Financial News · Live Terminal

Page 2 of 23

US Oil Update: Crude Steadies on US-Iran Peace Deal Hopes, Inventory Draw

Crude oil futures were little changed in midday trading on Thursday as optimism for a US-Iran peace deal to end the Middle East conflict gained momentum, with a larger-than-expected drop in US crude inventories lending further price support.Front-month West Texas Intermediate crude futures eased by 0.05% to $95.22 per barrel, while Brent futures were down 0.55% to $100.64/bbl."EIA data showed US commercial crude inventories fell by 2.3 million barrels last week, smaller than the 8.1 million-barrel draw reported by the API and slightly below market expectations of a 2.4 million-barrel decline," ING strategists said in a note on Thursday.US crude and fuel inventories continued to draw down last week, with the latest data from the Energy Information Administration showing that crude oil inventories decreased by 2.3 million barrels to 457.2 mmbbls.Crude oil input to refineries dropped by 42,000 barrels per day from the previous week to average about 16 mmb/d in the week ending May 1, the EIA said, adding that crude oil production dropped by 13,000 b/d to 13.6 mmb/d.Iran is reportedly set to deliver a response to the US's one-page memorandum of understanding through Pakistan, the mediator in the US-Iran talks, in the next two days. However, Iran hasn't indicated whether it will accept the terms.Rystad Energy strategists said Iran's Revolutionary Guard has remained silent on the US proposal, a departure from past episodes in which it responded to US initiatives.The analysts said the lack of comment could signal that the proposal is being considered seriously at senior levels in Tehran.The memorandum of understanding would reportedly allow for the gradual reopening of the Strait of Hormuz and the lifting of the US's blockade on Iranian ports.On Wednesday, Trump said the US would lift its blockade "assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption," adding that "if they don't agree, the bombing starts."Amena Bakr, head of Middle East Energy at Kpler, said the oil industry has been built around navigating challenges over the decades, and a good indicator of a real deal is when you see energy companies confident it's real and start making decisions on that basis. "We are far from seeing that yet," Bakr said.Elsewhere, the US Treasury Department sanctioned Iraq's deputy oil minister on Thursday, accusing him of involvement in a scheme to help Iran sell its oil in violation of an international embargo by blending it with Iraqi crude.Deputy Minister of Oil Ali Maarij Al-Bahadly authorized trucking several million dollars' worth of Iraqi oil a day to a smuggler who combined it with Iranian crude, Treasury said. Maarij helped falsify documents, enabling the blended product to be smuggled to market disguised as purely Iraqi oil.

Oil & Energy1d ago

ProFrac Q1 Activity Hit by Weather; North America H2 2026 Outlook Strengthens

ProFrac (ACDC) reported Q1 earnings Thursday and posted lower first-quarter operating results from a year earlier as weather disruptions affected activity early in the quarter.The energy sector has also been grappling with heightened volatility due to ongoing geopolitical tensions."Geopolitical events continue to influence the broader energy landscape," ProFrac Executive Chairman Matt Wilks said, adding that the Middle East conflict has created supply disruptions and severely impacted crude oil and liquefied natural gas infrastructure.Wilks said the prolonged closure of the Strait of Hormuz is "catalyzing a global shift in sentiment in favor of energy security."Simultaneously, industry activity has been "running below levels needed to maintain flat shale production," according to Wilks."As operator activity continues to accelerate, we see an increasingly constructive supply-demand backdrop for services in North America, especially as we enter the second half of 2026," he said.ProFrac expects stronger Q2 stimulation services activity as operator demand improves and it tightens its hydraulic fracturing calendar, driven by higher activity levels.The company expects lower Q2 proppant volumes due to operational issues and unplanned downtime, though completion activity is increasing."While industry completion activity is expected to increase, due to operational issues and unplanned downtime, the Company [ProFrac] expects sequentially lower volumes in second quarter of 2026," it said.Price: $6.63, Change: $-0.51, Percent Change: -7.08%

$ACDC

Oil & Energy1d ago

EMEA Oil Update: Crude Ease as Market Awaits Iran's Response to US Peace Proposal

EMEA crude futures were little changed in after-hours trading on Thursday as the market awaited Iran's response to the US peace proposal, which could ease tensions in the Middle East and restore disrupted crude flows through the Strait of Hormuz.Brent crude futures eased by 0.42% to $100.81 per barrel, while Murban oil futures were down 1.61% to $96.71/bbl."Brent crude extends its slide this morning and currently trades at $99/bl, down from yesterday's $108/bl open, and a fresh notch lower from the overnight $101-102 level," said Ole R. Hvalbye, commodities analyst at SEB Research.Iran is reportedly set to send a response through Pakistan, the mediator in the US-Iran talks, in the next two days after Tehran said it was reviewing Washington's peace proposal to end the Middle East conflict. However, Iran hasn't indicated whether it will accept the terms.The US presented Iran with a one-page memorandum of understanding that would allow for the gradual reopening of the Hormuz and the lifting of Washington's blockade on Iranian ports.Meanwhile, the Hormuz has been largely closed since the outbreak of the conflict, and at present, the strategic waterway faces a double blockade, with Iran obstructing traffic, while the US Navy blocks vessels calling at or leaving Iranian ports.On Wednesday, Trump said the US would lift its blockade "assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption," adding that "if they don't agree, the bombing starts.""Iran is expected to respond in the coming days, with nuclear talks likely to follow later. The catch is that talks are not a deal, and oil has already rebounded this morning as investors reassess how firm the progress really is," Saxo Bank strategists said in a note Thursday.Meanwhile, the US Treasury Department sanctioned Iraq's deputy oil minister on Thursday, accusing him of involvement in a scheme to help Iran sell its oil in violation of an international embargo by blending it with Iraqi crude.Deputy Minister of Oil Ali Maarij Al-Bahadly authorized trucking several million dollars' worth of Iraqi oil a day to a smuggler who combined it with Iranian crude, Treasury said.Maarij allegedly helped falsify documents, enabling the blended product to be smuggled to market disguised as purely Iraqi oil, the department added.On the supply front, US crude inventories continue to tighten as global markets increasingly rely on US barrels to offset disrupted Middle Eastern supply. The US Energy Information Administration said that crude stockpiles decreased by 2.3 million barrels to 457.2 mmbbls.EIA data showed US commercial crude inventories fell by 2.3 million barrels last week, smaller than the 8.1 million-barrel draw reported by the API and slightly below market expectations of a 2.4 million-barrel decline, ING strategists said in a Thursday note.

Oil & Energy1d ago

US Treasury Expands Iran Pressure Campaign With Iraq Oil, Militia Sanctions

The US Department of the Treasury's Office of Foreign Assets Control on Thursday unveiled sanctions targeting Iraq's deputy oil minister Ali Maarij Al-Bahadly and Iran-backed militias as Washington intensified pressure on Tehran, it said in a statement.The Treasury Department alleged that Al-Bahadly used his role in Iraq's oil ministry to divert oil revenue toward Iran-linked militias and sanctioned oil trader Salim Ahmed Said.Sanctions were imposed on three senior figures tied to Iran-aligned terrorist militias Asa'ib Ahl Al-Haq and Kata'ib Sayyid al-Shuhada over attacks targeting US personnel, diplomatic sites and businesses across Iraq.Treasury Secretary Scott Bessent alleged that Iran exploited Iraq's oil resources to finance terrorism."Treasury will not stand idly by as Iran's military exploits Iraqi oil to fund terrorism against the United States and our partners," he said.The Treasury Department said the actions were taken pursuant to Executive Order 13902, targeting key sectors of Iran's economy, including Iran's petroleum sector, and EO 13224, as amended, which targets terrorist groups, their supporters, and those who aid acts of terrorism.It added that Al-Bahadly helped Said secure export rights for Iraqi oil shipments and approved trucking operations worth millions of dollars daily from the Qayarah oil field to Khor Zubayr.OFAC designated Said in June 2025 for running a network of companies selling Iranian oil falsely declared as Iraqi oil to avoid sanctions, according to the statement.It alleged that Iraq-based VS Oil Terminal mixed Iranian crude with Iraqi oil before the shipments were exported to global markets, using "forged" Iraqi government paperwork to disguise the oil's origin.The Treasury Department sanctioned Asa'ib Ahl Al-Haq official Mustafa Hashim Lazim Al-Behadili, also known as Sayyid Awn, for running oil smuggling operations and coordinating Iranian oil shipments with the Islamic Revolutionary Guard Corps-Qods Force.Treasury designated four Iraqi companies tied to Al-Behadili, including Gulf Energy Oil Services, Gulf General Contracting, Iraq International Energy for the Import and Sale for Petroleum Products, and Gulf Energy for General Transport and Marine Services and Real Estate Consultancy.Treasury also sanctioned former Kata'ib Sayyid al-Shuhada deputy secretary general Ahmed Khudair Maksus Maksus and senior official Mohammed Issa Kadhim al-Shuwaili over weapons transfers involving Hizballah.The sanctions block all US-based property and financial interests tied to designated individuals and entities, while US persons generally cannot conduct transactions involving blocked assets without OFAC authorization.Treasury said US and foreign individuals, companies and financial institutions could face civil or criminal penalties for sanctions violations, while foreign banks risk secondary sanctions for facilitating significant transactions involving designated parties.The department said its Economic Fury campaign has already disrupted billions of dollars in expected Iranian oil revenue."Treasury is aggressively advancing Economic Fury and has disrupted billions in projected oil revenue, taken actions that have led to the freezing of nearly half a billion dollars in regime-linked cryptocurrency, and cracked down on Tehran's shadow banking networks," it said.It also warned foreign firms, airlines and banks that support Iranian trade networks could face sanctions, including institutions connected with China's independent teapot oil refineries.Any vessel or individual entity that helps transport Iranian oil through covert shipping or financial channels risks US sanctions, as Washington targets sanctions evasion schemes and digital asset networks.It added that the US-imposed maritime blockade "is directly targeting the regime's primary revenue stream, and any person or vessel facilitating the illicit flow of oil or other products risks exposure to US sanctions."

Oil & Energy1d ago

Market Chatter: US DOJ Probes $2.6 Billion Oil Trades Linked to Iran War

The US Department of Justice was investigating at least four oil trades amounting to about $2.6 billion, due to suspicions in timing, as they were placed just before US President Donald Trump and an Iranian official made major announcements about the war in Iran, ABC News reported Thursday, citing sources.The traders reportedly bet that oil prices would drop just before the actual decline.On March 23, traders bet more than $500 million on a drop in oil prices 15 minutes before Trump said attacks on Iran's power infrastructure would be delayed, according to London Stock Exchange Group data cited by the news agency.Further to this, on April 7, hours before Trump announced a temporary ceasefire, traders reportedly placed a $960 million bet that oil prices would fall.On April 17, traders bet another $760 million on the same price movement 20 minutes before a social media post by Iran's Foreign Minister Abbas Araghchi declaring the Strait of Hormuz "open."On April 21, traders reportedly placed a series of bets worth $430 million that prices would fall 15 minutes before Trump said he would extend the ceasefire.The DOJ and the Commodity Futures Trading Commission are leading the investigation, according to ABC News.The agencies did not immediately respond to' requests 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

US Oil Update: Crude Futures Retreat as Markets Price in Persian Gulf De-escalation

Global oil benchmarks plunged nearly 5% on Thursday amid hopes of a diplomatic breakthrough between Washington and Tehran.Brent futures declined 3.4% to $97.82 per barrel, and Murban futures also fell 3.6% to $91.63/bbl."US-Iran peace hopes moved from a geopolitical headline to the main macro driver," Saxo Bank analysts said.Market optimism has been tempered by a diplomatic impasse.Although President Trump has paused naval escort missions under "Project Freedom" to signal progress toward a peace deal, Tehran maintains that formal negotiations are impossible so long as the US naval blockade remains in effect."Iran is expected to respond in the coming days, with nuclear talks likely to follow later. The catch is that talks are not a deal, and oil has already rebounded this morning as investors reassess how firm the progress really is. Good news, but not yet a holiday brochure," Saxo Bank analysts added.On the supply side, the US Energy Information Administration reported a 2.3 million barrels decrease in domestic crude inventories for the week ending May 1, bringing total stocks down to 457.2 mmbbls.This drawdown was accelerated by a historic surge in American oil product shipments.US petroleum product exports hit a record 8.2 million barrels per day last week, the highest level since the EIA began tracking the data in 1991, the agency said.

Oil & Energy1d ago

EMEA Oil Update: Oil Tumbles Below $100 per Barrel as Middle East Ceasefire Holds

Oil futures crashed below $100 per barrel Thursday as prices tumbled on hopes for a diplomatic breakthrough between Washington and Tehran.The Brent futures contract declined 4.5% to $96.76 per barrel. Murban futures fell 5.1% to $93.18 per barrel."Crude oil prices dropped back sharply on the lack of further confrontations in the Persian Gulf as ceasefire seen intact," Saxo Bank analysts said.Market optimism has been tempered by a diplomatic impasse.Although President Trump has paused naval escort missions under "Project Freedom" to signal progress toward a peace deal, Tehran maintains that formal negotiations are impossible so long as the US naval blockade remains in effect.On the supply side, the US Energy Information Administration reported a 2.3 million barrels decrease in domestic crude inventories for the week ending May 1, bringing total stocks down to 457.2 million barrels.This drawdown was accelerated by a historic surge in American energy shipments.US petroleum product exports hit a record 8.2 million barrels per day last week, the highest level since the EIA began tracking the data in 1991, the agency said.

Oil & Energy2d ago

APA Lifts 2026 Crude Output Forecast Amid Strong Q1 Results

APA (APA) reported Wednesday total production of 442,000 barrels of oil equivalent per day in Q1.This figure includes volumes from Egypt's noncontrolling interests and tax barrels, when adjusted for those items, the company's net production stood at 363,000 BOE per day.The results were bolstered by significant outperformance in the US, where oil production averaged 124,000 barrels per day, surpassing the company's previous guidance.These operational successes have prompted APA to raise its full-year 2026 US oil production outlook to 122,000 barrels per day, up from prior estimates.Internationally, APA's Egypt operations remained a key contributor, though adjusted production levels were impacted by high global oil prices.Under the region's production sharing contracts, higher prices result in fewer tax barrels being allocated to the company, leading to an adjusted average of 71,000 BOE per day for the quarter.However, the company noted that underlying gross oil production remained strong.Meanwhile, gross gas production in Egypt averaged 518 million cubic feet per day. Looking forward, for the full year the producer reaffirmed its Egypt gas guidance of 540-550 MMcf per day.

$APA

Oil & Energy2d ago

West Texas Intermediate Crude Futures Fall 2.5% to $92.74 Per Barrel

Oil & Energy2d ago

Brent Crude Futures Dip Below $100 Per Barrel Mark to $98.88 Per Barrel

Oil & Energy2d ago

Murban Crude Futures Decline Over 3% to $95.04 Per Barrel

Oil & Energy2d ago

EMEA Oil Update: Brent Firms as Traders Assess US-Iran Peace Hopes

Oil prices remained relatively stable on Thursday, with Brent futures edging up following a sharp retreat as the regional ceasefire appears to hold.The Brent futures contract edged up 0.4% to $101.68 per barrel. Murban closed at $98.29 on May 6 and was not trading as of the time of publishing this oil price update."Crude oil prices dropped back sharply on the lack of further confrontations in the Persian Gulf as ceasefire seen intact," Saxo Bank analysts said.Market optimism has been tempered by a diplomatic impasse.Although President Trump has paused naval escort missions under "Project Freedom" to signal progress toward a peace deal, Tehran maintains that formal negotiations are impossible so long as the US naval blockade remains in effect.On the supply side, the US Energy Information Administration reported a 2.3 million barrels decrease in domestic crude inventories for the week ending May 1, bringing total stocks down to 457.2 million barrels.This drawdown was accelerated by a historic surge in American energy shipments.US petroleum product exports hit a record 8.2 million barrels per day last week, the highest level since the EIA began tracking the data in 1991, the agency said.

Oil & Energy2d ago

US Oil Update: Crude Extends Slide as US-Iran Peace Prospects Weigh on Market

Crude oil futures fell in after-hours trading on Wednesday, after reports that the US and Iran are close to an agreement to end the Middle East conflict, fueling optimism that the Strait of Hormuz may soon reopen to global trade.Front-month West Texas Intermediate crude futures retreated by 5.93% to $96.21 per barrel, while Brent futures dropped by 7.05% to $102.59/bbl."Tighter US crude inventories and ongoing Middle East supply risks continue to support prices despite improving sentiment around diplomacy," said Soojin Kim, research analyst at MUFG.US crude and fuel inventories continued to draw down last week, with the latest data from the Energy Information Administration showing that crude oil inventories decreased by 2.3 million barrels to 457.2 mmbbls.Crude oil input to refineries dropped by 42,000 barrels per day from the previous week to average about 16 mmb/d in the week ending May 1, the EIA said, adding that crude oil production dropped by 13,000 b/d to 13.6 mmb/d.On Wednesday, Iran said it was reviewing a US peace proposal expected to end the conflict, as President Trump said "Great Progress" has been made on a final agreement.Trump sounded more optimistic about the chances of a peace deal. Trump said the US would pause its efforts to escort ships through the Hormuz, as White House officials reportedly believe Washington is nearing a one-page, 14-point memorandum of understanding to end the conflict.Earlier in the day, US Secretary of State Marco Rubio told reporters at the White House that "Operation Epic Fury is concluded," 66 days after the outbreak of the conflict. "We achieved the objectives of that operation," he said.Pakistan, the mediator in the US-Iran talks, said the two sides were closing in on a one-page memorandum of understanding, according to media reports.ING strategists said a deal that normalises oil flows through Hormuz is crucial, with about 13 million b/d of disrupted supply largely offset by declining inventory.However, Rystad Energy strategists said even if an agreement is reached, the impact on actual oil flows would be slower and more conditional than current price action suggests."A deal announcement would move futures further immediately, in fact even the potential of a deal is already triggering a decline in oil prices. However, the physical market does not run on political timelines," said Paola Rodriguez-Masiu, Rystad's chief oil analyst.On the supply front, Venezuelan crude exports climbed to a seven-month high of just over 1.05 million barrels per day in April, more than double from January levels, as a revamped licensing framework and easing trade restrictions supported a broader recovery in flows.Kpler said the rebound was driven by stronger demand from traditional buyers, with the US importing about 400,000 b/d and India taking 384,000 b/d.

Oil & Energy2d ago

Market Chatter: Iran Signals Shipping Support in Hormuz After US Pauses Operation

Iran said Wednesday that its ports remain fully ready to support commercial shipping traffic through the Strait of Hormuz and nearby regional waters, according to Iran's official news agency, Islamic Republic News Agency.Iran's Ports and Maritime Organization issued an official message to commercial vessels present in the Strait of Hormuz and in regional waters, IRNA reported.The PMO said that Iran can provide maritime services, technical support, and medical assistance to commercial vessels operating in the Strait of Hormuz, according to IRNA News.Progress in negotiations between Washington and Tehran prompted US President Donald Trump to pause the military's "Project Freedom" operation to reopen the Strait of Hormuz.Iran's Ministry of Foreign Affairs and the PMO 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.)

Oil & Energy2d ago

Update: Trump Says Iran Peace Deal 'Very Possible'; Tehran Reportedly Reviews US Hormuz Proposal

(Updates with additional comments by Trump in the headline and paragraphs 1-4.)US President Donald Trump, in fresh remarks on Wednesday, said the US and Iran had "very good talks" in the last 44 hours and that a deal was "very possible."The White House, in response to' request for comment, shared a video clip of Trump speaking about the status of the ongoing negotiations."We'll see if we get there. They can't have nuclear weapons. It's very simple... We have to get what we have to get. If we don't do that, we'll have to go a big step further...," Trump said, adding that Iran wanted to make a deal."We've had very good talks over the last 44 hours, and it's very possible that we'll make a deal," he said.Earlier in the day, speaking at an event ahead of Mother's Day, commemorating the mothers of military personnel, Trump maintained that talks with Iran were "going very smoothly," adding that negotiations remain under US control.The US President said talks were going well, reiterating optimism about a potential peace deal. "... we're doing very well in Iran. It's going very smoothly, and we'll see what happens. They want to make a deal, they want to negotiate."He added that the US was dealing with "people that want to make a deal very much, and we'll see whether or not they can make a deal that's satisfactory to us."He added that the US maritime blockade in the Strait of Hormuz was "unbelievable.""It's like a wall of steel nobody goes through. In particular, the Iranians are not getting anything through one way or the other, so they're out of business," he said.Trump said that whether or not Iran agrees to the deal, he expected progress. "And we'll see whether or not they are agreeing, and if they don't agree, they'll end up agreeing shortly thereafter," he said.In a Truth Social post earlier on Wednesday, Trump warned of an escalation in military activity if Iran rejected the agreement."Assuming Iran agrees to give what has been agreed to... Epic Fury will be at an end, and the highly effective blockade will allow the Hormuz Strait to be open to all, including Iran," Trump posted.He warned of military consequences if Iran rejected the deal. "If they don't agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before."Iran reviewed a US proposal that could reopen the Strait of Hormuz and halt nearly 10 weeks of conflict, multiple news outlets reported Wednesday.Iran is reportedly reviewing a US memorandum that would gradually reopen Hormuz and ease the American blockade on Iranian ports if Tehran accepts the proposal. The proposal also includes sanctions relief and a temporary halt to Iran's uranium enrichment activity while broader nuclear negotiations continue.Iran is reportedly expected to respond through its mediator, Pakistan, within two days, according to media reports.Iran's semi-official Iranian Students' News Agency said the US proposal included unrealistic and excessive conditions that Iranian authorities strongly rejected in recent days.Meanwhile, Iran's Foreign Minister Seyed Abbas Araghchi said he held constructive talks with Chinese Foreign Minister Wang Yi in Beijing and welcomed China's role in supporting regional peace.Wang urged Iran to continue negotiations and avoid renewed fighting, the report added."Both sides reaffirmed Iran's right to uphold national sovereignty and national dignity," Araghchi said in a post on X, adding that "The Iranian side appreciated China's four-point proposal for maintaining and promoting regional peace and stability."China remains Iran's largest oil customer, purchasing roughly 90% of Iranian crude exports, though Beijing has largely avoided direct involvement since the conflict escalated.Chinese President Xi Jinping is scheduled to meet US President Donald Trump in Beijing on May 14-15, with Trump saying Tuesday that the Iran conflict will be on the agenda.Trump reportedly told PBS News that Washington could relax sanctions on Iran if both sides finalize an agreement, potentially easing concerns that Chinese banks will purchase Iranian oil."The only viable solution in the Strait of Hormuz is clear: a permanent end to the war, the lifting of the maritime blockade, and the restoration of normal passage," Iran's mission to the United Nations said in a post on X on Wednesday.The mission also alleged that the US was advancing a politically motivated United Nations Security Council resolution under the banner of freedom of navigation, while urging member states to reject or avoid supporting the proposal, according to the post.Meanwhile, France and the UK prepared a maritime coalition to escort commercial tankers through Hormuz if Iran accepts the US peace framework, according to media reports.A French official said Wednesday that partner vessels will soon join France's Charles de Gaulle aircraft carrier in the Red Sea, a deployment that signals the coalition's readiness to protect shipping through the Strait of Hormuz.An official in French President Emmanuel Macron's office said Macron recently held talks with both US President Donald Trump and Iranian President Masoud Pezeshkian, while stressing that France does not consider itself part of the conflict.The US Central Command on Wednesday posted on X that military forces operating in the Gulf of Oman enforced blockade measures by disabling an Iranian-flagged unladen oil tanker attempting to sail toward an Iranian port at 9 am ET on Tuesday.The vessel, M/T Hasna, was en route to an Iranian port on the Gulf of Oman and did not stop despite multiple warnings.Centcom said US forces disabled the tanker's rudder by firing several rounds fired from the USS Abraham Lincoln carrier.So far, 52 commercial vessels have been directed to turn around or return to port in order to comply, Centcom said.Oil prices dropped in midday trade amid geopolitical developments, with Brent falling 7.45% to $101.68 per barrel, WTI declining 6.54% to $95.58/bbl, and Murban dropping by 7.62% to $97.90/bbl.

Oil & Energy2d ago

Trump Says Iran Talks Going Smoothly; Iran Reportedly Reviews US Hormuz Proposal

US President Donald Trump, in fresh remarks on Wednesday, maintained that talks with Iran were "going very smoothly," adding that Tehran wants to make a deal and that negotiations remain under US control.Trump was speaking at an event ahead of Mother's Day, commemorating the mothers of military personnel.The US President said talks were going well, reiterating optimism about a potential peace deal. "... we're doing very well in Iran. It's going very smoothly, and we'll see what happens. They want to make a deal, they want to negotiate."He added that the US was dealing with "people that want to make a deal very much, and we'll see whether or not they can make a deal that's satisfactory to us."He added that the US maritime blockade in the Strait of Hormuz was "unbelievable.""It's like a wall of steel nobody goes through. In particular, the Iranians are not getting anything through one way or the other, so they're out of business," he said.Trump said that whether or not Iran agrees to the deal, he expected progress. "And we'll see whether or not they are agreeing, and if they don't agree, they'll end up agreeing shortly thereafter," he said.In a Truth Social post earlier on Wednesday, Trump warned of an escalation in military activity if Iran rejected the agreement."Assuming Iran agrees to give what has been agreed to... Epic Fury will be at an end, and the highly effective blockade will allow the Hormuz Strait to be open to all, including Iran," Trump posted.He warned of military consequences if Iran rejected the deal. "If they don't agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before."Iran reviewed a US proposal that could reopen the Strait of Hormuz and halt nearly 10 weeks of conflict, multiple news outlets reported Wednesday.Iran is reportedly reviewing a US memorandum that would gradually reopen Hormuz and ease the American blockade on Iranian ports if Tehran accepts the proposal. The proposal also includes sanctions relief and a temporary halt to Iran's uranium enrichment activity while broader nuclear negotiations continue.Iran is reportedly expected to respond through its mediator, Pakistan, within two days, according to media reports.Iran's semi-official Iranian Students' News Agency said the US proposal included unrealistic and excessive conditions that Iranian authorities strongly rejected in recent days.Meanwhile, Iran's Foreign Minister Seyed Abbas Araghchi said he held constructive talks with Chinese Foreign Minister Wang Yi in Beijing and welcomed China's role in supporting regional peace.Wang urged Iran to continue negotiations and avoid renewed fighting, the report added."Both sides reaffirmed Iran's right to uphold national sovereignty and national dignity," Araghchi said in a post on X, adding that "The Iranian side appreciated China's four-point proposal for maintaining and promoting regional peace and stability."China remains Iran's largest oil customer, purchasing roughly 90% of Iranian crude exports, though Beijing has largely avoided direct involvement since the conflict escalated.Chinese President Xi Jinping is scheduled to meet US President Donald Trump in Beijing on May 14-15, with Trump saying Tuesday that the Iran conflict will feature in the discussions.Trump reportedly told PBS News that Washington could relax sanctions on Iran if both sides finalize an agreement, potentially easing concerns over Chinese banks purchasing Iranian oil."The only viable solution in the Strait of Hormuz is clear: a permanent end to the war, the lifting of the maritime blockade, and the restoration of normal passage," Iran's mission to the United Nations said in a post on X on Wednesday.The mission also alleged that the US was advancing a politically motivated United Nations Security Council resolution under the banner of freedom of navigation, while urging member states to reject or avoid supporting the proposal, according to the post.Meanwhile, France and the UK prepared a maritime coalition to escort commercial tankers through Hormuz if Iran accepts the US peace framework, according to media reports.A French official said Wednesday that partner vessels will soon join France's Charles de Gaulle aircraft carrier in the Red Sea, a deployment that signals the coalition's readiness to protect shipping through the Strait of Hormuz.An official in French President Emmanuel Macron's office said Macron recently held talks with both US President Donald Trump and Iranian President Masoud Pezeshkian, while stressing that France does not consider itself part of the conflict.The US Central Command on Wednesday posted on X that military forces operating in the Gulf of Oman enforced blockade measures by disabling an Iranian-flagged unladen oil tanker attempting to sail toward an Iranian port at 9 am ET on Tuesday.The vessel, M/T Hasna, was en route to an Iranian port on the Gulf of Oman and did not stop despite multiple warnings.Centcom said US forces disabled the tanker's rudder by firing several rounds fired from the USS Abraham Lincoln carrier.So far, 52 commercial vessels have been directed to turn around or return to port in order to comply, Centcom said.Oil prices dropped in midday trade amid geopolitical developments, with Brent falling 7.45% to $101.68 per barrel, WTI declining 6.54% to $95.58/bbl, and Murban dropping by 7.62% to $97.90/bbl.

Oil & Energy2d ago

OPEC Production Slumps to 36-Year Low on Iran Conflict Impact, Bloomberg Survey Says

OPEC crude production slumped to its lowest level in 36 years last month as an ongoing Iran conflict choked off Persian Gulf exports and forced a wave of supply shut-ins, a Bloomberg survey showed on Wednesday.Output from the Organization of the Petroleum Exporting Countries fell by 420,000 barrels per day in April to an average of 20.55 million b/d. The total marks the group's lowest production ceiling since 1990, led by deepening supply disruptions in Kuwait and Iran.Last week, the producer group also faced another setback when the UAE announced its formal departure. Bloomberg's April survey includes figures for the UAE for the final month before its exit takes effect on May 1.Kuwait registered the group's steepest decline in April, with output falling by 470,000 b/d to an average of 800,000 b/d.Iran followed, after initially sustaining exports in the early phase of the conflict while restricting use of the strait by others, but has since come under mounting pressure from a US-led blockade on shipments.However, despite the continued closure of the Strait of Hormuz, OPEC agreed over the weekend to a nominal increase in output quotas for June.The symbolic move is intended to maintain the alliance's pre-war strategy of restoring production, though analysts noted the hikes remain largely "on paper" given the current maritime blockade.

Oil & Energy2d ago

Market Chatter: Second Adnoc LNG Cargo Appears to Exit Persian Gulf During Iran War

Adnoc appears to have exported a second liquefied natural gas cargo through Hormuz since the war began in late February, according to multiple media reports.Ship-tracking data showed Adnoc-owned tanker Mraweh carrying cargo near northern Indonesia on Wednesday.After remaining idle near Hormuz's eastern passage on Apr. 19, the vessel disappeared from tracking systems for more than two weeks before reappearing.Only one other LNG shipment has exited the Persian Gulf since the conflict began, with the Mubaraz tanker resurfacing near southern India after disappearing in late March, according to media reports.Satellite imagery captured Tuesday showed another tanker berthed at Das Island, signaling Adnoc continues loading LNG cargoes, according to a Bloomberg report.Risks across Hormuz remain elevated as Washington and Tehran continue struggling to secure a peace agreement while maintaining separate blockade measures.Adnoc did not immediately respond to' request for a 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 & Energy2d ago

US Biofuels Update: Peace Agreement Talks Sink Soybean, Soybean Oil Futures

Biofuels feedstock futures closed sharply lower on Wednesday, as a rumor that the US and Iran were near a peace agreement pressured broad markets.The Chicago Board of Trade July soybean futures contract closed 1.38% lower at $11.94 per bushel, while the CBOT July soybean oil futures contract settled 2.46% lower at 75.02 cents per pound.On Tuesday, the June ethanol futures contract on the Nymex ended 0.98% lower at $2.03 per gallon.US President Donald Trump warned of higher intensity bombings if Iran does not agree to a deal. He said the US is also pausing efforts to escort ships through the Strait of Hormuz.Broadly, US officials played down Iran's strikes on US warships.Rhett Montgomery, DTN analyst, said the soybean market fell for a second straight session."Soybean prices were primarily pressured by a sharply lower soybean oil market (by way of lower energy futures), albeit the first lower session for that market in ten sessions," Montgomery said in a daily note."Now with the President Trump visit to China appearing to be on schedule to occur regardless, rumors of de-escalation have become bearish given the weight on energy futures and soybean oil's sensitivity to those markets, particularly diesel," Montgomery said.On Wednesday, the Energy Information Administration reported that for the week ending May 1, US ethanol production averaged 1.02 million barrels per day, above 1 mmb/d last week and unchanged from 1.02 mmb/d a year ago.Domestic ethanol inventories ended the week at 26 million barrels, above 25.9 mmbbls a week ago, and 25.2 mmbbls a year ago.

Oil & Energy2d ago

US Oil Update: Futures Slide With Prospects of US-Iran Deal in Focus

Crude oil futures retreated in midday trading on Wednesday, extending losses from the previous session, as signs of progress toward a potential US-Iran agreement eased concerns about supply disruptions in the Middle East.Front-month West Texas Intermediate crude futures fell by 6.93% to $95.17 per barrel, while Brent futures were down 7.55% to $101.59/bbl.Soojin Kim, research analyst at MUFG, said tighter US crude inventories and ongoing Middle East supply risks continue to support prices despite improving sentiment around diplomacy.US crude oil inventories decreased by 2.3 million barrels to 457.2 mmbbls in the week ended May 1, the Energy Information Administration said in its weekly report on Wednesday.The agency said crude oil input to refineries dropped by 42,000 barrels per day from the previous week to average about 16 mmb/d in the week ending May 1. Crude oil production dropped by 13,000 b/d to 13.6 mmb/d.Iran is reviewing a new US proposal, and it will convey its response soon through Pakistan, according to media reports. On Wednesday, President Trump said "Great Progress" has been made on a final agreement to end the war with Iran, without giving more details.Trump said the US would pause its efforts to escort ships through the Hormuz Strait, as White House officials reportedly believe Washington is nearing a one-page, 14-point memorandum of understanding to end the conflict.ING strategists said a deal that normalizes oil flows through Hormuz is crucial, with about 13 million b/d of disrupted supply largely offset by declining inventory.However, Rystad Energy strategists said even if an agreement is reached, the impact on actual oil flows would be slower and more conditional than current price action suggests."A deal announcement would move futures further immediately, in fact, even the potential of a deal is already triggering a decline in oil prices. However, the physical market does not run on political timelines," said Paola Rodriguez-Masiu, Rystad's chief oil analyst.On the supply front, Venezuelan crude exports climbed to a seven-month high of just over 1.05 million barrels per day in April, more than double from January levels, as a revamped licensing framework and easing trade restrictions supported a broader recovery in flows.Kpler said the rebound was driven by stronger demand from traditional buyers, with the US importing about 400,000 b/d and India taking 384,000 b/d.

Showing 21-40 of 458

Oil & Energy2d ago