Crude Oil

After U.S. President Donald Trump said that the interim peace agreement with?Iran?was "over", and the U.S. declared new military strikes, stocks were mostly lower. Oil prices rose nearly 5% as tensions in the Middle East re-emerged and fears mounted that global energy supply could be disrupted if vessels moving through the Strait of Hormuz were stopped. Brent futures LCOc1 climbed $3.86 or 5.2% to $78.02 per barrel, their highest price since June 19. U.S. West Texas Intermediate crude (WTI)?CLc1 climbed $3.08 or 4.4% to $73.52, its highest level since June 22. This week, data showed that crude oil stocks in...

The wording of the interim deal fuels differing interpretations between Iran and the U.S. about who manages transit * Tehran used to view the closing of waterways as a final resort * Iran will not start nuclear negotiations until Washington accepts Washington's authority over the Strait By Parisa Hafezi & Angus McDowall DUBAI, 8 July - The Strait of Hormuz is now a "golden" weapon for Iran. It is willing to risk escalating tensions with the United States for this goal, which is more important than its nuclear program for which the country has accepted sanctions for decades. The issue...

Wednesday, oil prices rose more than 5% and global bond and stock prices fell as investors fled risky assets after U.S. president Donald 'Trump' said that the memorandum signed with Iran for ending the Gulf Conflict was "over". Wall Street opened lower, as renewed tensions in the Middle East weighed down sentiment. This was further reinforced by a warning from the International Monetary Fund about the impact of the conflict on global growth for this year. Investors are also closely watching the minutes of the Fed meeting, which will be released later on Wednesday. This is the first Fed meeting...

Long/short hedge fund results prove that fundamentals are still important, and Europe continues underestimating its global power. In this midweek article, I will highlight some key stories that caught me eye?this week and may have been lost in the daily flood of market news. The pump doesn't work The late U.S. John McCain said in 2014 that "Russia is just a gas station posing as a nation." If that's the case, reports of Russia's people running out of fuel in the 4.5 year long war with Ukraine seem both absurd and very significant. The attacks on Russia's infrastructure have led...

On Wednesday, oil prices rose as U.S. sanctions against Iranian oil and renewed fighting in the Middle East threatened the ceasefire. Stocks were shaky because the record-breaking AI rally is running out of buyers. Brent crude futures rose 3.2% to $76.54 per barrel, which is still a far cry from the wartime peaks above $120, but it's enough to cause a stir in the bond markets by increasing inflation risks. This is especially true since months of conflict has reduced global inventories. Jason Wong is a senior strategist with BNZ Wellington. He said: "Obviously, the market does not like these...

U.S. Oil Prices jumped by?nearly 3 percent in early trade Wednesday, continuing the previous session’s gains. This was after a series of strikes launched by the U.S. Military against Iran. The U.S. military's actions raised concerns about a fragile ceasefire. U.S. Central Command said on Tuesday that the strikes against Iran were a response to Iranian attacks on commercial vessels that were?transiting the Strait of Hormuz?. As of 2215 GMT, U.S. West Texas Intermediate Crude was up $1.95 or 2.8% at $72.39 per barrel. WTI closed 2.8% higher on Tuesday, before continuing to rise?in the post-settlement trading after the U.S....

The price of oil rose on Tuesday as traders' anxiety over a lack of progress in peace talks between?the United States?and Iran?overrode any price impact of the slight improvement in shipping through Strait of Hormuz. Brent crude futures rose $1.02 or 1.42% to $73.01 per barrel. U.S. West Texas intermediate crude gained 93 cents or 1.36% to $69.48 per barrel at 0748 GMT. Ole Hansen, analyst at Saxo Bank, said: "The deal has not been signed yet. So something could still go wrong. And?any comments by either side can raise concerns which helps to underpin the prices. It's also removing...

Asian stocks fell on Tuesday, despite the fact that South Korea's Samsung Electronics had forecast a 19-fold increase in its second-quarter profits. Meanwhile, the Japanese yen was still pinned at a 40-year low amid speculation about intervention. Samsung Electronics,?the world's largest memory-chip maker, has estimated its operating profit for April-June at 89.4 trillion won ($58.44billion), marking the third consecutive quarter of record profits. South Korean shares fell by 4.1% while MSCI's broadest Asia-Pacific share index outside Japan dropped by 0.73%. Japan's Nikkei shed 1.08%. Investors are seeking refuge in this sector due to concerns about the economy, inflation and the...

The oil prices rose on Tuesday but the gains were modest as traders focused their attention on supply and demand. Brent crude futures rose 28 cents or 0.39 percent to $72.29 and U.S. West Texas?Intermediate crude climbed to $68.84 per barrel at 0046 GMT. This is up 29 cents or 0.26 percent after having settled down on Monday to levels similar to those seen before the Iran war. Tim Waterer is the chief market analyst for KCM Trade. He said that although the steps taken towards recovering supply have reduced the immediate risk premium the market still remains cautious about...

Wall Street surged Monday, and oil prices settled at pre-Iran War?levels as investors awaited new developments in the AI and chipmaker sectors ahead of corporate earnings. The three major U.S. stock indexes all ended the day in positive territory. The Dow Jones Industrial Average closed the day up by 0.29%. Meanwhile, the S&P 500 rose 0.72% while the Nasdaq Composite increased 1.12%. MSCI's global index of stocks rose by 0.41%. Global AI continued to dominate the markets. South Korean chipmaker SK Hynix 00660.KS launched a U.S. shares sale on Monday to raise 43 trillion won (28.07 billion dollars) and received...

Brent crude for "prompt" delivery traded below contracts that were due to be delivered up to six months in the future this week, the latest indication that increased shipments through Strait of Hormuz has caused a glut near-term. On Friday, the first-month Brent futures contract for September traded below the five subsequent contract months. Last week it was trading at a discount to the second contract month. Brent Spreads for the Six-Month Period On Wednesday, oil prices slid to a discount. They dropped to minus 56 cents per barrel on Thursday and then recovered to a small premium on Friday....

Global stocks continued to rise on Friday, after a lackluster U.S. employment report tempered expectations of an imminent rate hike by the Federal Reserve. Meanwhile, regional activity gauges indicated an economic expansion in June. Europe's broadest index reached a new record and was on track for its largest weekly gain in more than a month. The pan-European STOXX600 reached 651,77 before stabilizing at 650.29. The DAX in Germany rose by 0.4%. The French index was stable and the UK index fell 0.2%. The broadest MSCI index of world stocks rose by 0.4%. Dan Coatsworth of investment platform AJ Bell said...

Investors continued to be enthused about AI and shrugged off the dispute between the U.S. The three major U.S. All three major?U.S. MSCI's global stock index rose 0.4% last week. The renewed attacks on the U.S. and Iran have further undermined the fragile three week old ceasefire. However, the markets have taken the developments in the Middle East with ease. SK HYNIX’S U.S. DEBUT South Korean semiconductor maker SK Hynix made a big splash in U.S. stock markets on Friday. Its?U.S. listed shares jumped 14 percent after raising $26.5 billion. This indicates that investors are eager to get exposure to...

Wall Street was moderately high, and oil prices fell a bit as investors remained enthusiastic about AI and ignored the ongoing dispute between the U.S. The Dow Jones Industrial Average rose 0.32% in'midday trading on Friday. S&P 500 rose 0.34% and Nasdaq Composite gained 0.27%. MSCI's global stock index rose 0.37% last. The renewed attacks on the U.S. and Iran have further undermined the fragile ceasefire that has been in place for three weeks. However, the markets have mostly accepted the developments in the Middle East. Investors continue to focus on oil prices and inflation. SK HYNIX’S U.S. DEBUT South...

China said on Friday that it would increase cooperation with Namibia, particularly in the energy, agriculture, infrastructure and minerals sectors. This was during talks between Chinese President Xi Jinping and Namibian president Netumbo Nandi Ndaitwah, which took place?in Beijing. Nandi-Ndaitwah is on a 7-day trip to China, since Sunday. He's seeking investment from China, the second-largest country in the world and the top lender. The goal of the trip is to implement the election promises to create jobs and diversify Namibia's economy. "In Namibia we affirm an unwavering commitment (to) this longstanding friendship" between Namibia and China, said Nandi Ndaitwah....

Are you looking for inspiration? Weekend Reads is a weekly roundup of what the Open Interest team was reading, watching, and listening to. This week's picks include the impact of war on?energy security and food, China's ability to leverage critical minerals, and World Cup drama. We'll be reading RON BOUSSO's ROI Energy Columnist's paper, which examines the global impacts of Ukraine's drone attack on Russia's oil refinery infrastructure. The analysis provides great detail about the extent of the damage. CLYDE RUSSELL is a columnist for ROI Asia 'Commodities and Energy. The Iran War threatened to cause a food shortage. The...

India's Oil and Natural Gas Corp, India's largest explorer, will build a 1,75 million metric ton national strategic petroleum reserve at Mangalore (in southern India), the company announced in a late-night stock exchange filing. India, which is the third largest oil consumer and importer in the world, has been severely affected by the blockade of Strait of Hormuz following the Israeli-U.S. attack on Iran. Around a fifth (25%) of world energy passes through the waterway. To strengthen its emergency supply, the 'South Asian nation' is increasing its energy cooperation with other countries, such as Japan and the United Arab Emirates....

Analysts and officials have said that governments are planning to purchase millions of barrels by 2028 in order to replenish 'emergency reserves' depleted due to drawdowns. This is to fill a void?in the global supply caused by a U.S.-Israeli attack on Iran. They say that this could increase demand for crude oil, which would absorb a portion of the global surplus expected after OPEC+ decided to increase production. The government has reduced emergency reserves following supply disruptions related to the conflict that have removed estimated 1.5 billion barrels of global inventories in this year. Calculations based on International Energy Agency...

Asian shares rose on Thursday, as semiconductors saw a reprieve from heavy selling. However, gains were capped off by an?increase in oil prices due to a resumption in hostilities in Gulf which reignited inflation fears and hammered bonds. Oil prices rose for the third consecutive session after President Donald Trump announced that the interim agreement between Iran and the United States to end the war is "over". U.S. forces also conducted fresh attacks on Iran to open up the Strait of Hormuz for a second consecutive day. Trump, however, later stated that he didn't expect a full-blown war to return,...

ADNOC, the state-owned oil company of the UAE, announced on Wednesday that it had entered into a long-term partnership with South Korea for energy security. The agreement aims to increase cooperation in areas such as crude supply and emergency supply coordination. The partnership extends existing agreements. This includes a pledge made by the United Arab Emirates in March that they would supply South Korea up to 24,000,000 barrels of crude oil. It was announced at a visit to South Korea by Sultan al-Jaber. ADNOC Group CEO and UAE Minister of Industry and Advanced Technology. ADNOC stated that both parties would...

The global stock market fell on Tuesday, as investors remained concerned about the sustainability if the AI-driven rally. Oil prices also rose due to renewed Middle East tensions. In early trading on Tuesday, the tech-heavy Nasdaq composite fell 0.97% while the S&P500 dropped 0.32%. The Dow Jones Industrial Average remained flat. The stock market took a hit despite Samsung Electronics' forecast of a 19-fold increase in operating profit from April to June, which reached 89.4 trillion dollars ($58.4billion), the third consecutive quarter that it had achieved a record operating profit. The results did not reassure investors but rather sparked heavy...

Saudi Aramco slashed crude oil prices in Asia for August-loading shipments, a move which appeared to indicate an intention?to recover market share and volumes after the Iran War. Even the record-breaking cut in the official?selling prices (OSPs) for August may not be sufficient, since crude oil from other Middle East producers and exporters from Africa and the Americas will likely remain more competitive than Saudi grades. Aramco, world's largest?oil exporter set its OSP at a $1.50 discount per barrel compared to the regional benchmark of Oman/Dubai for August. It was a drop of $11 per barrel from the OSP for...

Wall Street gained in the midday trade on Monday, largely due to continued optimism about chip stocks. Oil fell as a result of an expected surge in supply. All three major U.S. indexes rose in the early afternoon after European stocks had flirted earlier with'record peaks' before retreating, ahead of the crucial earnings season for AI. The Dow Jones Industrial Average climbed 0.07% to 52,938.04, while the S&P 500 rose by 0.73% to 7,537.75, and the Nasdaq Composite gained 1.25% to 26,155.56. The MSCI index of global stocks rose 0.45% to 1,128.87. Global AI continued to dominate the markets. South...

Yonhap News Agency, citing the prosecution, reported that South Korean prosecutors indicted four oil refiners for alleged collusion over fuel prices, which was estimated to have caused anti-competitive damage worth $17 billion. Yonhap reported that the companies are HD Hyundai Oilbank GS Caltex S-Oil and SK Energy. The 'Seoul Central District Prosecutors' Office spokesperson did not reply to my phone call and text message seeking confirmation of the report. A phone call or text message asking for confirmation of the report was not answered. Yonhap reported that the prosecutors alleged pricing managers from HD Hyundai Oilbank, SK Energy and other...