Refined Products

Investors assessed the prospects of renewed U.S. Iran talks, and the potential of releasing supply from the Middle East where exports are still restricted by the closure of the Strait of Hormuz. Brent crude futures rose 43 cents or 0.5% to $95.22 per barrel at 821 GMT after dropping 4.6% the previous session. U.S. West Texas Intermediate Crude was down 17 cents or 0.2% to $91.11. The contract fell 7.9% in the previous session. The war has largely closed the Strait of Hormuz. This is a major waterway that allows crude oil and refined products to flow out of the...

Oil prices dropped for a second day on Wednesday, as the U.S. and Iran resumed peace talks. This could allow the supply to be released from the Middle East region that is currently trapped due to the Strait of Hormuz closure. Brent crude futures dropped 52 cents or 0.55% to $94.27 per barrel at 0054 GMT, after dropping 4.6% the previous session. U.S. West Texas Intermediate Crude was down $1.04 or 1.1% to $90.24 after falling 7.9% in the previous session. U.S. president Donald Trump announced on Tuesday that talks to end the conflict between the U.S., Israel, and Iran...

Mark Carney, the Liberal Party's newly elected parliamentary majority, said that he will focus on reducing Canada's?cost-of-living, addressing a housing shortage and building major infrastructure projects to help Canada's economic independence. Carney, whose Liberal Party won three special elections in Canada on Monday to cap off a remarkable few months, said that he accepts Canada's support with "humility, determination, and a clear comprehension of what this moment requires." Carney's first Liberal majority government in Canada since 2019, should give him more freedom to pass legislation that he believes is necessary for the country to thrive amidst "a divided and dangerous...

Albertsons' annual sales were below Wall Street estimates on Tuesday. They attributed this to the intense competition between Walmart and Amazon.com, two of its biggest rivals. The shares of the Boise-based grocery store were down by 2% during premarket trading. In 2025, they had fallen by nearly 13%. Albertsons is under pressure to lower prices as larger rivals such as Walmart, Target, and Kroger have slashed the price of essentials in order to attract 'increasingly cost-conscious shoppers. The grocery store, which also operates hundreds of gasoline stations, is at risk as the Iran conflict fuels higher gas prices and weighs...

CarMax, a retailer of used cars, reported a?loss for the fourth quarter on Tuesday. This was due to a goodwill impairment charge and declining margins. In premarket trading, shares of the Richmond-based Virginia company fell 6.8%. Used-car dealers have struggled to sell inventory at a profit, as consumer demand has weakened and import tariffs have squeezed margins. CarMax's gross profit on a used vehicle dropped to $2,115 during the third quarter from $2,322 one year ago. Wholesale gross profit per unit dropped to $940, down from $1,045?a year earlier, as the company cut prices to increase demand. The new CEO...

Shipping data shows that oil tankers are avoiding the Strait of Hormuz in anticipation of a U.S. blockade on Monday, following the failure of?peace negotiations between the U.S. The President Donald Trump announced on Sunday that the U.S. Navy will begin blocking the Strait of Hormuz. This is a major step after the marathon talks between Iran and the U.S. failed to produce a peace agreement, putting a fragile ceasefire of two weeks in danger. The U.S. Central Command announced that U.S. Forces would begin to implement the blockade on all maritime traffic?entering or exiting Iranian port at 10 a.m....

Pat Ouedraogo, a Boston resident, has reduced his long-distance travels. Skyler Burke is a law student who drives extra miles in order to avoid the more expensive gasoline stations closer to her home. David Wright, an auto broker in Houston, has converted his gas-guzzling racing car into a purely electric?vehicle. Many motorists in the United States are experiencing similar struggles as the Iran War is driving fuel prices to record levels. Experts in the energy market have referred to the six-week war as the worst disruption of oil supply ever, as major production plants have been damaged and a vital...

Americans have a sour view of the U.S. Economy to a level 'never seen before. The stiffest inflation for four years has exacerbated the political risk facing President Donald Trump. Some administration officials are concerned that he is focusing on the affordability issues for voters while he focuses on the war on Iran. Price increases are a major issue for U.S. citizens. The latest inflationary surge is causing concern among White House officials who worry about the Republican Party's chances in the upcoming midterm elections. Republican lawmakers and senior White House staff have been urging Trump for months to focus...

The price of oil rose on Friday due to renewed?anxiety about Saudi Arabian supplies and?as tanker travel through the Strait of?Hormuz?remained largely?frozen. Prices continued to fall as the nerves of Americans and Iranians relaxed after a two-week fragile ceasefire. Israel, however, signaled a possible diplomatic opening by saying that it was prepared to start direct talks with Lebanon in the shortest time possible. Brent crude futures rose 58 cents or 0.60% to $96.50 per barrel at 0338 GMT. West Texas Intermediate futures rose 49 cents or 0.50% to $98.36 per barrel as of 0338 GMT. Both contracts have lost 11%...

The oil prices climbed in the early hours of Friday's trading, following the attacks on the?Saudi energy industry, and the markets assessing the risk premium from the ongoing closure of Strait of Hormuz. This was despite the fragile truce that the U.S. has reached with?Iran. Brent crude futures rose 83 cents or 0.87% to $96.75 per barrel at 0100 GMT. West Texas Intermediate futures rose $1.04 or 1.06% to $98.91 per barrel. In a recent note, IG analyst Tony Sycamore stated that the initial relief after President Trump's announcement of a two-week ceasefire has given way to underlying concerns. Iran...

Kristalina Georgeeva, Managing Director of the International Monetary Fund, said that central bankers should be ready to tighten their monetary policies to prevent an inflationary spiral, if war-related energy price shocks continue. They also need to "watch" for a softerening in demand, which would argue against a rate increase. Georgieva said at an event previewing next week's IMF/World Bank annual meetings, that if the Iran War ceasefire is maintained and the oil shock is brief-lived the central banks might be able to?hold rates steady with a only slight increase in inflation. This would equate to a "de-facto" easing of the...

Exxon Mobil Corp is planning overhauls at its Beaumont, Texas refinery that produces 612,000 barrels per day - in the spring and the end of the year, according to people familiar with the plant's operations. Sources said that Exxon will shut down the 60,000 bpd coker in May for an overhaul. The planned overhaul is expected to continue until June. Sources say that in December, the fluid catalytic 'cracker', which produces 120,000 bpd of gasoline, will be closed for an overhaul, along with two hydrotreaters, lasting until January. Cokers are used to convert residual 'crude oil' into fuels, or petroleum...

South Korea has purchased 273 million barrels of crude oil from the Middle East and Kazakhstan by the end of this year. Supplies are being routed outside of the Strait of Hormuz. Kang, who was visiting as a presidential special envoy in Kazakhstan, Oman and Saudi Arabia over the last week, said that Asia's fourth largest economy had also acquired 2.1 million tons of naphtha during the same time period. Kang stated that "in particular, the crude and naphtha obtained this time would be sourced via alternative supply routes, unrelated to the closure of the Strait?Hormuz. This will make a...

Janet Yellen, former U.S. Treasury secretary, believes that the Federal Reserve could cut interest rates this year. This is despite the fact that the 'Iran War' has created supply shocks in the global economy which are putting pressure on inflation. "Short-term expectations of inflation are slightly up, but they will be watching all that very closely, and I believe they have an open mindset," Yellen said Wednesday at the HSBC Global Investment Summit held in Hong Kong. If I were to write down one thing on paper before the next FOMC meeting, where forecasts are made, my guess is that...

Aino Bunge, deputy governor of the central bank, said that Sweden's low inflation would?give it some room to deal with supply-side shocks. But if the war in the Middle East continues, this will also affect Sweden, he added. The war has caused a record rise in the price of gasoline and diesel, as well as increased global unrest and significant changes in financial markets. Consumer prices in Sweden were down 0.6% in march compared to the previous month and up 1.6% compared to the same period a year ago, which was much lower than expected. Bunge stated on Tuesday that...

Shipping data revealed that two Iranian-linked oil tankers left the Gulf of Mexico on Monday, as other vessels avoided the Strait of Hormuz after the U.S. announced it would 'blockade Iranian ports' later in the day. This caused the shipping markets to be uneasy at a crucial energy chokepoint. After the weekend talks between Washington, D.C. and Tehran collapsed, President Donald Trump announced on Sunday that the U.S. Navy will enforce a naval blockade against vessels entering or leaving Iranian ports. Washington, however, stressed that it would not limit transit through the Strait. Trump's announcement slowed down oil tanker movement...

Kuwait raised its official selling price for Kuwait Export Crude in Asia to $17 per barrel over the average 'Oman/Dubai quotations' from $0.50 in April. After weekend talks failed to?clinch a deal? to end the Iran War, the U.S. Military announced it would blockade maritime traffic in Iranian ports and coastal regions. This could jeopardize a fragile?two-week truce. Documents showed that the producer increased the Kuwait Super Light Crude OSP for May to $17 per barrel over Oman/Dubai prices, up from $1.15 in April. Middle East producers have boosted official prices for Asia for May. Saudi Arabia set the price...

Analysts say that the sharp drop in global oil production caused by the Iran War is set to turn the oil market this year into a'supply deficit. This will be a dramatic change from previous forecasts of a 'comfortable surplus. The conflict that began with U.S.-Israeli strikes against Iran on February 28, has effectively stalled oil flows through the Strait of Hormuz. This passageway accounts for a fifth of all global oil consumption. Attacks on energy infrastructure and production shutdowns have also severely reduced output. According to eight analysts surveyed by, the oil market will be oversupplied by 750,000 barrels...

Donald Trump, the U.S. president, proclaimed in February that this year's refunds were "substantially higher than ever before" thanks to individual tax breaks approved by 2025. He told taxpayers they should think of him as soon as their funds reached their bank accounts. "Don't use all this money at once!" He wrote this on the Truth Social platform. The gasoline pump is eating up the tax refunds from last year's Republican tax-cut legislation. This includes tax breaks for tips, Social Security retirement, overtime pay and car loan interest. Oil prices remained close to $100 per barrel on Friday, despite a...

Yvette Cooper, British Foreign Secretary said that Israel's pounding on?Lebanon is "deeply damaging" and risks destabilizing the ceasefire agreement between the United States of America and Iran. She told Times Radio that she wanted Lebanon to be included in the ceasefire. "We want the ceasefire to be extended to cover Lebanon because that would destabilise the entire?region." "The escalation we saw yesterday from Israel was deeply damaging, and we are calling for an end to hostilities." Britain has been criticized by U.S. president Donald Trump for not doing more to support Washington's war against Iran. It has tried to defend...

The price of refined fuels has fallen sharply, in line with the declines seen in crude oil after the tentative ceasefire agreement between the United States & Iran. However, the prices remain at levels that indicate a shortage. The prices of gasoil and jet fuel in Singapore, the Asian trading center, all dropped by?double digits on Wednesday amid relief from the market that the 'deal' may lead to the reopening of Strait of Hormuz. The 'ceasefire' and commitment to peace talks announced by the United States in separate announcements looks already to be on its way out. Tehran said it...

Donald Trump, the U.S. President, said that on Wednesday "its military ships and planes will remain around Iran" and threatened to start "shooting again" if Tehran did not fully comply with the agreement reached with Washington. "All U.S. "All U.S. The president added, "If it is not possible, which would be highly unlikely, the "Shooting Starts" will be bigger, better and stronger than anyone else has ever seen. Iran said earlier on Wednesday it would be "unreasonable", to continue talks with the United States to create a permanent peace agreement after Israel struck Lebanon on Wednesday with its most intense...

Australia's export credit agency will underwrite spot market purchases by Ampol and Via?Energy through its largest suppliers. This was announced by Prime Minister Anthony Albanese on Thursday. The new laws were passed by the parliament last week to allow Export Finance Australia (EFA) to finance fuel imports as a response to shortages caused by the Iran War. Since the U.S. and Israel war against Iran began late in February, Australia has been experiencing localised shortages. Albanese said at a press conference that "Export Finance Australia has agreed to terms with two of our largest suppliers...to enable them to?bring more petrol...

Ukraine imports record amounts of fuel in March, despite the market turmoil caused by the Iran War. The pace will be maintained for April, according to Prime Minister Yulia vyrydenko, who urged traders to lower their prices. Ukraine is now almost entirely dependent on imports to meet its diesel and gasoline needs. Diesel prices almost doubled after the Gulf conflict, causing concern among farmers who were about to begin the spring sowing campaign. This is critical for the country. Svyrydenko stated on Telegram that "we are recording a decrease in quotations at the major exchanges which should have an impact...