Refined Products

The ongoing closure of the Strait of Hormuz may not seem to have much in common with the Indian diet cola consumers, but both are at risk. The world economy will be affected by the second and third round effects of the closure. This is because the price of refined fuels like gasoline and diesel has already increased. Electric vehicles (EVs), which allow drivers to reduce their dependence on fossil fuels, are widely considered one of the biggest winners in the current conflict between Iran and the United States. But EVs have a direct connection to the Strait of Hormuz,...

The U.S. Air Force has yet to answer Maryland's congressional delegation about the delay in notifying them of a fuel spill from Andrews Air Force Base. Maryland lawmakers say they have yet to receive a response from Defense Department following a letter they sent earlier this week asking for answers regarding a fuel spill into Piscataway Creek, Prince George's County. They were notified of the incident on March 23 - two months after it occurred. About 22,000 gallons were released into the environment contaminating soils, and Piscataway Creek. The delegation, with the exception of Republican Congressman Andy Harris said that...

The impact of the 'crisis' on the physical fuel markets has worsened. While crude oil futures prices have fluctuated in line with headlines regarding the conflict between the United States, and Iran. Brent contracts fell 7.8% to close at $101.27 per barrel on Wednesday, despite the fact that a sustained and full reopening of the 'Strait of Hormuz is still a long time away. The United States and Israel's February 28th attack on Iran has led to a reduction in the volume of refined products shipped throughout Asia. The Strait of Hormuz is the main energy-consuming region in the world...

The price of oil rose by more than 1% after renewed fighting between the U.S.A. and Iran. This triggered a fragile ceasefire, and dashed hopes that the Strait of Hormuz would be reopened, an important transit route for oil and gas. Brent crude futures rose $1.41 or 1.41% to $101.47 per barrel at 0123 GMT. West Texas Intermediate (WTI), U.S. crude oil futures, rose $1.12 or 1.18% to $95.93 per barrel. Prices had already risen more than 3% at the opening of the market. This ended three days of declines following reports that earlier in the week,?the U.S. was close...

Block, led by Jack Dorsey, raised its full-year outlook Thursday. The 'payments firm' benefited from strong growth in its core businesses and resilient consumer spending. The Oakland-based company now expects its annual gross profit in 2026 to be $12.33 Billion, up from the previous forecast of 12.20 Billion. The company's shares jumped by 7% during extended trading. As of the latest close, the stock had risen by 9%. U.S. consumer expenditure remained resilient in the first three months 2026. This was largely due to a stable labor markets and wage growth. The U.S./Israeli war against Iran also had a positive...

According to traders, analysts and exchange data, there were a series of well-timed bets made on the falling oil price in March and April, totaling up to $7 billion. These bets were spread over multiple exchanges, types of fuel, and derivatives, just before Donald Trump's major announcements about Iran policy. The amount exceeds the $2.6 billion in?bets that were previously reported, and has already led to the U.S. Administration?warning staff not to use nonpublic information as a means of financial gain. A?person with knowledge of the matter said in April that the U.S. Commodity Futures Trading Commission is investigating. However,...

According to analysts, traders and market experts, there were a series of well-timed "market bets" on falling oil prices that totaled $7 billion between March and April, spread across different exchanges, types of fuel, and derivatives, just before Donald Trump's major announcements about Iran policy. The amount of the bets exceeds previous reported wagers totaling $2.6 billion. This has already led to the U.S. Administration to warn staff against using confidential information to their financial advantage. A 'person familiar with this matter' told a CFTC official in April that the U.S. Commodity Futures Trading Commission is conducting an investigation. However,...

The man accused of hurling gasoline bombs at a pro Israel rally in Boulder, Colorado last year, killing one person and injuring a dozen others, pleaded guilty to all the charges in state court on Thursday. Mohamed Soliman (46), an Egyptian, the fire-bombing suspect entered a plea on dozens of felonies, including first degree murder under two different definitions of the crime, which each carry a life sentence in prison, without parole. Soliman was to be sentenced after a short recess. He spoke through an Arabic translator, answering "guilty", to each charge read by the Boulder County District Court Judge....

McDonald's missed Wall Street estimates on Thursday for growth in U.S. quarter-to-quarter comparable sales, as the company struggled to attract diners who were already stretched by rising fuel and grocery prices. After years of price increases, operators in fast-food have been forced to rely on value-driven promotional campaigns to revive the demand. The largest burger chain in the world posted U.S. sales growth of just 3.9% during the first quarter, falling short of expectations for a 4.2% rise. McDonald's CEO Chris Kempczinski stated that the operating environment was "challenging" even though it beat its quarterly revenue and profit estimates, sending...

McDonald's missed Wall Street expectations for growth in U.S. quarter-to-quarter comparable sales on Thursday as low-priced meals and limited-time offers failed?to draw diners who have budgets that are strained due to higher fuel costs?and groceries. Fast-food operators have had to turn to value-driven promotional campaigns to boost demand after several years of price increases. According to data compiled and analyzed by LSEG, the world's largest burger chain reported U.S. sales growth in the same-store category of 3.9%, which was below expectations of a 4.2% rise. The slowdown at McDonald's is a reflection of broader industry trends. Some U.S. restaurants, such...

Federal Reserve officials warned on Wednesday that the U.S.-backed conflict with Iran could lead to a sustained shock in inflation, given the high price of oil and the growing concern about global supply chain problems. Chicago Fed President Austan G. Goolsbee stated that business executives had told him, shortly after the conflict began, that a brief rise in oil prices would not cause a problem. However, "if it was to be?month after?month of really high oil prices?, they would begin to feel intense pressures on their supply chain", similar to what drove the COVID-19 inflation spike. Goolsbee told journalists in...

Fuel costs are rising due to the Middle East conflict, and this is putting pressure on households with lower incomes. Those who have more money can navigate the situation better. In a report published on Wednesday, New York Fed analysts wrote that "Households experienced very different gasoline expenditures" following the start of the Middle East war. The conflict has 'roiled global supply chain and sent gasoline prices soaring. The report stated that in March, wealthy households were able increase their spending to keep up with higher gasoline prices, but maintain the same real consumption level. Meanwhile, low-income households saw their...

The Indian Prime Minister Narendra Modi’s call to “avoid purchasing gold for one year” in order to help protect foreign currency reserves fueled fears of higher import duties on the metal. Shares of Indian jewellery retailers fell as a result. Oil prices have soared due to the Iran war, putting pressure on India's rupee and balance of payment. India is the third largest oil consumer and importer in the world, importing more than 90% its crude oil needs and half its natural gas demands. Modi made his remarks on gold on Sunday along with other measures that he advocated, such...

Saudi oil giant Aramco announced on Sunday a 25% increase in its first-quarter profit. This was mainly due to increased sales. The East-West crude pipe that circumvents the Strait o f 'Hormuz is now at full capacity. The?top oil exporter in the world reported a net profit of $32.5 Billion for the three-month period ended March 31. This was higher than the LSEG consensus estimate, which was $30.95 Billion. The total revenue increased 11.4% over the previous quarter, to $115.49 Billion. Amin Nasser said that the results show "strong resilience and operational agility in a complex geopolitical context". He had...

Evonik, a German chemicals company, reported a first-quarter profit that was above expectations on Friday. This was largely due to short-term stockpiling by customers in response to disruptions in the supply chain caused by conflict?in the Middle East. The group based in Essen said that it had'recorded' a surge in sales due to uncertainty about the supply chain linked to Iran War, echoing comments made by Dutch peers dsm firmenich during first quarter. "(The free flow of goods) had already been severely restricted by protectionism." "A war in the Middle East has added to the problem by blocking entire sea...

Official data showed that oil product stocks in Asia’s?oil-hub Singapore have fallen to their lowest levels in nine months, after the U.S./Iran war curtailed Middle East crude and fuel imports. Enterprise Singapore's data shows that combined onshore oil products stocks totaled?44.83 millions barrels during the week ending May 6, which is the lowest level since late July 2025. Last week, stocks of light and middle distillates (gasoline, diesel and jet-fuel) fell while remaining fuel inventories remained at a low level for the past year as Middle East imports remained close to zero. The amount of residual fuel in Singapore storage...

Super Retail Australia reported flat like for like sales in the second half of this year. It cited a drop in demand across its four brands after the 'Iran war. This sent the company's shares to a three-year-low on Thursday. The retailer reported that after the bell rang on Wednesday, like-for-like retail sales had only increased by a paltry 0.4%. Gross margins were also "modestly lower than the previous comparable period." Super Retail reported that the Middle East conflict has impacted the sales momentum of all brands, and inflation rates are also increasing. The shares of the retailer fell as...

Leaders of the ASEAN bloc will be discussing conflicts beyond Southeast Asia at the meeting in the Philippines. The Middle East crisis is a major challenge for the economies of countries that depend on fuel imports. Leaders, foreign and economic ministers from the 11 member grouping will attend the?meetings in Cebu on Friday and Thursday. Energy and food security are top priorities for this region of 700 million people. Many Asian countries are scrambling to find alternative oil supplies due to the Middle East conflict. ASEAN ministers have convened special meetings in advance of the summit and the Philippines is...

Kentucky Governor Andy Beshear reduced 'the state’s gasoline tax by ten cents' as residents continued to struggle with rising prices due to the U.S. - Israeli conflict with Iran. The Democratic Governor also announced that he would delay a 0.6-cent increase per gallon in the current state tax of 26.4-cents, which was due to go into effect on July 1. Together, the two moves will save residents $1.7 million each month. Beshear announced in the emergency regulation that "oil prices will continue to rise until April 30th 2026 when they reach a four-year high." This emergency administrative regulation will remain...

U.S. Defense 'Secretary Pete Hegseth stated on Tuesday that the U.S. Operation to Protect Commercial Ships Against Iran in 'the Strait of Hormuz was temporary, Washington wasn't looking for a battle and the ceasefire agreement with Iran remains in place. Hegseth, a reporter, told reporters that the ceasefire was not yet over. "We promised to?defend aggressively and we have done so." Iran is aware of this, and the president has ultimate authority to decide whether or not a ceasefire violation occurs. The fragile peace in the Middle East was put under pressure?on Tuesday when the U.S. Iran and the United...

?OPEC+ decided on Sunday a modest increase in oil production for June. This will remain largely a paper increase as long as the Iran War continues to disrupt Gulf Oil supplies through the Strait of Hormuz. OPEC+ announced in a press release after an online conference that seven OPEC+ member countries would increase their oil production targets in June by 188,000 barrels a day, marking the third consecutive month of increases. The increase is identical to that for May, minus the United Arab Emirates' share. They left the group May 1. OPEC+?sources said that the move was intended to demonstrate...

The U.S. president Donald Trump has until Friday to either end the Iran War or "make the case" to Congress to extend it. But the deadline is unlikely to change the course of the conflict, which has devolved into a "standoff" over shipping routes. It is highly unlikely that the war will be ended. Analysts and congressional aides expect Trump to inform Congress of his plans to extend the deadline by 30 days or ignore it altogether. His administration will argue that the current ceasefire agreement with Tehran marks the end of the conflict. War powers are deeply partisan. Like...

Oil prices rose Thursday after a report that the U.S. was considering military action against Iran to break the deadlock of negotiations to end the conflict. This increased concerns about more supply disruptions for already curtailed Middle East Exports. Brent crude futures, for June, rose by $5.27 or 4.5% to $123.30 per barrel at 0347 GMT, after rising 6.1% the previous session. The June contract expires Thursday. It has been increasing for nine days. The more active contract, the July contract, was trading at $113.10 up $2.66 or 2.4% after rising 5.8% the previous session. U.S. West Texas Intermediate futures...

A senior Pentagon official said that the United States war against Iran had 'cost' $25 billion to date. This was the first estimate of the cost for the military. Democrats have been able to gain a strong lead in opinion polls in the six months before mid-term elections, when Trump's Republicans will likely face a tough battle to maintain their House majority. They are also attempting to link affordability with the unpopular Iran War. Jules Hurst who is the comptroller told the House Armed Services Committee members that the majority of this money was "for munitions". Hurst didn't specify what...