude futures rose 1.2% to $83.46 per barrel, while Murban crude futures advanced by 2% to $81.10/bbl. However, both the benchmarks were headed for second straight weekly losses."Crude oil gained as cracks appeared around the proposal to reopen the Strait of Hormuz," ANZ analysts noted.ING analysts noted that oil prices rallied earlier, taking Brent back above $82/bbl, and this strength continued into early morning trading.Developments over the past 24 hours demonstrated once again that negotiations between the US and Iran are unlikely to proceed smoothly, ING said.Geopolitical friction intensified further as Iranian state media reported strikes on hostile targets in the Strait of Hormuz, alongside claims from Houthi militants of a large-scale attack against Yemen's Saudi-backed government forces."For now, we hold onto our view that flows will start to normalise through the third quarter, which leaves us expecting Brent to average $80/bbl this quarter. However, there's plenty of risk and uncertainty to this view," ING added.Weighing on broader market adjustments, Saudi Arabia cut its official selling prices for almost all crude grades to all destinations for September loadings.Arab Light destined for Asia was reduced by $0.50/bbl to a $2/bbl discount against the benchmark, responding to pressure from Asian buyers navigating longer, costlier shipping routes around Africa to bypass Red Sea hazards, analysts said.

Oil & Energy18h ago

US Oil Update: Crude Settles Higher as Markets Monitor Iran-Oman Hormuz Developments

Crude futures climbed almost up 5% in after-hours trade on Thursday as markets weighed hopes for a shipping corridor through the Strait of Hormuz with renewed uncertainty over potential restrictions on vessels using the strategic waterway.Front-month West Texas Intermediate crude futures climbed by 4% to $77.88 per barrel, while Brent futures advanced 4.8% to $83.25/bbl.Earlier on Thursday, Iran and Oman were reportedly close to finalizing a deal on shipping through the Strait, as both Iran and the US signaled that an agreement could be announced soon.On Wednesday, Iran's Foreign Ministry spokesman Esmaeil Baqaei said Iran and Oman had reached an understanding on the geographic coordinates for a shipping route through the Hormuz, and a joint announcement is being finalized.Baqaei said talks between Iran and Oman had been underway for the past two months to establish a safe passage mechanism for commercial vessels transiting the strategic waterway.Saxo Bank strategists said reports that Iran and Oman had agreed to establish a shipping corridor through the Hormuz marked a step toward reopening the strategic waterway and raised expectations of higher Middle East energy exports.Despite the potential for progress, uncertainty remained over access through the waterway.An Iranian lawmaker reportedly said a parliament committee was reviewing a preliminary bill to ban US, Israeli and other vessels deemed hostile from the Hormuz, and fine violators up to 20% or a fifth of cargo value.The restrictions would extend to "countries and individuals that have caused damage to Iran" until that harm is "compensated."ING strategists said that the real hinge point is the trajectory of US-Iran discussions, because meaningful progress there is essential before disrupted energy flows can realistically resume.Responding to questions from the press during a White House event on Thursday, President Donald Trump said the Strait of Hormuz was "sort of open right now."He added that the US naval blockade on Iranian ports remained firmly in place and that he was involved in negotiations, with a deal potentially coming soon.Adding to regional supply concerns, Yemen's Houthis launched attacks in central and eastern Yemen on Thursday, resulting in the death and injury of "hundreds" of internationally recognized government troops.The attack comes a day after the group attacked a Saudi oil tanker in the northern Red Sea off the coast of Yanbu.Houthi spokesperson Yahya Saree said that the Iran-aligned militant group plans to expand operations into the northern Red Sea after alleging that Saudi tankers had begun rerouting away from the Bab el-Mandeb Strait.Meanwhile, Iran reportedly warned Gulf states that any new US attack on its territory would trigger retaliation against critical energy infrastructure across the region.

Oil & Energy19h ago

Security Threats Keep Hormuz, Bab el-Mandeb Shipping Flow Subdued

Commercial vessel traffic through the Strait of Hormuz and the Bab el-Mandeb remained subdued as security threats from Iran and Yemen's Houthis continued to weigh on shipping, according to maritime agencies and shipping data released on Thursday.Traffic through the Strait of Hormuz remained below normal during the 48 hours to Aug. 6 following multiple incidents reported by the UK Maritime Trade Operations.Independent tracking data showed only single-digit tanker movements in both directions, indicating suppressed traffic, the UKMTO said.UKMTO said that Iranian forces continued activity targeting commercial shipping, including vessel hailing, unmanned aerial vehicle overflights and surveillance operations.The maritime safety agency said that the incidents underscored Tehran's continued effort to maintain a presence along strategic maritime routes and exert pressure on vessels operating through the waterway.Kinetic risks also remained elevated around the southern approaches to the Strait, particularly near Limah, Khasab and Kumzar off Oman, where projectile strikes and near-miss explosions were reported, according to the UKMTO.In the Strait of Hormuz, the US Central Command said in an X post on Thurday that its forces had redirected 48 commercial vessels, disabled two vessels and boarded two others as part of efforts to protect maritime traffic and respond to threats in the region as of Aug. 5.UKMTO said commercial traffic through the southern Red Sea and Bab el-Mandeb remained below normal levels following a July 20 announcement by Houthis restricting Saudi-flagged vessel movements."The reduction reflected a posture shift following previous confirmed Houthi attack on a Saudi-flagged tanker," the UKMTO said.In the northern Red Sea and Suez Canal, no confirmed attacks or operational disruptions were reported during the latest 48-hour monitoring period as of Aug. 6, while Suez Canal transits continued normally, the UKMTO said. However, elevated Global Navigation Satellite System interference around Yanbu persisted, though it had not affected shipping flows.Preliminary data for July 27 to Aug. 2 showed 266 transits, suggesting shipping traffic had stabilized following the initial decline, according to Lloyd's List Intelligence's Red Sea Brief for Aug. 6.Lloyd's List said vessel traffic through the Bab el-Mandeb Strait fell 24% after the Houthis imposed a maritime blockade on Saudi Arabia, although transit volumes have largely stabilized following the initial decline.Despite the disruption, Saudi crude exports continue through "lighter loadings, partial discharge operations, and use of the Sumed pipeline to bypass Suez draught restrictions," Lloyd's List said, noting that security risks remain elevated amid continued Houthi attacks.

Oil & Energy21h ago

Air Canada Aims to Launch Service to Lagos, Nigeria, in 2027

Air Canada (AC.TO) is working to obtain government approvals ahead of it launching scheduled service to Lagos, Nigeria, next year, the company said on Thursday.The federal government, earlier Thursday morning, announced an expanded air transport agreement between Canada and Nigeria that stipulated a capacity allowance of 14 weekly passenger flights and 10 weekly all-cargo flights for the airlines of each country."We welcome this expanded Air Transport Agreement and look forward to obtaining the necessary government approvals to begin service to Lagos, Nigeria in the coming year," said Mary-Jane Lorette, vice president of International Affairs at Air Canada.Air Canada shares were last seen down C$0.19 at C$26.39 on the Toronto Stock Exchange.Price: $26.39, Change: $-0.19, Percent Change: -0.73%

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Oil & Energy22h ago

Market Chatter: US Imports of Middle East Crude Surge to Highest Since Iran Conflict

US imports of Middle Eastern crude are on track to reach about 600,000 barrels per day in August, marking the highest level since the outbreak of the Iran conflict, Reuters reported on Thursday, citing shipping data.The surge followed a brief reopening of the Strait of Hormuz and the strategic rerouting of Saudi supplies through the Suez Canal, which facilitated a significant flow of barrels toward American ports.Nearly a dozen tankers loaded with Middle Eastern crude were en route to the US as refiners and traders moved swiftly to secure cargoes following a June memorandum of understanding between Washington and Tehran that helped free vessels trapped in the strategic waterway.The increase in arrivals is also being supported by Saudi Arabia's move to redirect more crude exports through its Red Sea terminal at Yanbu. The US Department of Energy 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 & Energy22h ago

Western Tanker Use in Russian Crude Trade Lifts Aframax Rates in July, Kpler Says

A growing number of Western-insured oil tankers carrying Russian crude helped lift regional shipping rates in July, although the market's strength may be short-lived as higher oil prices and geopolitical tensions weigh on demand, Kpler analyst Panagiotis Krontiras said in a Thursday note.Western-insured tankers increased their share of shipments from western Russian ports last month, while Russian crude exports also rose, creating stronger demand for Aframax tankers, a medium-sized class of oil tanker commonly used for regional crude shipments.According to Krontiras, Western-insured vessels accounted for 48% of western Russian crude exports in July, excluding Kazakhstan's Caspian Pipeline Consortium blend.The share carried specifically by Aframax tankers climbed to 40%, recovering from a low of 18% in December after Western sanctions tightened restrictions on Russian oil exports.At the same time, Russia exported more crude as Ukrainian drone attacks on Russian refineries reduced domestic processing, allowing more oil to be shipped overseas.Western-insured tankers transported about 615,000 barrels per day of Russian crude in July, equivalent to the employment of around 26 Aframax vessels.The increase in tanker demand helped push up freight rates across the North East Atlantic. Additional support came from higher crude exports from Libya and Egypt and increased cargoes from the Mediterranean, Kpler said.However, the rally has already begun to lose steam. Freight rates on a key regional route fell sharply in early August from late-July highs.Higher global oil prices have also pushed Russia's Urals crude above the G7 price cap, making it more difficult for Western-insured vessels to participate in Russian trades under sanctions.Kpler said future freight rates will depend on developments including the war in Ukraine, tensions in the Red Sea, oil prices and the availability of tankers. It added that an oversupply of Aframax vessels in the Atlantic market is likely to limit any sustained rise in shipping rates.

Oil & Energy23h ago

US Oil Update: Futures Rise as Markets Weigh Iran-Oman Talks, Shipping Risks

Crude futures edged higher in midday trade on Thursday as markets weighed the progress in Iran and Oman talks against renewed attacks by Yemen's Houthis that underscored persistent risks to shipping via the Red Sea.Front-month West Texas Intermediate crude futures climbed by 3.7% to $78.01 per barrel, while Brent futures advanced 4.4% to $82.94/bbl.Gelber & Associates said an unexpected 2.5-million-barrel increase in US crude inventories is pointing to softer near-term fundamentals.US commercial crude oil inventories increased by 2.5 million barrels to 407 mmbbls in the week ended July 31, the Energy Information Administration said in its weekly report on Wednesday. Crude inventories were about 6% below the five-year average for this time of year, the EIA said.The agency said that US fuel prices edged lower in early August as crude oil prices declined from late July levels, while gasoline and diesel prices remained elevated compared with a year earlier.The agency said that conventional regular gasoline fell to $3.226 per gallon on July 31, down from $3.338 the previous week, compared to $2.118 a year ago. Ultra-low sulfur diesel decreased to $4.161 per gallon from $4.233, up from $2.339 a year prior.Fueling the rally, Yemen's Houthis launched attacks in central and eastern Yemen on Thursday, resulting in the death and injury of "hundreds" of the internationally recognized government troops.The attack comes a day after the group attacked a Saudi oil tanker in the northern Red Sea off the coast of Yanbu.Saxo Bank strategists said that Iran and Oman agreed overnight to establish a shipping corridor through the Hormuz, a step towards reopening the strategic waterway that raised expectations of higher Middle East energy exports.Houthi spokesperson Yahya Saree said that the Iran-aligned militant group plans to expand operations into the northern Red Sea after alleging that Saudi tankers had begun rerouting away from the Bab el-Mandeb Strait.Meanwhile, Iran reportedly warned Gulf states that any new US attack on its territory would trigger retaliation against critical energy infrastructure across the region.The warning was delivered through a flurry of high-level diplomatic contacts after President Trump threatened on July 28 to strike Iran's energy network and infrastructure, according to media reports.ING strategists said that the real hinge point is the trajectory of US-Iran discussions, because meaningful progress there is essential before disrupted energy flows can realistically resume.Capping the gains, Iran and Oman on Wednesday reached an understanding on the geographic coordinates for a shipping route through the Hormuz, and a joint announcement is being finalized.The two countries that border the key energy chokepoint have been negotiating a plan for the management of maritime traffic through the Strait for the past two months.

Oil & Energy23h ago

EMEA Oil Update: Crude Gains as Markets Assess Iran-Oman Talks, Houthi Attacks

Crude futures climbed in after-hours trading on Thursday as markets remained cautious on the outcome of Iran-Oman talks, which could restore flows via the Strait of Hormuz, while Houthi attacks on Saudi tankers in the Red Sea and Gulf of Aden stoked supply disruption fears.Brent crude futures rose 3.9% to $82.52 per barrel, while Murban crude futures advanced by 2.5% to $79.91/bbl.Iran and Oman agreed to establish a shipping corridor through the Hormuz, a step towards reopening the strategic waterway that raised expectations of higher Middle East energy exports.Iran and Oman on Wednesday reached an understanding on the geographic coordinates for a shipping route through the Hormuz, and a joint announcement is being finalized.The two countries that border the key energy chokepoint have been negotiating a plan to manage maritime traffic through the strait since last month.Iran's Foreign Ministry spokesman Esmaeil Baghaei said talks between Iran and Oman had been underway for the past two months to establish a safe passage mechanism for commercial vessels transiting the strategic waterway.Gelber & Associates said that uncertainty surrounding the Iran-Oman negotiations is also preserving some geopolitical risk premium, although progress toward reopening the Strait of Hormuz is limiting the advance.On Wednesday, Yemen's Houthi rebels attacked a Saudi oil tanker in the northern Red Sea off the coast of Yanbu.Houthi spokesperson Yahya Saree said that the Iran-aligned militant group plans to expand operations into the northern Red Sea after alleging that Saudi tankers had begun rerouting away from the Bab el-Mandeb Strait.The Houthis also reportedly launched attacks in central and eastern Yemen on Thursday, resulting in the death and injury of "hundreds" of the internationally recognized government troops.Fueling bullish sentiment, Iran reportedly warned Gulf states that any new US attack on its territory would trigger retaliation against critical energy infrastructure across the region.The warning was delivered through a flurry of high-level diplomatic contacts after President Trump threatened on July 28 to strike Iran's energy network and infrastructure, according to media reports.Meanwhile, Trump repeated on Wednesday that a deal regarding the strait is imminent and that his administration is in contact with Iran.ING strategists said that the real hinge point is the trajectory of US-Iran discussions, because meaningful progress there is essential before disrupted energy flows can realistically resume.On the supply front, US commercial crude oil inventories increased by 2.5 million barrels to 407 mmbbls in the week ended July 31, the Energy Information Administration said in its weekly report on Wednesday. Crude inventories were about 6% below the five-year average for this time of year, the EIA said.

Oil & Energy1d ago

US Oil Update: Crude Rises Over 1% as Iran Warns Regional Neighbours Over US Strikes

Crude oil benchmarks rose over 1% on Thursday as markets weighed supply disruptions and unfinalized Iran-Oman shipping talks, compounded by reports that Tehran has warned Gulf states to dissuade Trump from launching new US strikes.Front-month West Texas Intermediate crude futures gained 1.2% to $76.08 per barrel, while Brent futures were up 1.6% to $80.73/bbl.Iran urged Gulf states to dissuade US President Donald Trump from launching new strikes, as any attack would prompt a retaliation against their critical assets, including energy infrastructure, electricity grids, water facilities, and transportation systems, Reuters reported Thursday.On Wednesday, Iran's Foreign Ministry spokesperson, Esmaeil Baqaei, stated that Iran and Oman are nearing a final understanding regarding a commercial shipping route through the Strait of Hormuz, according to a Ministry of Foreign Affairs Telegram post.The proposed framework would reportedly grant Tehran control over ships entering the Gulf through the strait."Looking ahead, oil markets are likely to stay conditioned by how diplomatic efforts evolve and any breakthroughs," said market analyst Ramy Zeytouni."Further progress toward a deal could open the way for prices to ease as supply prospects improve. Conversely, renewed escalation could quickly revive upside risk as constrained shipping keeps supply conditions tight," Zeytouni added.On the inventory front, the US Energy Information Administration reported that domestic commercial crude oil inventories increased by 2.5 million barrels to 407 million barrels for the week ending July 31.Meanwhile, Saudi Aramco lowered its September crude premiums, cutting Arab Light prices for Asian buyers by $0.50 to $2 per barrel below the Oman/Dubai average.To compensate for Middle Eastern supply losses stemming from the conflict involving Iran, Chinese refining giant Sinopec scaled up its Far East Russian oil imports.Sinopec secured 30 to 40 shipments of Russia's Eastern Siberia-Pacific Ocean crude for delivery between July and September.Concurrently, ongoing conflict prompted further disruptions as Ukraine struck two more Russian oil refineries overnight to choke off energy export revenues.Amid these volatile logistics, eight major international shipping associations submitted a joint petition urging the United Nations and the International Maritime Organization to reject any compulsory transit tolls or service fees in the Strait of Hormuz, warning that passage charges would violate international law and destabilize global markets.

Oil & Energy1d ago

Market Chatter: Iran Told Gulf States to Stop US's Strikes or Face Attack

Iran told Gulf states to dissuade US President Donald Trump from launching new strikes or face retaliation against their critical assets, including energy infrastructure, electricity grids, water facilities, and transportation systems, Reuters reported Thursday, citing sources.Iranian Foreign Minister Abbas Araqchi delivered the warning to his Saudi, Turkish and Qatari counterparts following Trump's July 28 warning of more attacks, sources told the news agency.Following the warning, Saudi Arabia, Qatar, and Oman urged the US to resume talks with Iran to prevent conflict escalation and further damage to critical infrastructure in the Gulf, Reuters said.Trump, on Aug. 2, cancelled the attack on Iran, provided a deal is reached "rapidly."Iran's foreign ministry and the White House did not immediately respond 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.)

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Oil & Energy23h ago