Financial News · Live Terminal

Page 17 of 23

Iran Reportedly Halts Petrochemical Exports Following Israeli Attacks

Iran has suspended exports of all petrochemical products to prioritize domestic needs and curb price volatility, following Israeli attacks on its petrochemical facilities, according to multiple media outlets.The Supreme National Security Council has reportedly issued a directive to ban exports until further notice to prevent a shortage of raw materials used by the downstream industry.The export suspension was first reported by Iranian news agencies, citing a letter from a senior National Petrochemical Company official to the chief executives of petrochemical complexes.Israeli strikes on Apr. 4 and 6 have damaged pipelines and power supply at key petrochemical production hubs in Asaluyeh and Mahshahr, ICIS reported.Despite supply disruptions and rising global prices, the government has kept domestic petrochemical prices at pre-war levels to support consumers, Reuters reported.The instruction to cease petrochemical exports followed the US blockade of the Strait of Hormuz, which began on Apr. 13. The blockade aims to curtail Iran's exports.National Petrochemical Company did not immediately respond to' request for comment.Iran is a major producer of chemicals such as methanol, ammonia, urea, plastics and polymers, and reportedly exports about 29 million metric tons of petrochemical products annually.

Oil & Energy23d ago

EU Approves $4.9 Billion Aid to Shield Industry From Power Costs

The European Union has approved state aid schemes for Bulgaria, Germany and Slovenia to provide temporary electricity price relief for energy-intensive industries, the European Commission said on Thursday.The measures, cleared under the Clean Industrial Deal State Aid Framework, will offer financial support totaling 334 million euros ($393 million) in Bulgaria, 3.8 billion euros in Germany and 90 million euros in Slovenia.The Commission said the measures are designed to compensate companies in energy-intensive sectors for part of their electricity costs over the next three years, supporting their continued competitiveness while facing higher energy prices.The support will be limited to industries considered at risk of relocating production outside the EU to regions with weaker environmental standards.The EU executive board said that to qualify, companies must reinvest at least 50% of the aid received into decarbonization measures, such as upgrading assets to reduce electricity system costs without increasing fossil fuel use.The schemes meet CISAF requirements, including a minimum electricity price threshold of 50 euros per megawatt-hour and a maximum support duration of three years.Under the scheme, Bulgaria's scheme will run from July 2025 to June 2028, with aid delivered through electricity suppliers via discounts on monthly bills.Germany's program, running from January 2026 to December 2028, will allow companies to claim payments annually based on verified consumption and wholesale power prices. Slovenia's scheme, covering the same period, will disburse aid twice a year based on projected consumption.The Commission said the measures were "necessary, appropriate and proportionate" to support industrial activity while advancing climate goals, in line with EU state aid rules.The CISAF, adopted in June 2025, allows member states to support key sectors in the green transition, including renewable energy deployment, industrial decarbonization, and clean technology manufacturing.It also enables temporary relief on electricity prices to prevent companies from shifting operations abroad before Europe's energy transition delivers structurally lower power costs.Earlier this week, the Commission launched a consultation on a new Temporary Crisis Framework to address elevated energy prices amid the ongoing Middle East conflict.

Oil & Energy23d ago

EMEA Natural Gas Update: Futures Edge Higher Despite Reports of US-Iran Ceasefire Extension

European natural gas futures were up on Thursday, despite reports of the US and Iran considering an extension to the current ceasefire by two more weeks, to allow more time to negotiate a peace agreement.The front-month Dutch TTF contract rose 1.85% to 42.16 euros ($49.67) per megawatt-hour, while UK NBP futures rose 2.06% to 105.81 British pence ($1.43) per therm.The ceasefire, which ends on Tuesday, could be extended as negotiators on both sides plan to hold technical talks, which will cover the reopening of the Strait of Hormuz and Iran's nuclear enrichment, according to a Bloomberg report, citing a person familiar with the matter.Meanwhile, the US Central Command has released audio recordings of US Naval vessels enforcing the blockade against Iran, with commercial ships being threatened with "interdiction and seizure" for transiting to and from Iranian ports.Timothy Lawn, a retired US Army Sergeant Major, said on Wednesday that the US decision to blockade Iran, thus preventing the country from supplying energy to China, which accounted for 90% of its crude oil shipments in 2024 and 2025, has led Tehran to "return in a more conciliatory mood to the negotiating table."Lawn flagged Iran's reliance on Chinese inputs for its weapons and missile programs, a vulnerability now exposed by the blockade.During a news briefing on Thursday, US Secretary of Defense Pete Hegseth warned Iran that US forces in the Middle East were ready to restart combat operations against Iran on a moment's notice, if the country fails to agree on a peace deal."If Iran chooses poorly, then they will have a blockade and bombs dropping on infrastructure, power and energy," he warned.Transit through the Strait has edged higher, with 19 vessels passing through it over the past 24 hours, according to the Hormuz Strait Monitor.This is still significantly below the typical daily average of 138 ships per day, according to the UK's Joint Maritime Information Center.As such, Daniel Hynes, a senior commodity strategist at ANZ, noted that traders remained mindful of the fact that "supplies remain severely constrained" with the Strait still being effectively closed, despite growing optimism regarding a potential peace deal.He attributed the recent pullback in energy prices to the unwinding of "large net long positions recently accumulated by investment funds."European gas inventories continued to see net injections, with storage still lower at 29.55% of capacity, compared to 35.97% during the corresponding period a year ago, according to Gas Infrastructure Europe.

Oil & Energy23d ago

US Oil Update: Crude Gains Amid Potential Ceasefire Extension Talks

Oil prices rose on Thursday amid reports that the US and Iran were considering a two-week extension of their current ceasefire.Front-month West Texas Intermediate crude futures added 0.1% to $91.39 per barrel, while Brent futures were up 0.7% to $95.56/bbl.While the Strait of Hormuz remains effectively closed by a US naval blockade, investors are pinning hopes on a second round of peace talks to prevent further supply shocks."The two parties are reported to be considering extending their ceasefire by another two weeks to allow for more time to negotiate a peace agreement, according to a Bloomberg report," ANZ analysts said.The current ceasefire is slated to expire on April 21, leaving the market hypersensitive to any signals regarding the extension.Iran has reportedly warned it could retaliate against the continued blockade by suspending shipments in the Persian Gulf and Red Sea.ING analysts underscored the fragility of the recovery, noting that "US and Iranian demands remain fairly wide apart."Any breakdown in the peace talks could immediately reignite the war premium, analysts noted.On the supply side, US crude stockpiles fell by 900,000 barrels to 463.8 million bbls in the week ended Apr. 10, the Energy Information Administration said in its weekly report on Wednesday.

Oil & Energy23d ago

EMEA Oil Update: Crude Mixed as Markets Gauge Potential US-Iran Talks

Crude prices were mixed on Thursday as investors assessed the potential for a second round of US-Iran talks.Front-month Murban crude futures eased by 0.5% to $100.38 per barrel, while Brent futures were up 0.7% to $95.61/bbl.While a US led blockade continues to suppress shipping through the Strait of Hormuz, news of an impending second round of peace talks helped temper recent price volatility, analysts said."Oil has steadied, with Brent holding near $95 on signs the US and Iran may extend a ceasefire and restart talks aimed at ending a war that has choked global supplies of key commodities from the Persian Gulf," Saxo Bank analysts said.Meanwhile, Iran has reportedly offered to allow commercial vessels safe passage through Omani waters within the Strait of Hormuz, provided a broader agreement is reached to prevent further military escalation.However, "the key upside risk for the market is that peace talks between the US and Iran break down. This isn't an unrealistic scenario, given that US and Iranian demands remain fairly wide apart," ING analysts said.Shipping through the Strait of Hormuz remained well below historical averages, as an effective US-Iran blockade continued to disrupt vessel movements in the strategic waterway, according to a Bloomberg analysis on Wednesday.On the supply side, US crude stockpiles fell by 900,000 barrels to 463.8 million bbls in the week ended Apr. 10, the Energy Information Administration said in its weekly report on Wednesday.

Oil & Energy23d ago

Iran Conflict Threatens Long-Term LNG Demand in Asia, IEEFA Says

The war in the Middle East and the resulting disruption to liquefied natural gas supplies have already pushed several Asian countries to pursue alternatives, such as coal and nuclear, for their short-term energy needs, according to a report by the Institute for Energy Economics and Financial Analysis.The report, published on Wednesday, noted that several LNG projects have been cancelled in China and Vietnam, while others, such as South Korea, India, the Philippines, Thailand, and Cambodia, have taken steps to accelerate domestic clean energy generation.The IEEFA noted that despite the spike in short-term profits for LNG exporters, amid high prices and soaring demand, the industry is worried that the crisis is "hindering demand growth."This conflict has already done lasting damage to LNG's reputation as a "transition fuel" for Asian economies, as they move from coal to clean energy, the report authored by Sam Reynolds, a research lead at IEEFA, said.Asia purchased a total of 20.4 million tonnes of LNG in March 2026, down from a monthly average of 22.1 Mt in 2025, according to data from Kpler.In the week ending March 29, the report said Asian weekly LNG imports reached their lowest levels since October 2023, with the largest dip seen in China, with imports down 21% year-over-year, and India following suit with a 20% decline compared to the prior year.The report acknowledged that the growth of renewables was unlikely to eliminate the need for LNG in Asia, while adding that the commodity could be cordoned off to "smaller peaking roles," with significant reductions in volume.

Oil & Energy23d ago

Middle East Energy Supply Crisis Spurs Surge in Thermal Coal Demand, Prices, Wood Mackenzie Says

The disruption of Middle Eastern energy supplies due to the Iran war has led to an upsurge in global demand and prices for thermal coal as countries scramble to seek alternatives to secure power supplies, Wood Mackenzie said in a note on Wednesday.The effective closure of the Strait of Hormuz waterway since the onset of the war in late February has hit the supply of oil and liquefied natural gas.However, it has had little impact on the thermal coal trade as major exporters including Australia, Indonesia, Russia, South Africa and Colombia do not have direct exposure to the route.The significant knock-on effects of LNG supply disruptions and higher gas prices have resulted in price-sensitive markets across Asia and Europe preferring a switch to coal. Wood Mackenzie analysts said."In supply shocks of this scale, coal becomes a critical fallback for energy security," said Sushmita Vazirani, Principal Analyst, Bulk Commodities at Wood Mackenzie."Despite decarbonisation commitments across Asia, tightening LNG supply and elevated prices are accelerating fuel switching back to coal."In March, free on board Newcastle 6,000 kilocalories per kilogram coal averaged $126/tonne and rose to $132/tonne in recent trades, compared with $114/tonne in February.The pre-war marginal costs of around $112/tonne are likely to see a further rise, with higher crude oil prices expected to partly account for the spike, Wood Mackenzie said.For every $10-a-barrel rise in crude oil prices, coal mine site costs rise by $1-$3 per tonne, pressurizing an already tight market, the note said."Rising diesel prices are creating a cost squeeze for coal producers, just as markets call for more supply. In Australia, heavy reliance on imported diesel adds an additional layer of risk, potentially constraining output and tightening global markets," Vazirani said.

Oil & Energy23d ago

Market Chatter: EU Drafts Measures to Tackle Looming Jet Fuel Shortage Amid Middle East Conflict

The European Union is preparing measures to deal with a looming shortage of jet fuel, amid the supply crunch resulting from the war in Iran, according to a Reuters report, citing officials familiar with the matter.This comes as European airlines warn of shortages within weeks, with the continent reliant on Middle Eastern flows to meet 75% of its jet fuel demand.According to a draft proposal seen by Reuters, the Commission plans an EU-wide mapping "to ensure that existing refining capacity is fully utilised and maintained."In the longer term, the bloc also plans measures aimed at jet fuel supplies, but noted that these were still in development.Airlines are already preparing for a potential supply crunch, with Lufthansa CTO, Grazia Vittadini, telling Reuters that the company's suppliers are "changing their forecasting windows, and they're no longer keen to give an outlook over a time window that goes beyond one month."Across Europe, the distribution of jet fuel is uneven, with Spain a net exporter with eight refineries, while the UK imports 60% of what it needs.The European Commission did not immediately respond to' request for a comment on this story.(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 & Energy23d ago

Middle East Conflict Brings US Close to Net Crude Exporter Position For First Time Since WW2, Data Show

US crude exports surged last week as the Middle East conflict persisted, taking it close to achieving a net export position for the first time since the Second World War, according to data released by the Energy Information Administration Wednesday.Crude exports during the period jumped to their highest level in seven months at 5.2 million barrels per day, while imports dropped week over week by more than 1 mmbbls/d to 5.3 mmbbls/d.Effectively, net imports of crude oil, or the difference between imports and exports, slumped to their lowest on record at 66,000 barrels per day.The US was last a net exporter of crude oil in 1943, based on annual data.Demand for US crude oil has recently soared as Asian and European refiners turned to other regions to replace lost Middle Eastern barrels due to the US-Iran conflict."US crude exports are soaring in the weekly data as expected, with Asian demand for West Texas Intermediate running hot," said Neil Crosby, head of research at Sparta Commodities.The attractiveness of US crude improved as Brent's premium over WTI surged to more than $20 per barrel in March, Reuters said.Kpler ship tracking data, cited by the news agency, showed that about 37% of last week's US crude exports were headed to Asia, up from 30% in the prior year, with Japan and South Korea the top buyers.Around 47% reportedly sailed to Europe, mainly to the Netherlands, France, and Germany.While US oil is gaining traction among refiners worldwide, Crosby said that "US prices will eventually, perhaps quickly, rise to defend their own inventory."Additionally, US exports may soon plateau as they reach maximum capacity of around 6 mmbbls/d, due to pipeline capacity limitation and vessel availability, according to analysts and traders cited by Reuters.In April, US exports may average about 5.2 mmbbls/d, Kpler analyst Matt Smith reportedly said.has reached out to the EIA seeking further information on export capacity and projections.

Oil & Energy23d ago

Tanker Under Sanctions Enters Persian Gulf Despite Blockade, 2nd VLCC in 2 Days, Reuters Analysis Shows

A second supertanker under US sanctions has entered the Persian Gulf via the Strait of Hormuz, despite the ongoing US blockade against vessels transiting to and from Iranian ports, according to a Reuters report, citing various ship tracking data.On Wednesday, in a post on X, US Centcom said that 9 vessels had turned around following direction from US forces, while noting that no ships had made it past the blockade over the past 48 hours.According to Iran's Fars News Agency, a supertanker subject to US sanctions passed through the strategically crucial Strait of Hormuz towards the Imam Khomeini Port. The news agency failed to identify the tanker or provide any additional details regarding its voyage.Reuters also reported another Very Large Crude Carrier, RHN, capable of carrying 2 million barrels of oil, entering the Gulf on Wednesday, citing data from LSEG and Kpler.This comes just a day after the US sanctioned VLCC Alicia passed through the Strait, headed towards Iraq, according to data from Kpler.Data from Kpler also show that both tankers have records of carrying Iranian oil over the past few years, as US weighs stern secondary sanctions against buyers of Iran's oil.

Oil & Energy23d ago

EMEA Natural Gas Update: Futures Rise Despite Reports of Ceasefire Extension Between the US, Iran

European natural gas futures were up on Thursday, amid reports of the US and Iran considering an extension to the current ceasefire by two more weeks, to allow more time to negotiate a peace agreement.The front-month Dutch TTF contract rose 1.96% to 42.21 euros ($49.72) per megawatt-hour, while UK NBP futures rose 1.91% to 105.65 British pence ($1.42) per therm.The ceasefire, which was set to end on the coming Tuesday, could be extended further, as negotiators on both sides plan to hold technical talks, which include the reopening of the Strait of Hormuz and Iran's nuclear enrichment, according to a Bloomberg report, citing a person familiar with the matter.Meanwhile, the US Central Command has released audio recordings of US Naval vessels enforcing the blockade against Iran, with commercial ships being threatened with "interdiction and seizure" for transiting to and from Iranian ports.Transit through the Strait, however, inched higher, with 19 vessels passing through it over the past 24 hours, according to the Hormuz Strait Monitor.This is still significantly below the typical daily average of 138 ships per day, according to the UK's Joint Maritime Information Center.As such, Daniel Hynes, a senior commodity strategist at ANZ, noted that traders remained mindful of the fact that "supplies remain severely constrained" with the Strait still being effectively closed, despite growing optimism regarding a potential peace deal.He attributed the recent pullback in energy prices to the unwinding of "large net long positions recently accumulated by investment funds."European gas inventories continued to see net injections, with storage still lower at 29.55% of capacity, compared to 35.97% during the corresponding period a year ago, according to Gas Infrastructure Europe.

Oil & Energy23d ago

EMEA Oil Update: Brent Firm as Traders Assess Geopolitical Risks

Brent futures contract firmed on Thursday as traders weighed fresh diplomatic signals against tight global supplies.The Brent futures contract gained 0.6% to $95.50 per barrel. Murban closed at $100.85 on April 15 and was not trading as of the time of publishing this oil price update.While a US led blockade continues to suppress shipping through the Strait of Hormuz, news of an impending second round of peace talks has helped temper recent price volatility, analysts said."Oil has steadied, with Brent holding near $95 on signs the US and Iran may extend a ceasefire and restart talks aimed at ending a war that has choked global supplies of key commodities from the Persian Gulf," Saxo bank analysts said.Iran has reportedly offered to allow commercial vessels safe passage through Omani waters within the Strait of Hormuz, provided a broader agreement is reached to prevent further military escalation.Shipping through the Strait of Hormuz remained well below historical averages, as an effective US-Iran blockade continued to disrupt vessel movements in the strategic waterway, according to a Bloomberg analysis on Wednesday."The key upside risk for the market is that peace talks between the US and Iran break down. This isn't an unrealistic scenario, given that US and Iranian demands remain fairly wide apart," ING analysts said.On the supply side, US crude stockpiles fell by 900,000 barrels to 463.8 million bbls in the week ended Apr. 10, the Energy Information Administration said in its weekly report on Wednesday.

Oil & Energy23d ago

US Oil Update: Crude Steadies as US-Iran Talks Hopes Counter Hormuz Blockade

Crude oil futures were little changed in after-hours trading on Wednesday as the market weighed the prospect of US-Iran peace talks to end the Middle East conflict that has brought traffic via the vital Strait of Hormuz to a near halt.Front-month West Texas Intermediate crude futures eased by 0.12% to $91.39 per barrel, while Brent futures were up 0.12% to $94.91/bbl.Saxo Bank strategists said the US and Iran are preparing for a second round of peace talks in the coming days, with Tehran reportedly considering a pause in shipments through the Hormuz to smooth negotiations.US crude stockpiles fell by 900,000 barrels to 463.8 million bbls in the week ended Apr. 10, the Energy Information Administration said in its weekly report on Wednesday.Total motor gasoline stockpiles decreased by 6.3 mmbbls from last week to 232.9 mmbbls, and distillate stocks dropped by 3.1 mmbbls to 111.6 mmbbls, the agency said.The US and Iran are reportedly considering extending their ceasefire, which ends next Tuesday, by another two weeks to allow more time to negotiate a peace agreement. However, the Treasury Department said on Tuesday the US would not renew general licenses that allowed for the temporary sale of certain Russian and Iranian crude."The short-term authorization permitting the sale of Iranian oil already stranded at sea is set to expire in a few days and will not be renewed," the Treasury said in a social media post on X.The waiver, issued by the Treasury on Mar. 20, allowed about 140 million barrels of Iranian crude already at sea to reach buyers, primarily in Asia.On Wednesday, Pakistani army chief Asim Munir arrived in Tehran for talks to ease tensions in the Middle East and arrange a second round of US-Iran peace negotiations, according to media reports.President Trump is also reportedly voicing optimism about a potential deal with Iran to end the conflict currently paused by a two-week ceasefire.Ole R. Hvalbye, commodities analyst at SEB Research, said the market reads the diplomatic developments as a material de-escalation signal, which is naturally pulling the financial crude contracts lower.Meanwhile, the US Central Command said its blockade of Hormuz is now fully in effect, "completely" cutting off Tehran's international sea trade, which powers about 90% of its economy.The US-sanctioned Chinese-owned tanker Rich Starry made its way back to the Hormuz on Wednesday after exiting the Arabian Gulf the day before, according to media reports.Meanwhile, MarineTraffic said on Thursday the Malta-flagged crude tanker Agios Fanourios I became the first crude carrier to transit the Strait since the US blockade came into force.Karan Satwani, senior analyst, supply chain research at Rystad Energy, said the ceasefire continues to shape the operating environment, alongside risks of disruption and potential blockades affecting shipping via the Hormuz.

Oil & Energy23d ago

US Gasoline Prices Set to Decline, Bessent Says

US Treasury Secretary Scott Bessent said Wednesday he expects gasoline prices to fall toward $3 per gallon during the summer driving season.Bessent shared the remarks during a press briefing at the White House."I'm optimistic that sometime between June 20 and Sep. 20, that we can have $3 gas again," Bessent said.US gasoline prices are currently averaging about $4.108 per gallon, up sharply from below $3/gal earlier this year before the Iran conflict began, according to a Bloomberg report.Bessent added that the outlook for lower prices depends on progress in negotiations to end the war in the Middle East.Discussions with Middle Eastern counterparts suggest supply could quickly recover, Bessent said, noting that production is expected to resume within a week once the Strait of Hormuz reopens.He said oil producers indicated output could resume within a week once the Strait of Hormuz reopens to normal shipping flows.Bessent also warned that authorities are closely monitoring fuel retailers to ensure price declines are passed on to consumers. "We are going to be watching the gas stations, because they raise prices very quickly," Bessent said.He added that gas stations raised prices rapidly when crude surged and should reduce them just as quickly as oil prices have recently eased.The US is urging Gulf countries to help freeze assets linked to Iran's leadership, including the Islamic Revolutionary Guard Corps, as part of broader financial pressure efforts, Bessent said.

Oil & Energy23d ago

Market Chatter: Iran Proposes Safe Exit Route via Oman Waters in Hormuz Standoff

Iran is signaling a potential breakthrough in its maritime standoff with the US, offering to allow vessels safe passage through Omani waters in the Strait of Hormuz if a broader deal to avert renewed conflict is reached, Reuters reported on Wednesday, citing industry sources.The Middle East conflict has triggered the biggest disruption to global oil and gas flows on record, after Iran blocked the Hormuz, a strategic waterway that handles about 20% of the world's oil and liquefied natural gas flows.The conflict, which erupted on Feb. 28, has left hundreds of vessels and an estimated 20,000 seafarers stranded within the Arabian Gulf, the report said.Though President Trump struck an optimistic tone on Wednesday, suggesting that the war is close to over, control over the Strait remains a key issue in negotiations.Iran's Foreign Ministry did not immediately respond to' request for comment.Iran may be open to allowing ships to transit through the Omani side of the Hormuz without interference, a move that could ease tensions in the strategic waterway.The proposal, however, depends on whether the US is willing to meet Iran's demands, a condition seen as pivotal to any broader breakthrough over the waterway.The proposition marks a Pivot from Tehran's recent threats to impose a unilateral toll on vessels and assert sovereignty over the strategic chokepoint, which the global shipping industry warned would violate long-standing maritime conventions.The shift comes as member states of the UN's International Maritime Organization gathered in London this week to formally oppose the prospect of an Iranian transit tax.The IMO warned that allowing a nation to charge for passage through an international waterway would set a "dangerous precedent" for global trade.(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 & Energy23d ago

Market Chatter: US-Iran Truce Extension Talks Advance Amid Hormuz Standoff

The US and Iran are weighing a two-week extension of a ceasefire as their nearly seven-week conflict continues, Bloomberg reported Wednesday, citing people familiar with the matter.Talks are focused on prolonging the current truce, which is set to expire Tuesday, to allow more time for negotiations toward a broader peace deal.The standoff over the Strait of Hormuz remains central. Iran has reportedly restricted access to most vessels and signaled it wants to retain control beyond the conflict.In response to' query, the White House said the US has not reached a formal agreement to extend the ceasefire with Iran, but remains engaged in ongoing discussions."The United States has not formally agreed to an extension of the ceasefire. There is continued engagement between the US and Iran to reach a deal," the White House told, citing a senior US official.Meanwhile, mediators are pushing for technical-level discussions to resolve key sticking points, including reopening the Strait of Hormuz and Iran's nuclear program, Bloomberg reported.Tensions reportedly remain elevated around the Strait of Hormuz, a critical route for global energy supplies that has been largely shut since the conflict began.The US has imposed a naval blockade to restrict Iranian exports, while Tehran has limited access to the waterway for other vessels.Iran warned that the continued US blockade could signal a breach of the ceasefire, with Ali Abdollahi, commander of Iran's joint military headquarters, raising concerns, according to state media.Abdollahi reportedly said Iran "will not permit any exports or imports" across key waterways if the restrictions persist.Diplomatic efforts are currently ongoing, with Pakistan continuing to mediate and facilitate communication between Washington and Tehran.Israel is also reportedly weighing ceasefire considerations, though no decision has been finalized amid parallel regional conflicts.An Iranian supertanker transited the Strait of Hormuz into Iranian waters despite the US blockade, Bloomberg reported, citing Iran's semi-official Fars news agency.US gasoline and diesel prices remain at seasonal highs despite crude easing from peak pricing levels, adding pressure on consumers ahead of the summer travel period.(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 & Energy23d ago

Strait of Hormuz Vessel Traffic Stays Lower on Twin Blockade Pressure, Bloomberg Analysis Says

Shipping through the Strait of Hormuz remained well below historical averages, as an effective US-Iran blockade continued to disrupt vessel movements in the strategic waterway, according to a Bloomberg analysis on Wednesday.Commercial vessel traffic through the Strait stood at 11 ships on Tuesday, down from an average of 16 a day over the weekend. Citing two US officials, the Wall Street Journal reported that over 20 ships actually completed the passage on Tuesday, nearly double the figure appearing on public tracking monitors.The global economy faces a critical need to swiftly restore traffic flows via the Hormuz after a shortfall of more than 400 million barrels in oil shipments.The disruption has fueled a 31% surge in oil prices since the onset of the Middle East conflict, with European natural gas prices recording similar gains.Iranian oil exports have remained resilient near pre-war levels despite a sharp slowdown in traffic via the strategic waterway, providing a critical financial lifeline for Tehran while helping stabilize global oil markets.Though broader shipping volumes in the region have buckled under the strain of ongoing conflict, Iran's ability to maintain exports has so far mitigated the impact of Western-led efforts to isolate its economy.US Central Command said on Wednesday that no vessels had breached its blockade, noting that nine ships complied with military orders to return to Iranian waters.Some vessels are only reactivating their transponders once they are clear of the Strait, creating a lag in transit data. However, even with these delayed reports, daily volumes are lower than the 135-ship average recorded a year ago, the analysis revealed.Iran closed the Hormuz to international shipping on Feb. 28, within 24 hours of coming under US-Israeli attack.The US initially refrained from blocking Iranian shipments to stabilize surging global oil prices, even easing sanctions on Tehran's exports. However, the US shifted its strategy following the collapse of ceasefire talks in Islamabad, Pakistan, on Sunday.The new blockade, which targets nearly all of Iran's maritime activity, took effect on Monday evening local time.Both the US and Iran have said they can breach the other's blockade. Tehran reportedly said one of its oil supertankers had broken a US blockade, without naming the vessel.The Greek-owned Agios Fanourios I also transited the Hormuz and entered the Arabian Gulf on its second attempt. Automated Information System tracking data indicates the vessel is bound for the Iraqi port of Basra.

Oil & Energy23d ago

Oil Markets Juggle Uncertainty as US Inventories Fall and Asia Prices Weaken, Sparta Says

Global oil markets moved in conflicting directions, reflecting geopolitical uncertainty and uneven regional supply trends, Neil Crosby, Head of Research at Sparta Commodities, said in a Wednesday note.Ongoing developments tied to Iran continue to drive volatility, with negotiations and even plans for talks expected to be prolonged. Prices in some parts of the market suggest expectations of stability, but analysts caution that any lasting resolution remains uncertain.In Asia, refined fuel prices have come under pressure. Singapore gasoline and diesel benchmarks have dropped sharply compared with Western markets this week. Analysts say this likely reflects a surge in cargo arrivals after heavy shipments in recent months.Refinery cutbacks in Asia have also been slower than anticipated. This may be due to temporary supply buffers, including oil stored at sea and drawdowns from commercial and government reserves.Combined with weakening demand, driven by policy measures and high prices, this has contributed to short-term price softness."But make no mistake, the loss of AG [Arabian Gulf] crude will necessitate lower and lower Asian refinery operations over time, so Eastern product pricing may well rapidly correct back," Crosby said.In the US, oil inventories are now declining significantly. Total stockpiles, including the Strategic Petroleum Reserve, fell by more than 2 million barrels per day last week.At the same time, US crude exports are climbing, supported by strong demand from Asia. Refined product exports are also elevated.A drop in US refinery runs, despite relatively strong margins, is adding pressure to domestic fuel supplies. While lower distillate prices have supported exports, inventories in key regions such as the East Coast and Gulf Coast are expected to draw down quickly."It makes perfect sense that US oil is being drawn upon globally; but US prices will eventually, perhaps quickly, rise to defend their own inventory," Crosby said, adding that the global supply crunch is yet to be felt in full force.

Oil & Energy23d ago

Iran Proposes Safe Exit for Ships via Oman Side of Hormuz, Reuters Reports

Oil & Energy23d ago

US Oil Update: Futures Steady on US Stock Draw, Hormuz Blockade

Crude futures largely held steady in midday trading on Wednesday on reports that the US and Iran are considering extending their ceasefire amid the blockade of the Strait of Hormuz, while a larger-than-expected drop in US crude inventories lent further price support.Front-month West Texas Intermediate crude futures eased by 0.58% to $91.81 per barrel, while Brent futures were up 0.90% to $95.64/bbl.US crude stockpiles fell by 900,000 barrels to 463.8 million bbls in the week ended Apr. 10, the Energy Information Administration said in its weekly report on Wednesday.Total motor gasoline stockpiles decreased by 6.3 mmbbls from last week to 232.9 mmbbls, and distillate stocks dropped by 3.1 mmbbls to 111.6 mmbbls, the agency said.On Wednesday, Pakistani army chief Asim Munir arrived in Tehran for talks aimed at easing tensions in the Middle East and arranging a second round of US-Iran peace negotiations, according to media reports.The two sides are reportedly considering extending their ceasefire, which ends on Tuesday, by another two weeks to allow more time to negotiate a peace agreement.President Trump reportedly said on Wednesday the Middle East conflict is "very close to over", while noting negotiations with Iran could take place "over the next two days" in Islamabad, Pakistan.Ole R. Hvalbye, commodities analyst at SEB Research, said the market reads the diplomatic developments as a material de-escalation signal, which is naturally pulling the financial crude contracts lower.Meanwhile, the US Central Command said its blockade of Hormuz is now fully in effect, "completely" cutting off Tehran's international sea trade, which powers about 90% of its economy.Saxo Bank strategists said traders are looking beyond the worst-ever supply disruption, including the US blockade of the Strait of Hormuz, which has prevented Iranian exports from reaching the market.The US-sanctioned Chinese-owned tanker Rich Starry made its way back to the Hormuz on Wednesday after exiting the Arabian Gulf the day before, according to media reports.Meanwhile, MarineTraffic said on Thursday the Malta-flagged crude tanker Agios Fanourios I became the first crude carrier to transit the Strait since the US blockade came into force.Hvalbye said SEB's base case assumes that the Strait of Hormuz "operates at only 20% of normal until mid-May before full reopening, and that no further major oil or gas infrastructure in the Persian Gulf is damaged."

Showing 321-340 of 458

Oil & Energy23d ago