Refined Products

Investors weighed the impact of the new U.S. sanctions against Iran, which are more severe, on the oil prices. Brent 'crude 'futures were down by 9 cents or 0.1% at $92.16 at 0104 GMT. Meanwhile, U.S. West Texas Intermediate crude oil was up one cent at $85.02 a barrel. Both contracts dropped more than 2% Monday, with U.S. Crude Oil falling to an all-time low after the price had risen over the past two weeks. U.S. Treasury secretary Scott Bessent announced on Monday an expansion of sanctions in order to cut off Iran’s economic lifeline and force a ceasefire between...

Investors assessed the prospects for the 'U.S.-Iran War and the safety of shipping through the Strait of Hormuz in the early trading on Thursday. Brent crude futures?for October delivery?rose?25 cents?or?0.3%?to $91.87 per barrel at 0037 GMT?while U.S. West Texas intermediate crude futures?for September?slipped 2 cents?to $85.81 per barrel? The more active WTI contract for October gained 14 cents or 0.2% to $84.53. Brent and WTI benchmarks both gained for a fourth consecutive session on Wednesday. They settled at their highest level since July 24. Later on Thursday, the?September WTI contracts expire. "Oil prices remain elevated, as the market is supported...

The price of oil rose on Tuesday, as the prospect of a deal to end the Middle East conflict seemed further out of reach. Iran said it would adopt a more aggressive stance while the U.S. refused to extend a ceasefire. This increased concerns about the energy supply. A senior Iranian official said on Monday that Iran would adopt a "fully offensive' military posture as efforts to negotiate an end to the U.S. war have stalled. Washington has also ruled out the extension of a temporary ceasefire. The progress made towards peace talks, and the resumption of oil-tanker traffic in...

Retail sales in the United States fell for the first nine months in July as the boost from large tax refunds faded. This suggests a significant slowdown in spending by consumers at the beginning of the third quarter. It was also a payback for Amazon's decision to move its Prime Day event from July to June, while other retailers offered competing promotions. Gasoline prices have also fallen, which has affected service station receipts. The report, which added to the unexpected job losses and mild inflation figures from last month, boosted financial market expectations of a Federal Reserve rate hike in...

Prices of oil?inched up on Friday, after the United States threatened an indefinite naval blockade against Iran. This rekindled concerns about supply after the previous session's drop on a weakened outlook for demand as well as a large build-up of U.S. stockpiles. Brent futures were up 1 cent or 0.1% to $87.08 per barrel at 0247 GMT. U.S. West Texas Intermediate crude futures increased 6 cents to $81.00 a bar. Brent rallied for six sessions and WTI rose for five, putting the benchmarks on course for a weekly increase of around 4%. Susan Bell, senior Vice President for Oil Commodity...

After falling in the previous session due to a weaker global demand outlook, oil prices climbed a little bit on Friday. The U.S. had threatened to?maintain a naval blocade against Iran indefinitely. Brent futures were up 9 cents or 0.1% to $87.16 per barrel at 0130 GMT. U.S. West Texas Intermediate crude futures were up 4 cents at $81.29. Both benchmarks dropped more than 2% the previous session, paring their gains after a six sessions rally for Brent, and a five sessions rise for WTI. However, they were still on track to achieve a weekly rise of about 4%. The...

How much crude oil leaves the Strait of Hormuz each day? The U.S. Energy Sec. Chris Wright claims that almost nine million barrels of crude oil are exported every day. However, companies tracking vessel movements claim it's only about half. Wright said on social?media platform X that "thanks to the coordinated efforts of the U.S. military?and?our gulf allies, the seven-day average for oil leaving the Strait of Hormuz is currently up to almost 9 million bpd." This oil goes into Asia, which has been the hardest hit since the U.S. Wright stated on the social?media platform X that the U.S....

A survey of the Norwegian oil and gas industry showed that their estimates for 2026-2027 had been raised compared to three months ago. According to a survey by the Statistics Office (SSB), the Nordic country's largest business sector expects to spend 275 billion Norwegian crowns in 2026. This is up from 266 in?May and compared with a record of 273 in?year. As a wave major offshore developments near completion and begin production, it is expected that investments will?decrease to 227 billion crowns next year. "The?upwardly revised investment estimate for the year 2027 is primarily driven by higher estimates of costs...

Market analysts say that the Chicago Mercantile Exchange's live and feeder cattle prices fell?sharply? on Wednesday due to a flurry of technical selling?, the pressure of a rally on the Chicago grain markets, as well as growing concerns about the?stress? in the U.S. econom?y, which could.chill broader consumer demand for more expensive cuts of meat. Analysts said that CME lean-hog futures were mainly higher on spread trading despite the CME August Lean Hog Futures easing. Don Roose said, "There were a number of spreads that were unwound by people who were?long hogs and short cattle" According to the Consumer Price...

Fuel prices and refinery margins soared in the second quarter, as a result of the disruptions of crude oil supplies via the Strait of Hormuz. Analysts said that the massive profits of refiners and their strong buyback programs were likely to continue in the third quarter. This highlights how U.S. fuel?makers are among the largest financial beneficiaries from the Iran War. International buyers are willing to pay higher prices to secure supplies due to the disruption of global energy shipping caused by the conflict. The attacks on Russian oil refineries have further restricted supplies and increased prices for consumers already...

Prices of oil rose on Wednesday, as concerns over a Middle East supply disruption were fueled by doubts regarding a U.S. Iran peace deal. Industry data also showed that U.S. crude inventories had risen. Brent futures rose 75 cents or 0.84% to $89.66 per barrel at 0553 GMT. Meanwhile, U.S. West Texas Intermediate crude (WTI), climbed 72 cents or 0.87% to $83.92. Both contracts rose more than $1 in the previous session. The highest closing prices of both contracts were recorded on Tuesday, with an increase of over $1. Prices rose by 5% Monday, as hope for a peace deal...

U.S., and European Diesel prices rose sharply Monday after attacks on refineries and supply disruptions in Russia and Saudi Arabia. This is a concern for farmers who need fuel to plant in the Northern Hemisphere and harvest in the Southern Hemisphere. The U.S. ultra low sulfur diesel futures contract grew 7.4% on Monday to $4.19 per gallon, its biggest gain since July 13. The European diesel refining profit margins, which are measured by the difference between fuel prices and crude oil costs, increased nearly 10%. The surge came after confirmation that Ukraine had attacked a refinery located in Russia's Tatarstan...

Scott Bessent, U.S. Treasury secretary, invoked the 1944 D-Day landings of Allied forces in?France when announcing sanctions against Iran. The measures taken are superior to the much less successful Anzio Beachhead landing in Italy, which was another amphibious landing during World War II. Anzio was a battle that began with a successful landing of the Allies, but a lack of leadership led to the campaign stalling and turning into a long campaign of attrition. Bessent’s new measures are designed to choke Iran economically. They target companies and countries that do business with Iran in five different sectors: digital assets, technology...

Multiple trade sources reported on Monday that 'Iraqi state oil marketer SOMO and QatarEnergy are offering crude in rare tenders which require buyers to load their cargoes within the Strait of Hormuz. Sources said that SOMO offered September-loading Basrah Medium or Basrah Heavy Crude from Iraq's Basrah Oil Terminal or Single Point Mooring?and its related facilities. Iran's official news agency IRNA said that Baghdad had repeatedly requested permission to allow a number of Iraqi tankers to cross the Strait of Hormuz. The bids for Iraqi oil will close on the 26th of August. QatarEnergy, in addition to SOMO, has also...

The crude oil market is currently debating the wrong issue about how much oil actually moves through the Strait of Hormuz. Instead, it should focus on the restricted flows of'refined products' around Asia. Energy Secretary Chris Wright of the U.S. has claimed repeatedly that vessel tracking analysts such as Kpler cannot see how much crude oil is flowing through the disputed Strait. Wright claimed that 15 million barrels of oil per day (bpd), or about 500,000 barrels a day, left the Strait of?Hormuz in a single day last week. If true, this would bring the volumes to?what they were before...

Prices of oil fell by more than $1 per barrel on Monday, as investors took a profit ahead of an announcement that Washington is expected to make about additional sanctions against Iran. This could further disrupt Middle East supplies. Brent crude futures dropped $1.22 or 1.29% to $93.17 at 0035 GMT. U.S. West Texas Intermediate was $85.86 per barrel, down by $1.20 or 1.38%. The two contracts both posted their second weekly gains, up over 5% last week as the peace talks between Iran and the U.S. hit a deadlock, limiting oil shipments across the Strait of Hormuz, where a...

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...

The oil prices rose in the early trading on Wednesday. They have risen for a?fourth straight day due to supply uncertainty. Investors weighed contradictory messages from Washington and Tehran on whether or not the 'Strait of Hormuz' is open to ships. Brent crude futures climbed?26 Cents, or 0.29% to $91.28 at 0004 GMT. U.S. West Texas intermediate crude futures rose 37 Cents to $85.31 a bar. The two contracts reached their highest levels since July 24, as the hopes for peace between Iran and the U.S. faded. Donald Trump, the U.S. president, said that no talks are taking place with...

In its most recent tender, Abu Dhabi National Oil Co. sold at least 14,000,000 barrels of'spot crude' to Asian refiners for premiums. ADNOC had issued its eighth tender?since? the start of June, as the state oil company of the United Arab Emirates continued to try and move crude produced within the Strait of Hormuz despite persistent shipping delays. ADNOC has now sold more than 108 million barrels of crude oil through eight different tenders. Sources said that Japanese refiner Cosmo Oil purchased 2 million barrels on Upper Zakum crude at a price premium of $10.50 per barrel over Dubai's benchmark...

The oil prices remained mostly stable on Monday. They maintained gains made the previous week. Prospects for a lasting U.S. Iran peace deal seem increasingly distant, and there are persistent fears of disruptions to supply in the Strait of Hormuz. Brent crude futures were at $88.55 as of 0128 GMT. U.S. West Texas intermediate crude futures fell 14 cents to $72.26 per barrel. Last week, both contracts rose by?more that 5% following the attacks on tankers of Abu Dhabi National Oil Company?in the Hormuz Strait and on a Saudi Aramco refining facility. The weekend saw the Iranian Foreign Minister Abbas...

Early Monday, oil prices barely moved as tanker traffic in the Strait of Hormuz had slowed down over the weekend. There was no sign of a peace agreement between Iran and the United States to end the Middle East conflict. Brent crude futures rose 20 cents or 0.2% to $88.72 at 2350 GMT. U.S. West Texas Intermediate crude futures fell 5 cents to $79.35 per barrel. Last week, both contracts saw gains of more than 5% following the attacks on Abu Dhabi National Oil Company tankers in the strait of 'Hormuz and on a Saudi Aramco refining facility. The weekend...

How much crude oil leaves the Strait of Hormuz each day? Energy Secretary Chris Wright of the United States claims that nine million barrels of crude oil are exported every day, but companies tracking vessel movements claim it's only half. It is important to know how much crude oil leaves the Middle East through the narrow chokepoint, because it is this oil that travels to Asia. Asia, which is the largest energy-consuming area, has been the hardest hit since the U.S. Israel and the United States attacked Iran on 28 February. Wright stated on X, a social media platform, on...

Oil prices dropped more than $1 Thursday as forecasters reduced global oil demand projections by 2026 due to disruptions caused by the U.S./Israeli war against Iran. However, the supply constraints created by the conflict helped keep the market stable. Brent futures fell $1.29 or 1.5% to $87.69 per barrel at 0100 GMT. U.S. West Texas Intermediate crude (WTI), which is a blend of U.S. West Texas Intermediate and Brent, fell $1.30 or 1.6% to $81.97. In its monthly report on the oil market, published on Wednesday, the Organisation of Petroleum Exporting Countries (OPEC) lowered its forecast of world oil demand...

Oil prices rose on Friday as concerns grew over the opening of the Strait of Hormuz. Iran and Oman proposed banning hostile vessels from the Strait of Hormuz, while imposing heavy fines for those who violated these rules. Brent crude futures rose by?80 cents, or 0.97 percent, to $83.29 per barrel at 0303 GMT. U.S. West Texas Intermediate Futures rose 64 cents or 0.83% to $77.93. Oil futures settled at $3.03 a barrel as Iran considered a bill that would ban U.S. vessels and Israeli vessels from entering the Strait of Hormuz, where a fifth of world oil and LNG...