Crude Oil

Brent crude oil futures for immediate delivery reached a new high compared to the previous price of oil six months earlier. This was due to traders pricing in the renewed risk of Middle Eastern oil supplies and shipping via the Strait of Hormuz. The Brent first-month contract was $8.92 per barrel higher than the Brent sixth-month contract It is its highest?premium in the last 10 days. Backwardation is a market structure where prompt contracts are traded at a higher price than later ones. This is usually interpreted as an indication of tight near-term supply. Brent's decision follows a sharp increase...

U.S. Stock Futures traded in choppy trade on Tuesday, after President Donald Trump announced that the U.S. was reinstating its ban on Iranian shipping. Investors also 'picked through' the earnings reports from Wall Street’s largest banks. The U.S. Military carried out strikes against Iran overnight. President Donald Trump reinstated the blockade of Iranian ships and proposed charging a fee of 20% to guard Strait of Hormuz. S&P futures were 0.1% lower during early European trading, while Nasdaq's futures remained 0.5% higher. Brent crude futures rose around $2.80 to $86.19 per barrel, the highest since mid-June. U.S. Crude Futures rose $1.60...

After yo-yoing between gains and losses, stocks moved back to negative territory as oil reached a?one-month-high on Tuesday following President Donald Trump's announcement that?the?U.S. The United States is re-imposing its blockade of Iranian ships and will collect a 20% charge on Strait of Hormuz freight traffic. Brent crude futures rose over $3.00, to $86.36 per barrel. This is its highest level since the middle of June. Investors were frightened by the escalating tensions between the U.S. and Iran. They analyzed quarterly earnings of companies like oil giant BP or telecom equipment maker Ericsson in order to assess how this conflict...

On Monday, oil futures rose nearly 9% and stocks fell as the conflict between the United States and Iran flared up over the weekend. This has once again affected the flow of goods across 'the 'key Strait of Hormuz. Tehran claimed to have closed the Strait of Hormuz, an important global shipping artery, over the weekend. Donald Trump said Monday that the U.S. would reinstate its blockade against Iranian shipping in Gulf. Trump promised to keep the Strait open at a cost, even though the U.S. had not been able wrest control from Iran of the waterway since the beginning...

Wayne Cole gives us a look at what the future holds for European and global markets. The week has started off with a shaken market as Iran and?United States trade wars in the Gulf while Tehran claims that it closed the vital Strait of 'Hormuz. The strait of?Hormuz is a vital waterway for commercial traffic. According to U.S. officials, 20 ships have been escorted by U.S. officials in the past 24 hours. The UKMTO reported that transits were already down to 10 on Friday. Ship tracking sites also showed that there were no ships in the narrowest section of the...

The oil prices soared?on?Monday as Iran increased its strikes against?Gulf States following US attacks, threatening energy?shipments through the Strait?of Hormuz. Brent crude futures rose $2.34 or 3.08% to $78.35 at 2311 GMT. U.S. West Texas Intermediate crude climbed $2.21 or 3.09% to $73.62 a barrel. The U.S. and Iran launched new strikes against each other over the weekend. This is the latest in a series of counter-attacks and attacks on shipping through the Strait. U.S. president Donald Trump announced on Sunday that the Strait of Hormuz was open for commercial?traffic. Iran had earlier declared that it had closed the Strait...

The semi-official YJC Iranian news agency, citing a local source, reported that a fire which broke out on Friday?at 'the Oxin Palayesh'mini-refinery' in Iran's western Lorestan Province has been put out. YJC quoted the safety manager at Lorestan Industrial Estates Company as saying that the fire was contained to a 'barrel of waste oil' and 'didn’t spread to refinery facilities or storing tanks. Iranian state media reported earlier that a fire had broken out just after 5 pm local time, sending a thick smoke column over Poldokhtar. Firefighters initially struggled to contain the blaze due to its 'intensity' and presence...

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...

The shares were modestly up on Tuesday, after U.S. inflation figures that were weaker than expected and strong earnings for the second quarter from major banks. Oil prices also rose as the U.S. fought Iran 'for control' of the Strait of Hormuz. The U.S. Consumer Price Index rose by less than expected 3,5% over the past 12 months, after a 4.2% increase in May. Analysts had expected a month-over-month drop of 0.1%. This is mainly due to the drop in gasoline prices last month from their multi-year highs, as a fragile U.S. Iran ceasefire was implemented last month. On Tuesday,...

The dramatic reduction in China's crude oil imports is credited with preventing prices from rising during the Iran conflict. The question now is whether the world’s largest oil importer will be able to do the same for markets that are increasingly stressed. In June, China's imports of crude oils by sea fell to their lowest level in over a decade. According to commodity analysts?Kpler, arrivals were 5.96 million barrels a day. This was down from an average of 10,66 million bpd during the three months prior to the U.S.-Israeli attack on Iran, which began a conflict which resulted in a...

Oil hit a new one-month high on Tuesday in Asian trading after President Donald Trump announced that the U.S. would reintroduce its blockade of Iranian ships and collect a?20%?fee for cargo crossing the Strait of Hormuz. After a volatile session MSCI's broadest Asia-Pacific share index outside Japan gained 0.2% as gains in Taiwan were offset by gains for South Korean stocks. S&P 500 futures e-mini edged up 0.1%. The CSI 300, which tracks Chinese stocks, rose 2% as export and import figures for June were released on Tuesday. These data exceeded economists' predictions. ING analysts reported in a research note...

Spot premiums for Indian naphtha have risen to levels seen last in late March as tight supplies from the Middle East and Russia, and renewed concerns about U.S.-Iran tensions, drove demand from Far East buyers. Multiple trade sources reported?on Monday that Indian state refiners Bharat Petroleum Corp. and Hindustan Petroleum Corp. sold about '63,000-65,000 tonnes (567,000-585,00 barrels) or naphtha through tenders last week, at prices similar to those seen in late March. BPCL sold a total of 36,000-37,000 tonnes of?naphtha on a 'free-on-board' (FOB basis) to Middle East quotes for loading between July 30 and 31. HPCL sold 27,000-28,000 tons...

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...