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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 oil price fell on 'Friday, but remained on course for a weekly gain as renewed U.S. - Iran fighting disrupted shipping through the Strait of Hormuz. This stoked concerns about supply disruptions. Brent futures fell 68 cents or 0.9% to $75.62 per barrel at 0817 GMT. U.S. West Texas Intermediate crude (WTI), which is a blend of U.S. and Canadian crudes, fell 64 cents or 0.9% to $71.44. Brent was expected to gain about 5% this week and WTI would increase by about 4%. Vandana Hari, an analyst at Vanda Insights who provides oil market analyses, said that although...

China's Xiaomi unveiled a new SUV series on Thursday called Sky?Nomad. This is a move to expand the company's reach into automobiles, as its smartphone market continues to slow. Lei Jun, the CEO of Xiaomi, announced on his Weibo account that the extended-range electric vehicle (EREV) will include "smart and versatile" SUVs. He also posted a poster teaser of one of these vehicles. EREVs, or plug-in hybrids, are vehicles that fall between petrol-electric hybrids (PEVs) and battery-only cars. They use a combustion motor as a generator to increase the battery's driving range. Xiaomi's announcement marks an expansion beyond battery powered...

U.S. Diesel futures are set to make their biggest daily gains in the last four years on Wednesday, after Russia announced an export ban. This has heightened supply concerns for a market that is still grappling with uncertainties about Middle Eastern oil flow. The benchmark ultra-low sulfur futures contract on the New York Mercantile Exchange closed up 11.6% to $154.71 a barrel, its highest level in more than a month. It also marked the largest daily gain for the contract since march 2022. The price spike in response to the 'Russian export ban', imposed in response to intensifying drone attacks...

In June, car sales in China dropped for the ninth consecutive month as automakers turned to export markets to offset the effects of weak local demand. The China Passenger Car Association reported on Wednesday that domestic passenger vehicle sales dropped 23.4% compared to a year ago, and reached 1.62 million units in June, after a decline of 22.3% in May. Exports of cars jumped by 82.1% last month to 882,000 units. Exports of cars rose by 70.6%, to 4,28 million units, despite a decline in domestic sales of 20.4%. China's sales declines are a reflection of tightening household spending, in...

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...

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....

?U.S. In June, consumers were less concerned about the near-term inflation rate even though their concerns about gas prices had decreased. They also felt more optimistic about current and future finances. This was revealed in a report by the New York?Federal Reserve on Tuesday. The regional Fed bank stated in its latest Survey of Consumer Expectations that inflation in a year's time was expected to reach 3.7% in the month of June. This would be the highest reading in the last nine years. In May, the figure was 3.5%. Three years hence, inflation was predicted to reach 3.3%. This would...

The Federal Reserve Bank of New York released a report on Tuesday that said 'Americans became more concerned in June about the near-term inflation pressures, even though they predicted a moderated gasoline price increase and an upbeat view?on their current and future finances. The Bank of Canada's latest Survey of Consumer Expectations showed that inflation in a year was 3.7%, up from the 3.5% recorded in May. This is the highest level since September 2023. The June reading was the highest since June 2022. The central bank officials who are most interested in the five-year outlook for inflation expect it...

After a drone attack on the largest oil refinery in Russia, motorists in the city of 'Omsk are lining up for fuel. This is one of the most serious attacks by the Ukrainians inside Russia since?the start of the war. Video showed a?but orderly? line of cars waiting at a fuel station on Monday evening, just hours after the terrorist attack. Witnesses in the Siberian City reported that there were longer queues Tuesday, but they were still manageable -- only around 20 minutes. Fuel was also available. Some people on the social network VKontakte complained about drivers who they called...

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...

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...

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...

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...

The International Energy Agency said that the recent escalation of hostilities between the U.S., and 'Iran, could change its 'forecast of an 'important oi l market surplus next year. The global oil market received some relief last'month, as a peace deal between the U.S.A. and the 'Iran opened the Strait. Its closure had effectively cut off 'as much as 14 million barrels of crude oil per day during the height of the biggest oil supply crisis ever. The agency reported that global oil production rose by 4.1 mbpd in June but was still 9.4 mbpd lower than pre-war levels. 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....

Saudi Arabian crude sold to Asia has seen its price drop the most in'more than 20 years, but the grade is still more expensive to lift compared to some Gulf rivals. This reduces the appetite for oil from the OPEC linchpin. On Monday, the world's largest exporter cut the??official selling price (OSP), for its flagship Arab Light oil to $1.50 per barrel below the average Oman and Dubai quotations for Asia. This is a $11 reduction from the previous months. The OSPs of its four other grades were also reduced by $11 per barrel. The sudden shift is due to...

Kuwait's crude production jumped to 1.65m barrels a day in June, from just 580,000 bpd a month earlier, a source with knowledge of the situation said on Thursday. The OPEC member is boosting exports via the Gulf after the?U.S.-Iran peace agreement. Kuwait's surge in crude oil production is a sign that Gulf oil flows through the Strait of Hormuz have recovered rapidly after the disruption caused by the Iran War. Stranded cargoes are slowly clearing the Strait of Hormuz, and exporters are restoring their production. Kuwait produced about 2.5 million barrels of oil per day before Iran effectively closed the...

Five trade sources have confirmed that China's Hengli Petrochemical has cancelled its recent purchases of non-Iranian oil. This forced the company to further cut back on refinery operations as the inventory was running low. The strange cancellations came just a few weeks after reports that the refiner had purchased cargos from West Africa, the Middle East and other parts of the world to avoid Washington's list. Three sources briefed about the issue said that the refiner had cancelled at least six million barrels. They said that 2 million barrels (of West African oil) were delivered last month to storage tanks...

Three sources told Reuters that OPEC+ countries are likely to agree on a 'further increase in their 'output targets for August, when they meet?Sunday. This will add supply at a moment of falling prices, as the Strait of Hormuz slowly reopens. Sources said that the target for August will be the same as it was for June and for July. OPEC didn't immediately respond to a comment request. All sources, who spoke under condition of anonymity, said that 'no decision has been finalized. Seven members of OPEC+ (which groups OPEC, Russia and other producers) have increased their 'output quotas between...

?U.S. Treasury Secretary Scott Bessent on Tuesday urged gasoline retailers to lower their prices in honor of the?U.S. The United States celebrates its 250th birthday. President Donald?Trump reiterates his message that "we are watching." Bessent, in an interview with Fox News, said: "I'd encourage all gasoline retailers. Some of them are owned and operated by Big Oil. Others are independent. And some are international convenience stores." "I'd encourage them to act responsibly, particularly?during the 250th anniversary because we are watching." Bessent reiterated his boss's warning to gas stations Monday that they must lower their prices immediately, or else face "big...

U.S. Treasury Secretary Scott Bessent on Tuesday urged gasoline'retailers' to lower prices in celebration of the U.S.'s 250th birthday, reinforcing 'Trump's message with a warning 'we're monitoring' Bessent, in an interview with Fox News, said: "I'd encourage all gasoline retailers. Some of them are owned and operated by Big Oil. Others are independent. And some are international convenience stores." "I'd encourage them to act responsibly, especially during the 250th anniversary of the?Oil Industry, because we are watching." Bessent repeated his boss's warning to gas stations Monday that they must lower their prices immediately, or else face "big issues." "If Retailers...

Indian refining sources claim that several middlemen offered 'discounted Iranian crude oil' to Indian refiners as a way for 'Tehran' to speed up sales following Washington’s temporary waiver of sanctions. After the first round of talks in a new peace agreement, the United States lifted sanctions against Iran for 60-days, which opened a small window for a renewed energy trade. Sources said that the Iranian state oil producer, National Iranian Oil Co. (NIOC), has approached Indian refiners directly and through intermediaries, claiming to have allocated oil. "Apart form NIOC several traders contact us to sell?Iranian Oil. One of the refining...

Trade sources reported on Friday that 'QatarEnergy' has released a tender to sell crude oil for loading in July and August. This is believed to be its first tender since the onset of 'the Iran -war. Producer offers Marine Land, Marine Qatar, and al-Shaheen crude. According to a tender document seen by, buyers can load or transfer via ship-to -ship transfer between Fujairah & Sohar. The bid will close on 29 June. The offer is a further boost to the rising supply of Middle Eastern producers. Iraq's SOMO, the state-owned oil marketer in Iraq, issued a tender?Thursday for Basra Heavy...