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Oil Tankers Steer Clear of Strait of Hormuz Amid Trump Threats, Iran Warnings, Reuters Analysis Shows

Only two Iranian-linked tankers exited the Persian Gulf on Monday, as other vessels actively steered clear of the Hormuz, after US President Donald Trump threatened to blockade Iranian ports, according to a Reuters report, citing shipping data from LSEG and Kpler.On Sunday, in a post on X, US Central Command said that it will begin blockading all maritime traffic entering and exiting Iranian ports, starting from Monday, at 10 a.m. ET.The post also noted that US efforts will not impede the freedom of navigation for other vessels transiting the Strait of Hormuz "to and from non-Iranian ports."This, however, has failed to assuage concerns among commercial vessels, with VLCC Agios Fanourios I, a Malta-flagged container making an attempt to enter the Gulf on Sunday, to load up on Iraqi Basra crude for Vietnam, before turning back.Eastern Mediterranean Maritime, which manages Agios Fanourios I, did not immediately response to' request for a comment.A Liberia-flagged very large crude carrier, is similarly, sailing empty, and is reportedly headed towards Basra in Iraq, according to ship tracking data.Meanwhile, Iran has threatened all ports in and around the Persian Gulf, if the US goes ahead with its planned naval blockade against the country. In a statement on Monday, Iran's armed forces warned that security for ports in the surrounding region is "either for everyone or for no one," according to a Bloomberg report.The country is also expecting to restore its damaged refining and distribution facilities to 70% to 80% of their pre-war capacities over the next two months, Reuters reported, citing a senior oil official.Mohammad Sadeq Azimifar, Iran's Deputy Minister of Oil, told the Student News Network that repairs had already begun, and that part of the Lavan refinery was expected to resume operations within the next 10 days.Iran's Energy Ministry did not immediately respond to' request for a comment on this story.

Oil & Energy26d ago

OPEC Retains 2026 Global Oil Demand Growth in April

The Organization of the Petroleum Exporting Countries on Monday forecast global oil demand growth for 2026 at 1.4 million barrels per day year over year, unchanged from last month.Liquids production from countries not participating in the Declaration of Cooperation, is expected to grow at about 600,000 b/d, also unchanged from last month's assessment.

Oil & Energy26d ago

Saudi Says East-West Pipeline Back at Full Capacity of 7 Million Barrels Per Day After Air Strikes

Saudi Arabia said on Sunday that it had restored the full oil pumping capacity at its East-West pipeline to 7 million barrels per day, just days after disclosing the extent of damage resulting from Iran's air strikes against the facility, according to a Reuters report, citing a statement by Saudi Arabia's Ministry of EnergyThe pipeline is currently the only alternative for the country to circumvent the closure of the Strait of Hormuz, which has entered its seventh week.According to the ministry, strikes in recent weeks have disrupted oil, gas, refining, petrochemicals and electricity plants, across Riyadh, the Eastern Province and Yanbu Industrial City.Riyadh said earlier this week that the attacks had reduced East-West pipeline throughput by about 700,000 bpd and oil production capacity by around 600,000 bpd, with losses split between the Manifa and Khurais fields.It also said that efforts were ongoing to restore full output at the Khurais oil field, which had reduced output by 300,000 barrels per day following the air strikes.

Oil & Energy26d ago

Eco (Atlantic) Oil and Gas Announced Farm Down of Namibian Portfolio to BP

$EOG.V

Oil & Energy26d ago

TotalEnergies Makes Hydrocarbon Discovery in Congo, Plans Extraction

TotalEnergies (TTE) affiliate TotalEnergies EP Congo has made a hydrocarbon discovery offshore Republic of the Congo in the area covered by its Moho license after drilling for an exploration well, it said on Monday.Together with a previous discovery in the Moho F structure, combined recoverable resources are now estimated at about 100 million barrels, which will be developed as a tieback to existing Moho infrastructure, the statement said.The drilling of the MHNM-6 NFW well in the Moho G structure led to the discovery of a hydrocarbon column of about 160 meters in "good-quality Albian reservoirs" with extensive sampling carried out.The development will benefit from proximity to existing installations "allowing a short cycle, cost effective tie-back development," according to Nicola Mavilla, Senior Vice-President for Exploration.TotalEnergies EP Congo is the operator of the Moho license, with a 63.5% stake while Trident Energy holds 21.5% and the Societe Nationale des Petroles du Congo holds 15%. Production facilities already in place include two floating production units.

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Oil & Energy26d ago

BP to Acquire Interest in 3 Namibian Offshore Blocks

Oil major BP (BP) said Monday it will acquire Eco Atlantic Oil & Gas's 60% interest in three offshore exploration blocks in Namibia for an undisclosed amount.Once the transaction is finalized and approved by the authorities, BP will be the operator of PEL97, PEL99, and PEL 100 offshore blocks in Walvis Basin, with Eco Atlantic and National Petroleum Corp. of Namibia serving as partners.This agreement marks BP's entry into the country as an operator, following hydrocarbon discoveries in the region through BP-Eni joint venture Azule Energy, the company said.BP's recent exploration discoveries in Namibia include Volans-1X and Capricornus-1X in the Orange Basin.The company's exploration portfolio has recently expanded with 12 discoveries in 2025 and another two so far this year.

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Oil & Energy26d ago

EMEA Natural Gas Update: Futures Surge Over 9% After US-Iran Talks Fail, Trump Announces Blockade

European natural gas futures soared more than 9% on Monday, after US President Donald Trump declared a blockade against Iran on the Strait of Hormuz, marking a fresh escalation in the conflict.The front-month Dutch TTF contract was up 8.85% to 47.50 euros ($55.56) per megawatt-hour, while UK NBP futures were up 9.24% to 119.83 British pence ($1.60) per therm.In a Truth Social post on Sunday, Trump said the US and Iran failed to reach an agreement during the talks held in Pakistan over the weekend, citing irreconcilable differences over Tehran's nuclear program.In response, Trump said that the US Navy would now begin blockading Iran by preventing ships from entering or leaving the country's ports.He also added that the Navy will seek out and interdict all commercial vessels that have paid a toll to Iran to secure passage through the Strait. "No one who pays an illegal toll will have safe passage on the high seas," he said.Meanwhile, Iran's Islamic Revolutionary Guard Corps Navy has said that the crucial waterway that accounts for 20% of global LNG flows, "will never return to its former state, especially for the US and Israel," according to a report by Hindustan Times, citing Iran's Press TV.The Strait remained effectively closed for the seventh week running, but witnessed an uptick in traffic, with 10 vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.This marks a sharp decline from the Strait's typical daily average of 138 vessels, according to the UK's Joint Maritime Information Center, which also noted that there have been no new attacks against vessels over the past 48 hours.According to Daniel Hynes, a senior commodity strategist at ANZ, these developments over the weekend "will exacerbate the supply disruptions" already facing the global economy.Hynes noted that no LNG tankers have transited through the Strait for weeks, adding that the conflict has shifted the outlook from "gradual easing to prolonged tightness."While most Middle Eastern LNG flows typically head towards Asia, this prolonged disruption is increasing global supply competition, leading to elevated prices in European markets, especially as countries begin to refill their inventories for the next winter.Europe's storage levels remain depleted, at just 29.34% of inventory, compared to 35.11% during the corresponding period a year ago, according to Gas Infrastructure Europe.

Oil & Energy26d ago

EMEA Oil Update: Brent Above $100 Mark Following Trump's Blockade Order

Brent oil futures jumped about 7% on Monday following Trump's order of blocking Iranian cargoes in the Strait of Hormuz, heightening fears of a prolonged global supply disruption.The Brent futures contract gained about 6.7% to $101.58 per barrel. This follows a volatile last week where prices briefly dipped below $95.Murban closed at $98.16 on April 10 and was not trading as of the time of publishing this oil price update."This morning the Brent June contract is up 7.4% again to $102.2/b as the negotiations this weekend yielded no results while the US also has announced a blockade of the Strait of Hormuz. Now clarified to affect only Iranian cargoes," SEB analysts noted.The primary driver for the price surge is the total collapse of high-level negotiations in Islamabad, Pakistan.After 21 hours of marathon talks between Vice President JD Vance and Iranian officials, the sides failed to reach a deal regarding Iran's nuclear program and regional conflicts.In response, President Donald Trump announced a significant escalation via social media.The US Navy has been instructed to interdict any ships attempting to enter or leave the Strait of Hormuz that are carrying Iranian cargoes, according to Trump's Truth Social post.US forces will begin destroying naval mines allegedly laid by Iran in the shipping lanes, it added.It also includes seeking out vessels in international waters that have paid transit "tolls" to Iran, which the US has labeled illegal.President Trump acknowledged the domestic impact on Sunday, noting that gasoline and oil prices are likely to remain elevated through the November midterm elections.Meanwhile, Iranian officials have reportedly warned that they maintain full control of the waterway.

Oil & Energy28d ago

Crude Benchmarks Log Weekly Decline Amid 2-Week Ceasefire Deal

Global oil benchmarks posted a weekly decline on Friday after prices fell below the $100 per barrel mark earlier this week following the US-Iran ceasefire agreement.West Texas Intermediate closed Friday at $95.63/bbl, down from $111.54/bbl the previous week, while Brent futures settled at $94.36/bbl, down from $109.24/bbl a week earlier."Saudi Arabia said its production capacity has been reduced due to attacks on energy infrastructure, though futures remain on track for their biggest weekly loss since June, down more than 10% this week after the US and Iran announced a ceasefire," Saxo Bank analysts noted.The week began with prices over $110/bbl on Monday as the conflict involving the US, Israel, and Iran intensified.However, the trajectory broke sharply on Wednesday following President Trump's announcement of a two-week "bombing suspension" and ceasefire mediated by Pakistan.This triggered a historic relief crash, with WTI May futures and Brent June futures both shedding nearly 16-20% in a single session, briefly touching lows near $93-$94 as traders priced in a potential reopening of the Strait of Hormuz.However, the risk premium began to seep back into the market as optimism over the ceasefire faded as Tehran accused Washington of breaching the truce's 10-point framework on Thursday, citing continued US drone incursions and strikes in Lebanon.Meanwhile, US President Donald Trump warned Iran on Thursday amid reports that Tehran has started charging transit fees on tankers navigating the Strait of Hormuz, as shipping through the key waterway remains largely restricted despite the ceasefire deal.Despite the diplomatic breakthrough, shipowners remain paralyzed by war-risk insurance premiums, disrupted tanker rotations, and the lingering threat of Iranian transit fees in the Strait of Hormuz.Maritime data showed that only a handful of non-Iranian tankers had successfully transited the Strait of Hormuz since the ceasefire began, as global shipping giants like Hapag-Lloyd refused to resume routes until security is guaranteed.Even with the ceasefire holding, ANZ analysts expect only a partial recovery of 2-3 million barrels per day in the near term, with a credible risk that 1-2 mb/d of capacity may be permanently lost due to infrastructure damage.J.P. Morgan analysts said that "in the nearly six weeks since the conflict began, more than 60 energy infrastructure assets in the Gulf have been affected by drone and missile strikes, with roughly 50 sustaining different degrees of damage."Over 80% of countries are net oil importers, leaving the majority of global economies exposed to rising energy costs and supply disruptions during the shock, the International Monetary Fund said Thursday.The drop in supply has also disrupted refining operations, as facilities struggle to maintain minimum throughput levels amid reduced crude availability, the IMF added.On the supply side, US crude stockpiles rose by 3.1 mmbbls to 464.7 mmbbls in the week ended Apr. 3, the Energy Information Administration said in its weekly report on Wednesday.The number of oil rigs in the US held steady at 411 from last week, in the week ending Apr. 10, according to data from Baker Hughes (BKR) released Friday. The US had 472 oil rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, dropped by 10 to 680 from 690 the previous week.Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended Apr. 7, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released Friday.The data showed that money managers reported 223,091 long positions, up 8,334 from Mar. 31, while short positions were also up 1,213 to 85,253.

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Oil & Energy28d ago

US Natural Gas Posts Weekly Decline on Iran Ceasefire, Bearish Weather Forecasts

US natural gas futures settled lower over the week, amid the ceasefire between the US, Israel and Iran, along with bearish weather forecasts.The front-month contract price fell over the week to $2.65 per million British thermal units, from $$2.80/MMBtu on Apr. 2.The markets were off to a strong start this week but trended lower after Iran announced ceasefire negotiations, hinting at a quick resolution of hostilities in the Middle East.While the truce is temporary, set to last only for two weeks, and already showing its fragility, it did manage to calm the markets over the week.For the week ended Apr. 8, the May 2026 Nymex contract was down $0.09 at $2.72/MMBtu, compared with $2.81/MMBtu the prior week, the Energy Information Administration's Weekly Gas Storage Supplement said.Natural gas spot prices fell by $0.19 to $2.80/MMBtu during the week ended Apr. 8, according to the EIA, from $2.99/MMBtu last week. Price changes were mixed across most regional hubs, from a $0.56/MMBtu decrease at the Waha Hub to a $0.20 gain at the SoCal border.Prices across the Gulf Coast and Southeast regions were similarly mixed, with a $0.21 decline at the Florida Gas Zone 3 to $2.83/MMBtu and a $0.06 rise at the Houston Ship Channel to $2.44/MMBtu.Natural gas consumption in the Southeast electric power sector rose 3%, or 0.2 billion cubic feet per day, according to the EIA, citing LSEG data.The EIA reported a net injection of 50 Bcf into storage for the week ended Apr. 3, up from a net injection of 36 Bcf last week, and bringing total gas inventories to 1,911 Bcf.During the same week last year, the EIA reported a net injection of 53 Bcf, while the five-year average for this period was an injection of 13 Bcf. This week's figures were also above the 41 Bcf forecast, according to data compiled by Investing.com.The total gas inventories at 1,911 Bcf are now 89 Bcf, or 5% above the corresponding period a year ago, and 87 Bcf, which is again 5% higher than the five-year average for this period.Working gas in storage rose across all regions, except the Mountain, with South Central posting the largest gain of 32 Bcf, bringing its balances to 1.2% above its five-year average.Meanwhile, inventories across the East and Midwest have narrowed their working gas deficits to just 11% relative to their respective five-year averages.According to Pinebrook Energy Advisors, the EIA weekly report offered little new direction for the market. Demand is expected to continue its seasonal decline amid above-normal temperatures across most of the country, which is expected to hit cooling gas demand.A total of 37 liquefied natural gas carrying vessels left US ports during the week, down from 39 vessels last week. The total capacity of these vessels stood at 141 Bcf, down 8 Bcf from the prior week.Weather forecasts continued to turn bearish, with almost the entire country expected to see above-normal temperatures from Apr. 17 to Apr. 23, according to the National Weather Service.The number of gas rigs dropped by three from 130 the previous week to 127, in the week ending Apr. 10, according to data from Baker Hughes (BKR) released Friday. The US had 105 gas rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, dropped by 10 to 680 from 690 the previous week.In international markets, European TTF gas prices averaged $16.88/MMBtu for the week ended Apr. 8, $0.86/MMBtu lower compared to the previous week. The Japan-Korea Marker averaged $19.85/MMBtu, about $0.43/MMBtu lower than the prior week.

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Oil & Energy28d ago

US Oil Update: Futures Settle Lower With Iran-US Talks in Focus

Crude oil futures settled lower in after-hours trading on Friday as the US and Iranian delegations arrived in Islamabad for talks seen as crucial to the success of the ceasefire and the reopening of the Strait of Hormuz.Front-month West Texas Intermediate crude futures dropped by 2.29% to $95.63 per barrel, while Brent futures were down 1.63% to $94.36/bbl.US and Iranian negotiating teams arrived in Pakistan on Friday for peace talks, though Tehran insisted on measures it said needed to be addressed first, casting doubt on the weekend meetings."Two of the measures mutually agreed upon between the parties have yet to be implemented: a ceasefire in Lebanon and the release of Iran's blocked assets prior to the commencement of negotiations," Iranian Parliament Speaker Mohammad Bagher Ghalibaf said in a post on X on Friday.President Trump dispatched Vice President JD Vance, along with special envoy Steve Witkoff and son-in-law Jared Kushner, to Pakistan to meet with Iranian officials, after announcing a two-week ceasefire agreement earlier on Tuesday.On Friday, Trump said the only reason Iranians are alive "is to negotiate", while noting that the only leverage Tehran holds is its ability to create short-term pressure by blocking the Strait."The Iranians don't seem to realize they have no cards, other than a short-term extortion of the World by using International Waterways," Trump said in a social media post. "The only reason they are alive today is to negotiate!"ING analysts said while Trump struck an optimistic tone on resolving the six-week conflict, he threatened Tehran over charging fees in the Hormuz.Trump has expressed frustration with Iran's continued blockade of nearly total closure of traffic via the Hormuz despite a ceasefire deal that included an agreement to open it.On Thursday, the US President said that Iran should stop charging tolls to vessels transiting the Hormuz Strait, as traffic through the strategic waterway remains largely constrained.Iran is considering a shift in how transit fees are levied on vessels transiting the strategic waterway, with a proposal to mandate payments in its national currency, according to media reports.The latest shipping data shows that vessel activity through the Hormuz has increased slightly since the ceasefire took effect on Apr.8, but flows remain well below normal levels. MarineTraffic said 14 vessels crossed the Strait on Apr. 8-9, including nine crossings on 9 April.Over 130 million barrels of crude and condensate remain stranded across about 80 laden tankers, largely VLCCs, with key exporters including Saudi Arabia, Iraq and the UAE unable to move cargoes, Kpler strategists said in a note on Friday.On the supply front, Saudi Arabia said on Thursday that Iranian attacks on its energy infrastructure reduced the country's oil production capacity and East-West Pipeline throughput by about 600,000 barrels per day and 700,000 b/d, respectively.

Oil & Energy28d ago

India Reportedly Allows Iranian Oil Tankers to Dock Amid Supply Disruptions

India has reportedly allowed four Iranian oil tankers to dock, signaling a rare easing of restrictions for Iranian crude, according to multiple media reports.The shipping ministry granted permission for vessels carrying Iranian crude to berth at Sikka port following a request from Reliance Industries, according to reports.India, the world's third-largest oil importer, had halted Iranian crude purchases in 2019 under US pressure.The move follows a temporary US waiver issued last month permitting limited transactions involving Iranian oil at sea to help stabilize global prices.The exemption is set to expire on Apr. 19, creating urgency for importers seeking to secure alternative supplies during heightened geopolitical tensions.Iranian shipments are typically transported by vessels lacking standard insurance and certifications, requiring special government approval under Indian maritime regulations.The approved vessels include Aframax tanker Kaviz and very large crude carriers Lenore, Felicity, and Hedy, all of which are under US sanctions.Each supertanker can carry up to 2 million barrels of crude, offering significant potential volumes if the cargoes are processed.Tracking data showed some vessels positioned near Iran's Chabahar port in early April, while others recently loaded cargoes or exited the Gulf, the report said.Despite the approvals, it remains uncertain whether Reliance will refine the oil, as the company is assessing compliance with sanctions and domestic regulations.Separately, Indian Oil has already received Iranian crude via a sanctioned tanker, indicating limited resumption of flows under exceptional circumstances.India's Ministry of Ports, Shipping and Waterways and Reliance did not immediately respond to' request for comment.

Oil & Energy28d ago

European Refined Product Markets Tighten as ARA Inventories Diverge, Wood Mackenzie Says

Europe's refined fuels market is flashing mixed signals with crude stock swings in the Amsterdam-Rotterdam-Antwerp hub, increasingly steering prices and sentiment, Wood Mackenzie analysts said in a note on Friday.Crude oil inventories in ARA terminals surged sharply toward the end of March, reversing earlier declines, analysts said.Stocks stood at 46.6 million barrels for the week ending Feb. 27, placing them at four-year seasonal lows by mid-March. However, inventories rebounded by over 8 million barrels in the following weeks, reaching 54.7 mmbbls by month-end, the highest level for the same period in four years.In contrast, gasoline inventories moved in the opposite direction. After reaching 2.45 mmbbls in the week ending Mar. 6, stocks fell nearly 20% to about 2 mmbbls by the end of the month, marking a four-year seasonal low and pointing to tightening supply in the motor fuels segment.Middle distillates, including gasoil and jet fuel, showed comparatively modest fluctuations.Gasoil inventories declined through early March, hitting 3.44 mmbbls in the week ending Mar. 13, before recovering to 3.60 mmbbls by Mar. 27. Jet fuel stocks followed a similar pattern, rising from 860,000 barrels at the end of February to 930,000 barrels four weeks later.Analysts say part of the divergence across product markets reflects differences in crude slates processed by refineries. Lighter crude grades, such as those produced in the North Sea, typically yield higher volumes of gasoline. However, yields can vary significantly even within the same region.For instance, crude from Norway's Asgard field can produce about 41% gasoline, compared with less than 36% from the UK's Forties blend.The contrasting inventory trends underscore the need to closely monitor refinery inputs and regional stock levels, particularly in Europe, where ARA hub dynamics remain a key barometer of broader market conditions.

Oil & Energy28d ago

US Senators Urge Probe Into Oil Trading Ahead of Trump Iran Updates

Two US senators on Friday urged the Commodity Futures Trading Commission to investigate what they described as suspicious trading in crude futures ahead of President Trump's updates on the Middle East conflict on two different occasions in March and April.The lawmakers, in a letter addressed to CFTC Chairman Michael S. Selig, said large, well-timed bets were placed shortly before two major policy statements on Mar. 23 and Apr. 7, 2026, potentially indicating misuse of non-public government information."This pattern raises serious questions about whether there has been recurring misappropriation ofmaterial nonpublic government information and about the extent to which individuals inside oroutside the government have acted on such information," the lawmakers said in a letter.The letter said that traders placed about $950 million bet on falling oil prices on Apr. 7, hours before Trump announced a two-week ceasefire with Iran. The announcement sent oil prices plunging by about 15%.The lawmakers said oil futures volume surged on Mar. 23 just before Trump announced talks to de-escalate the war, a move that lowered crude prices and boosted stock indexes.Reports indicate unidentified traders on the New York Mercantile Exchange made a $500 million "oil bet" minutes before the announcement, the letter said."There was no public news preceding the announcement to explain the price movement," the Senators said.The lawmakers also pointed to what they described as a broader pattern of market activity anticipating major administration decisions.The letter cited a Reuters review identifying other instances involving equity options and prediction markets where traders appeared to profit ahead of policy announcements.It also referred to reported gains tied to an April 2025 tariff pause announcement, as well as bets on political developments in Venezuela and on potential US military action against Iran earlier this year.The Senators asked whether the CFTC's Division of Enforcement had opened investigations into the March and April oil trades, and, if not, why not. The lawmakers also requested details on the agency's surveillance mechanisms and coordination with exchanges to detect unusual trading patterns.

Oil & Energy28d ago

US Biofuels Update: Soybean Oil Futures Drop on Profit-Taking

Biofuels feedstock futures closed mixed on Friday, as traders took profits on the soybean oil market.The Chicago Board of Trade May soybean futures contract closed 0.90% higher on Friday at $11.75 per bushel, while the CBOT May soybean oil futures contract settled 0.90% lower at 67.09 cents per pound.On Thursday, the May ethanol futures contract on the Nymex ended 1.28% lower at $1.92 per gallon.Rhett Montgomery, DTN analyst, said soybean futures were supported by a double-digit rally in soybean meal futures."The soybean meal move higher was credited to long meal/short oil spreading to close the week. In outside markets, crude oil futures traded marginally higher for a second straight session, with bullishness tempered ahead of weekend negotiations between the US and Iran in Pakistan," the analyst said.Montgomery cited news reports that said only eight ships transited the Strait of Hormuz on Thursday, and only those carrying Iranian cargo, "which is surely to be a point of contention between the US and Iran as ceasefire negotiations continue.

Oil & Energy28d ago

Iran Sets 2 Conditions Ahead of Negotiations

Iranian parliament speaker Mohammad Baqer Ghalibaf said Friday that two preconditions agreed with Washington must be implemented before negotiations can begin, ahead of weekend peace talks in Islamabad.In a social media post on X, Ghalibaf said, "Two of the measures mutually agreed upon between the parties have yet to be implemented: a ceasefire in Lebanon and the release of Iran's blocked assets prior to the commencement of negotiations. These two matters must be fulfilled before negotiations begin."The post came as the US and Iran prepare for Saturday talks aimed at addressing the Middle East conflict. Ghalibaf referred to ongoing Israeli attacks in Lebanon and the tens of billions of dollars Iran has frozen in foreign banks due to US sanctions.Hours after a ceasefire framework was agreed late Tuesday by the US and Iran, Israel launched what officials called its largest strike in the parallel war in Lebanon, killing over 300 people in densely populated areas, according to Lebanese authorities.Israeli airstrikes continued Friday across southern Lebanon, with more than a dozen additional fatalities reported in multiple towns. A strike on a government building in Nabatieh killed 13 members of Lebanon's state security forces, local media reported. Hezbollah said it responded with rocket fire into northern Israel.On Friday, US President Donald Trump posted on Truth Social that Iran's leverage was limited to short-term pressure tactics, arguing its position was weak in negotiations."The Iranians don't seem to realize they have no cards, other than a short-term extortion of the World by using international waterways. The only reason they are alive today is to negotiate!" Trump wrote in a Truth Social post.During planned talks in Islamabad, Tehran is expected to push for major concessions, including sanctions relief and expanded recognition of its authority over the Strait of Hormuz, a critical global shipping lane it seeks to regulate and monetize.Iranian vessels continued moving through the strait Friday without reported disruption, while foreign commercial shipping remained largely constrained, according to maritime sources. Before the conflict, roughly 140 vessels a day transited the waterway, including oil tankers carrying up to 20 million barrels.The US is expected to focus its demands on Iran's nuclear program, which Western officials say includes stockpiles of more than 400 kilograms of highly enriched uranium, along with continued missile and drone capabilities.Crude benchmarks moved lower in midday trade as market participants closely monitor upcoming US-Iran negotiations, with Brent down 1.43% to $94.55 per barrel, WTI falling 1.74% to $96.17/bbl, and Murban slipping 1.56% to $98.07/bbl.

Oil & Energy28d ago

Trump Administration Reportedly Weighs Russian Oil Waiver Extension to Curb Supply Shock

The US is set to extend a Russian oil waiver freeing about 100 million barrels, aiming to ease supply shocks, according to multiple media reports.The Trump administration is expected to renew the exemption allowing purchases of sanctioned Russian oil and products, with a decision likely as early as Friday, according to reports.The current 30-day waiver, introduced in mid-March, permits transactions involving Russian oil already at sea and is due to expire on Apr. 11.US Treasury Secretary Scott Bessent reportedly discussed the extension with President Donald Trump on Thursday, with both agreeing the move would help manage rising energy costs.Several Asian nations are reportedly urging the US to renew the waiver, citing energy shortages and rising costs linked to the Iran conflict.India and the Philippines are among countries seeking continued access to Russian crude shipments already in transit, as governments try to secure supply amid tightening markets, according to the report.An Indian delegation in Washington is reportedly urging US officials to extend the waiver on Iranian crude and to widen existing exemptions covering Russian liquefied natural gas.An Indian official reportedly said New Delhi expects the US to extend the waiver, while denying it is actively seeking exemptions, adding that the country continues to import significant volumes of Russian oil.The International Energy Agency said the crisis has triggered the largest supply disruption on record, intensifying concerns over fuel costs ahead of the US midterm elections in November.A potential waiver, however, risks undermining Western sanctions on Russia, potentially boosting revenue for its war in Ukraine and creating tensions with European allies opposed to easing restrictions.European Commission President Ursula von der Leyen said the current environment does not justify loosening sanctions, highlighting growing divisions among Western partners.On Mar. 20, Washington introduced a 30-day waiver involving Iranian oil shipments at sea.Lawmakers in Washington have also criticized the policy, with Republicans and Democrats warning the waiver could benefit both Russia and Iran at a time of heightened geopolitical tensions.Oil prices remain over 30% above pre-conflict levels, reflecting ongoing volatility and limited supply options following military actions involving the US and Israel.has reached out to the White House, the US Department of the Treasury, and India's Ministry of External Affairs for any comments.

Oil & Energy28d ago

US Oil Update: Crude Holds Steady Ahead of Iran-US Talks

Crude oil futures were little changed in midday trading on Friday ahead of US-Iran talks in Islamabad on Saturday, which will dictate the path ahead for a fragile ceasefire as traffic through the Strait of Hormuz remains restricted.Front-month West Texas Intermediate crude futures eased by 0.35% to $98.25 per barrel, while Brent futures were up 0.55% to $96.44/bbl.On Saturday morning, the US and Iran delegations will commence the first round of in-person negotiations.US President Trump said in a Truth Social post that the only reason Iranians are alive "is to negotiate", while noting that the only leverage Tehran holds is its ability to create short-term pressure by blocking the Strait."The Iranians don't seem to realize they have no cards, other than a short-term extortion of the World by using International Waterways," Trump said in a social media post.Trump reportedly said the US is loading its warships with the "best weapons" in case the peace talks with Iran fail.However, Iran said that blocked Iranian assets must be released and that a ceasefire must take hold in Lebanon before peace talks can proceed, throwing last-minute doubt with hours to go before the talks are scheduled to start.Iranian Parliament Speaker Mohammad Bagher Ghalibaf said on Friday that two agreed-upon actions, a ceasefire in Lebanon and the release of Iran's blocked assets, must be implemented before negotiations begin.Iran Foreign Minister Seyed Abbas Araghchi also reiterated that Lebanon should be included within the scope of the Iran-US two-week ceasefire agreement, stressing the need for Washington to adhere to its "commitments".Meanwhile, ING analysts said while Trump struck an optimistic tone on resolving the six-week conflict, he threatened Tehran over charging fees in the Hormuz.The latest shipping data shows that vessel activity through the Hormuz has increased slightly since the ceasefire took effect on Apr.8, but flows remain well below normal levels. MarineTraffic said 14 vessels crossed the Strait on Apr. 8-9, including nine crossings on 9 Apr."More than 130 million barrels of crude and condensate remain stranded across about 80 laden tankers, largely VLCCs, with key exporters including Saudi Arabia, Iraq and the UAE unable to move cargoes, Kpler strategists said in a note on Friday," Kpler strategists said in a note on Friday.On the supply front, Saudi Arabia said on Thursday that Iranian attacks on its energy infrastructure reduced the country's oil production capacity and East-West Pipeline throughput by about 600,000 barrels per day and 700,000 b/d, respectively.

Oil & Energy28d ago

EMEA Oil Update: Crude Mixed on Saudi Supply Concerns Ahead of US-Iran Talks

EMEA crude futures diverged in after-hours trading on Friday on concerns over Saudi Arabia supply disruptions and persistent bottlenecks in the Strait of Hormuz ahead of Iran-US talks.Brent crude futures gained by 1.22% to $97.17 per barrel, while Murban oil futures were down 1.66% to $97.97/bbl.ING strategists said crude extended gains for a second session amid fresh Middle East supply concerns.On Thursday, Saudi Arabia said Iranian attacks on its energy infrastructure reduced the country's oil production capacity and East-West Pipeline throughput by about 600,000 barrels per day and 700,000 b/d, respectively.Saudi Arabia's Ministry of Energy said Thursday Iran's continued attacks on energy infrastructure lead to reduced supply and slow recovery, according to local media reports. Kuwait also said it intercepted drone attacks targeting key energy facilities on Friday.Earlier in the week, the US Energy Information Administration said Middle East producers shut in about 7.5 million b/d of crude oil production in March as storage capacity tightened, with outages projected to rise to 9.1 million b/d in April.Fueling bearish sentiment, President Trump intensified his rhetoric against Tehran, saying Iran "doesn't seem to realize they have no cards," the only leverage the country holds is its ability to create short-term pressure by blocking the Strait.The remarks come a day after Trump warned that Iran should stop charging tolls to vessels transiting the strategic waterway, as tanker traffic remains restricted on Friday.ING analysts said while Trump struck an optimistic tone on resolving the six-week conflict, he threatened Tehran over charging fees in the Hormuz.The latest shipping data shows that vessel activity through the Hormuz has increased slightly since the ceasefire took effect on Apr. 8, but flows remain well below normal levels. MarineTraffic said 14 vessels crossed the Strait on Apr. 8-9, including nine crossings on Apr. 9.On Friday, Iranian Parliament Speaker Mohammad Bagher Ghalibaf said that two agreed-upon actions, a ceasefire in Lebanon and the release of Iran's blocked assets, must be implemented before negotiations begin.Going forward, market participants' focus is now on the sustainability of the US-Iran ceasefire ahead of talks in Islamabad, Pakistan, on Saturday.Saxo Bank strategists said the Hormuz closure remains a key focus ahead of talks between US and Iranian officials.

Oil & Energy28d ago

Trump Says Iran Weak Beyond Waterway Pressure as Vance Heads to Islamabad for Key Talks

US President Donald Trump on Friday said Iran lacks leverage beyond short-term pressure via global waterways, stressing negotiations as its only viable path.Trump said in a Truth Social post, "The Iranians don't seem to realize they have no cards, other than a short term extortion of the World by using international waterways. The only reason they are alive today is to negotiate!"On Friday, Trump told the New York Post in an interview that a decision on Iran talks is expected within about 24 hours, signaling a critical window for a potential agreement."We're going to find out in about 24 hours," Trump reportedly said when asked about the likelihood of successful negotiations.He added that the US is rearming ships with "the best ammunition" and more advanced weapons than previously deployed, adding that the military is in a stronger position than in earlier operations.Trump said if no agreement is reached, the US will use those capabilities, warning any action would be carried out "very effectively."has reached out to the White House for any comments.Ahead of the US-Iran talks in Islamabad, oil prices held near Thursday's levels, with West Texas Intermediate rising 0.34% to $98.20 per barrel and Brent up 0.80% to $96.69/bbl, while Murban fell 1.66% to $97.97/bbl.

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Oil & Energy28d ago

Crude Benchmarks Log Weekly Decline Amid 2-Week Ceasefire Deal

$BKR