Iran

On Wednesday, President Donald Trump stated that the United States could strike Iran's Pickaxe Mountain and urged Tehran to be "cautious". "We've noticed that Pickaxe is a little busy." Trump told the Republican Convention that he would advise Iran to not be cute, because they will have to be hit very hard. Pickaxe Mountain is located near Iran's badly damaged Natanz uranium-enrichment facility. It has two deep-buried tunnel systems. Trump has been threatening strikes on Pickaxe Mountain at least since mid-July. Trump and the Republican Party are concerned about the rise in gas and oil prices as a result of...

The Wall Street Journal reported Wednesday that top 'White House' advisers, including Vice President JDVance and Secretary Marco Rubio have privately warned Donald Trump that the conflict could last 'throughout the rest of his presidency. The White House did not respond immediately to a comment request. Journal: The 'advisers' told Trump privately in the Situation Room and the Oval Office that Iran could continue to resist U.S. Pressure, possibly prolonging the conflict past Inauguration day in January 2029. The reported warning is in contrast to Trump's public statements about the war. The president stated on Wednesday that he expects 'the...

The price of oil topped $100 per barrel for the first time in six weeks on Wednesday as an increase in fighting between U.S. forces and Iranian forces heightened concerns about supply coming from 'the -region. This also raised fears over inflationary pressures, and increased energy costs for businesses and consumers. Brent, the global benchmark for oil, has increased by 25 percent since early last week as hope fades of a permanent solution to the six-month old U.S./Iran conflict. This week, the rally intensified after Iran-backed Houthi attacked Saudi energy installations and set them ablaze. The increased risk of disruptions...

Iran threatened the United States with "economic warfare" on Tuesday and said it had ?fired an advanced missile at U.S. warships,underscoring the risks of further escalation in the war only days after both sides traded blows again. The six-month war has been marked by periodic flare-ups and pauses. Last Saturday, U.S. forces attacked three Iranian oil tanks. Iranian state media reported on Sunday that Iran had fired the Qassem Basir rocket. Iran continues to block shipping in the Strait of Hormuz despite U.S. efforts to open it. There is also no progress toward a diplomatic breakthrough which could end the...

OPEC+ said that it would not change its oil production policy for 'October' at a meeting held on Sunday. The group must first agree to new quotas in order to decide the next steps. The Iran War continues to disrupt oil exports via the Strait of Hormuz. This limits OPEC+’s influence on prices and market shares. In August, OPEC+ agreed ?its production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in ?2023. The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, despite the production increases agreed, are still far...

Weapons experts reviewed video and images verified by the Iranian authorities and concluded that it was likely a direct strike by an American munition, not a ricochet from another target. The incident in Kuhestak, a small town in Iran, has reignited concern about the civilian cost of the U.S.-Iran war. It is the most dramatic case to date since a missile hit an Iranian primary school and killed scores of students and teachers in February. U.S. Central Command announced that its forces had carried out multiple strikes in Iran's southern region on Sept. 1. These targeted air defense systems, radars,...

Energy Secretary Chris Wright of the United States said that after arriving in Venezuela on Tuesday, the oil companies in the U.S. as well as?other countries will sign deals in Caracas tomorrow that will result in a more-than-doubling in crude production over the next few year. Wright is in Venezuela for a day-long visit, his second trip since U.S. troops seized Venezuelan leader Nicolas Maduro's office in January. Venezuelan oil production peaked at over 3 million barrels a day in the late 90s, but then plummeted due to a lack investment, poor management and U.S. sanction. In recent months, it...

Treasury Secretary Scott Bessent stated on Tuesday that the United States will likely announce sanctions against a bank in this week as part of its economic campaign against Iran. "We will probably announce a sanction against a bank this week and another the following week." Bessent stated that he was speaking with our allies in the area, who had all expressed their support. The treasury secretary said that the United States was targeting airline leasing companies and other entities who did business with the Islamic?Revolutionary Guard Corps (IRGC) at an event held on the sidelines of a meeting of 20...

The Kremlin reported on Wednesday that U.S. CIA Director John Ratcliffe met with Russian intelligence officials but did not meet Vladimir Putin during a trip to Moscow, which U.S. president Donald Trump referred to as "semi routine." Dmitry Peskov, Kremlin spokesperson, told reporters that Putin was briefed about the outcome of the visit on Tuesday. The visit came at a time when the war in Ukraine is dragging on and efforts to achieve a lasting peace with the United States and Iran are stalled. Peskov refused to reveal what was discussed or provide further details. "All I can say is...

Ryosei Akazawa, Minister of Economy, Trade, and Industry, said that Japan will not release any more crude oil in September or October. He said that the amount of crude oil purchased in September will be about 80% less than the average monthly volume last year. This is because tankers which would normally travel through the Bab el-Mandeb Strait, are now being rerouted to the 'longer Suez route. Akazawa, a Japanese?press officer, said that Japan expects the August purchase to be the same as last year, but the September?volumes are expected to decline. This is because shipments via Suez take 55...

According to three pakistani sources, U.S. president Donald Trump met with Pakistani army chief Asim Munir in the last week, a few days before Munir was scheduled to visit 'Tehran' on Monday. One of these sources said that the U.S. wanted to use Pakistan to influence Iran to return to negotiations. Trump warned last week that any country providing "any kind of lifeline" to Iran would face economic consequences as he sought to isolate the Islamic Republic. Iran, in turn, has promised to stop all oil exports out of the Gulf. According to two Pakistani source, Trump initiated the call...

The United States, Iran and China exchanged a series of defiant messages in advance of the announcement on Monday of new U.S. sanctions which could have a significant impact on Iran and its most important trading partners. The war was approaching six months and the two sides weren't exchanging fire, but they also didn't pursue peace talks. Oil shipments have been virtually stopped through the Strait of Hormuz as Tehran holds on to its leverage, threatening to hit any unauthorised oil tankers who attempt to cross the narrow waterway. Scott Bessent, U.S. Treasury secretary, will hold a news conference on...

Iran announced on Wednesday that it had attacked ten?ships in the Strait of Hormuz, after the U.S. had sunk five Iranian oil tanks. This was the largest declared wave of tit for tat attacks by both sides on shipping since the start of the six month-old conflict. As a result of the attacks on and around the important waterway, the price of crude oil soared. The Brent crude international benchmark broke $100 per barrel for the very first time since last July. The average retail price for diesel fuel in the United States has reached a new all-time high of...

Benchmark Brent crude futures surpassed $100 per barrel on Wednesday. This was the first time that the symbol had been breached since July 24, as the intensifying conflict in the Middle East fueled a growing concern about oil exports from the region. Brent crude futures were up $2.15 or 2.2% to $100.07 a bar by 0721 GMT. U.S. West Texas Intermediate crude rose $1.70 or 1.83% at $94.73 a bar. Brent crude prices are up by 25% since the beginning of last month, as hope for a permanent solution to the U.S.-Iran conflict fades. The attacks this week by the?Houthis,...

Senior industry executives stated on Tuesday that the global diesel supply would remain tight because of a 'lack of spare refinery capacity', Russia’s export ban and the approaching peak winter demand. The wars in Ukraine, Iran and Russia have affected refineries in Russia, the Middle East and Europe, driving diesel margins up to record levels. Crude supplies to Asia are also reduced. Russell Hardy, Vitol's CEO, said at the APPEC Conference on Tuesday that there was a real shortage of products. We are missing 2,000,000 barrels a DAY from Russia and we're also missing nearly 2,000,000 barrels a DAY from...

Iran will increase the price of gasoline starting Tuesday for those who use more than 110 litres of fuel per month, according to a government spokesperson. Fatemeh Mohajerani, in comments reported by the state media, said that the price for the first and second quotas (which include 110 litres) will remain the same, but that the price for the third quota would be increased to 100,000 Iranian Rials per litre. This is equivalent to around?4 U.S. Cents at the current free-market price. The government discussed and delayed the increase in the price of?Iran’s gasoline, which is among the lowest in...

Chris Wright, the U.S. Energy Secretary, said that after arriving in Venezuela on Tuesday that the 'deals' that oil companies from the U.S. The oil companies from the United States and other countries will sign deals in Caracas tomorrow that will result in a more-than-doubling of crude oil production over the next few decades. Wright is on a one day trip to Venezuela, the founding OPEC member. This is his second visit since U.S. troops seized Venezuela's Nicolas Maduro as leader in January. Venezuelan oil production peaked at over 3?million barrels a day in the late 1990s, but then?plummeted due...

The Central Asian country's Transport Ministry said that Tajikistan had asked for 2.5 million metric tonnes of?oil from Iran, while its traditional supplier, Russia, is also experiencing fuel shortages. The ministry posted a statement on its website last week stating that Tadjikistan had requested 2,55 million tons, which included?2 millions tons of crude oil, 150,000 tonnes of gasoline, 300,000 metric tons of diesel, and 100,000 metric tons of jet fuel. Tajikistan has traditionally imported up to 80% of its petroleum products from Russia. However, the Persian-speaking nation also shares close cultural and linguistic links with Iran. The timeframe was not...

On Friday, President Donald Trump urged Americans accept slightly higher gas prices as a 'cost of stopping Iran from obtaining a nuclear bomb. He also said that he would declare the Strait of Hormuz an American territory. These comments highlight the increasing political risk that Trump faces as higher fuel costs collide with the campaign promise he made to reduce energy costs. Democrats are already trying to make the economic fallout of the Iran 'war' an issue leading up to the midterm elections in November. In a Garden 'City speech, Trump said that Americans who "pay just a little bit...

The oil price rebounded 1% from a drop in the previous'session. This was due to concerns that Middle East supplies remained 'at risk, as a diplomatic solution to the U.S. - Iran war which has disrupted shipments seems unlikely. Brent futures for the front-month rose $1.12 or 1.3% to $84.89 per barrel at 0355 GMT, after falling 7% to a 3-week low in the previous session. U.S. West Texas Intermediate crude (WTI), which had fallen more than 5% the previous day, was now up 77 cents or 1% at $81.11, after having dropped to its lowest level in almost a...

Saudi Aramco closed its Jizan oil refinery, which produces 400,000 barrels per day in Saudi Arabia, on July 27, following an attack on the facility by Yemeni Houthi militants. A note seen by revealed that this was due to an attack on Saturday by Yemen's Houthi terrorists. The market is already constrained by the tight fuel supply in the world, as well as disruptions from the Middle East and Russia's ban on diesel exports. The outage has also had a significant impact on the refinery profit margins, which have reached'record highs' in certain regions. The note stated that the attack...

Since the beginning of the Iran War, there has been a debate about whether crude oil futures accurately reflect?the stress in the physical markets for oil and refined products or if the are blindly 'optimistic' that peace is on the horizon. The Iran War between the United States of America and Iran continues on its volatile and unpredictable course, with renewed hope that there is a chance for a new pause in the?reverse strikes. This flicker of optimism led Brent futures to fall in the early Asian trading on Monday. The price fell by nearly 5%, reaching around $92.06. The...

Elvira Nabiullina, the Governor of the Russian Central Bank and Alexei Zabotkin, her deputy, held a press conference on Friday following a 25 basis point cut in its key rate to 14.00%. Nabiullina, Zabotkin and others spoke Russian. The?quotes that follow were translated by. NABIULLINA ON RATE DECISION "We carefully considered two options: Keeping the rate at its current level and cutting it to 0.25%. We discussed these two options, despite a few isolated suggestions to increase the rate. NABIULLINA ON FUEL SUPPLY CRUNCH "We analysed the fuel situation's development. This is primarily about what's known as supply-shocks. Such shocks...

Are you looking for inspiration? Weekend Reads is a weekly feature that highlights what the Open Interest team has been reading, watching and listening to. The Open Interest team shares what they've been watching, listening to and reading. This week's selections include the emergence of drone warfare, Europe's AI ambitions and Jamie Dimon's worries about long-dated bonds at JPMorgan Chase. This weekend we are reading... RON BOUSSO, ROI Energy Columnist. He has produced an amazing, frightening and visually stunning piece on Ukraine's "kill zone" with drones, which has changed the battlefield between Russia and Ukraine. CLYDE RUSSELL is a ROI...