1 hr. ago
By Siyi Liu and Chen Aizhu
SINGAPORE, Aug 21 (Reuters) - Offers of Iranian crude to Chinese buyers have declined and prices have jumped this week as the U.S. blockade has cut Tehran's shipments, according to trade sources, with the threat of more sanctions from Washington looming.
The U.S. re-imposed its blockade of Iran's shipping and ports on July 13 as a deal to halt the war between them broke down in an attempt to cut off oil sales — Tehran's primary source of hard currency — compounding earlier losses from wartime strikes on its energy infrastructure.
The number of offers for Iranian oil cargoes to China for September and October delivery has declined from July and August cargoes, four trade sources familiar with the matter said. The offers have declined as barrels already in ships on the water have been sold, they said.
Iran's oil exports have fallen since mid-July, with no visible crossings of the Strait of Hormuz by supertankers carrying Iranian crude since then, according to data from ship-tracking company Kpler, although many vessels turn off their location transponders, making them difficult to track.
#iranian #blockade #according #trade
SINGAPORE, Aug 21 (Reuters) - Offers of Iranian crude to Chinese buyers have declined and prices have jumped this week as the U.S. blockade has cut Tehran's shipments, according to trade sources, with the threat of more sanctions from Washington looming.
The U.S. re-imposed its blockade of Iran's shipping and ports on July 13 as a deal to halt the war between them broke down in an attempt to cut off oil sales — Tehran's primary source of hard currency — compounding earlier losses from wartime strikes on its energy infrastructure.
The number of offers for Iranian oil cargoes to China for September and October delivery has declined from July and August cargoes, four trade sources familiar with the matter said. The offers have declined as barrels already in ships on the water have been sold, they said.
Iran's oil exports have fallen since mid-July, with no visible crossings of the Strait of Hormuz by supertankers carrying Iranian crude since then, according to data from ship-tracking company Kpler, although many vessels turn off their location transponders, making them difficult to track.
#iranian #blockade #according #trade
14 hours ago
CAIRO (AP) — Palestinians face inflated prices for groceries and batteries, hospitals have turned to smugglers for medicine and equipment, Israeli soldiers and other middlemen are accused of pocketing millions of dollars, and the Hamas-led government takes a cut as the smuggling of goods restricted by Israel into the Gaza Strip has boomed, according to an ******* ociated Press investigation based on court documents and interviews with traders, truckers and officials.
Cigarettes and tobacco — banned from entry to Gaza since the start of the Israel-Hamas war in October 2023 — rake in the biggest profits for smugglers and merchants, officials and residents say. But everything from iPhones and solar panels to fuel and anesthetics are also brought into the tiny coastal territory illegally. Israel restricts quantities of some goods and bans others outright. It defines many as "dual use" — including concrete, vehicle parts and X-ray machines — ******* erting they could be repurposed by Hamas militants for military functions.
To build a picture of the illicit trade, The ******* ociated Press ******* yzed Israeli court documents and spoke to five major traders who import smuggled goods, three merchants who sell them, and two truckers — all on condition of anonymity because of their roles in the illegal smuggling business and concerns about their safety in Gaza. AP also interviewed four Palestinian officials, two on condition of anonymity because of worries about retribution from Israel, Hamas or merchants; two U.N. officials, on condition of anonymity over concern for their jobs; and a dozen Palestinian residents, who spoke about how they get everyday items and their skyrocketing costs.
AP found a rush from all sides to profit off the tight restrictions imposed by Israel on Gaza and its 2 million residents, most of whom have been displaced by the war. Smuggling rings — which have long flourished, circumventing two decades of Israeli blockades and building a network of businessmen and collaborators — pull in millions of dollars. Payoffs go to Israeli troops, drivers, warehouse workers and others on both sides of the border, according to traders and court documents.
"The occupation has left no other option before us. Smuggling has become routine," one trader said, noting that some in Israel's military are willing to help — for a price. "We benefit, they benefit and the people in Gaza benefit because we provide goods, including food, to the market."
#israeli #smuggling
Cigarettes and tobacco — banned from entry to Gaza since the start of the Israel-Hamas war in October 2023 — rake in the biggest profits for smugglers and merchants, officials and residents say. But everything from iPhones and solar panels to fuel and anesthetics are also brought into the tiny coastal territory illegally. Israel restricts quantities of some goods and bans others outright. It defines many as "dual use" — including concrete, vehicle parts and X-ray machines — ******* erting they could be repurposed by Hamas militants for military functions.
To build a picture of the illicit trade, The ******* ociated Press ******* yzed Israeli court documents and spoke to five major traders who import smuggled goods, three merchants who sell them, and two truckers — all on condition of anonymity because of their roles in the illegal smuggling business and concerns about their safety in Gaza. AP also interviewed four Palestinian officials, two on condition of anonymity because of worries about retribution from Israel, Hamas or merchants; two U.N. officials, on condition of anonymity over concern for their jobs; and a dozen Palestinian residents, who spoke about how they get everyday items and their skyrocketing costs.
AP found a rush from all sides to profit off the tight restrictions imposed by Israel on Gaza and its 2 million residents, most of whom have been displaced by the war. Smuggling rings — which have long flourished, circumventing two decades of Israeli blockades and building a network of businessmen and collaborators — pull in millions of dollars. Payoffs go to Israeli troops, drivers, warehouse workers and others on both sides of the border, according to traders and court documents.
"The occupation has left no other option before us. Smuggling has become routine," one trader said, noting that some in Israel's military are willing to help — for a price. "We benefit, they benefit and the people in Gaza benefit because we provide goods, including food, to the market."
#israeli #smuggling
3 days ago
Former Detroit Lions cornerback Terrion Arnold appears to be headed for the Seattle Seahawks, but there are a few roadblocks in the way before the former first-round pick can see the field.
Arnold and the Seahawks have agreed upon a contract, but Seahawks head coach Mike Macdonald said recently that they're working through some things before they officially sign him.
"We're working through that and when's the best time for him to come in, but we have an agreement with him and we'll see," Macdonald said."But I just really don't know what, you know, how we're gonna do it."
Arnold is currently facing eight felony charges from an incident in Florida involving an alleged armed robbery and kidnapping. According to the latest reports, his next court date in the trial is Oct. 5.
According to the latest report from Ian Rapoport, this process is expected to move slowly for the Seahawks, and "it will take a while" before they sign Arnold. One huge blockade in this process is the fact that Arnold, according to Rapoport, will go on the Commissioner Exempt List once he signs with a team.
#seahawks #macdonald #working
Arnold and the Seahawks have agreed upon a contract, but Seahawks head coach Mike Macdonald said recently that they're working through some things before they officially sign him.
"We're working through that and when's the best time for him to come in, but we have an agreement with him and we'll see," Macdonald said."But I just really don't know what, you know, how we're gonna do it."
Arnold is currently facing eight felony charges from an incident in Florida involving an alleged armed robbery and kidnapping. According to the latest reports, his next court date in the trial is Oct. 5.
According to the latest report from Ian Rapoport, this process is expected to move slowly for the Seahawks, and "it will take a while" before they sign Arnold. One huge blockade in this process is the fact that Arnold, according to Rapoport, will go on the Commissioner Exempt List once he signs with a team.
#seahawks #macdonald #working
3 days ago
By Parisa Hafezi
DUBAI, Aug 17 (Reuters) - Iran will escalate tensions in the Strait of Hormuz and beyond, and launch an attack if the U.S. fails to implement an interim peace deal fully in a matter of weeks, a senior Iranian official told Reuters on Monday.
If the U.S. does not meet that deadline and diplomacy fails, Tehran would conduct a "timely and precise" military attack to break the U.S. naval blockade on the Islamic Republic, the official added.
Diplomatic efforts to bring Tehran and Washington back to talks under a June agreement have stalled in recent weeks.
Iran's foreign minister has said the Strait of Hormuz will not reopen until the U.S. first returns to the deal, while the U.S. Treasury Secretary has warned of unprecedented economic isolation for Iran.
#Iran #tehran #fails
DUBAI, Aug 17 (Reuters) - Iran will escalate tensions in the Strait of Hormuz and beyond, and launch an attack if the U.S. fails to implement an interim peace deal fully in a matter of weeks, a senior Iranian official told Reuters on Monday.
If the U.S. does not meet that deadline and diplomacy fails, Tehran would conduct a "timely and precise" military attack to break the U.S. naval blockade on the Islamic Republic, the official added.
Diplomatic efforts to bring Tehran and Washington back to talks under a June agreement have stalled in recent weeks.
Iran's foreign minister has said the Strait of Hormuz will not reopen until the U.S. first returns to the deal, while the U.S. Treasury Secretary has warned of unprecedented economic isolation for Iran.
#Iran #tehran #fails
4 days ago
By Parisa Hafezi and Katharine Jackson
DUBAI/WASHINGTON, Aug 17 (Reuters) - Iran has decided to shift its policy from defensive to "fully offensive" due to the deadlock in efforts to agree a permanent end to its war with the United States, a senior Iranian official told Reuters on Monday.
Progress towards peace talks and a resumption of oil tanker traffic through the strategic Strait of Hormuz has ground to a halt, with no sign that the warring parties are moving towards ending the conflict that the U.S. and Israel launched on February 28.
"Iranian entities must be prepared to escalate tensions in the Strait of Hormuz and wider region, as Iran will be ready to make decisions and take action on difficult decisions," the Iranian official said, adding that Tehran would conduct a "timely and precise" military attack to break the U.S. naval blockade if diplomacy failed.
There was no immediate response to those comments from Washington, but U.S. President Donald Trump said in a phone interview with Fox News on Monday that Iran "should put up the white flag of surrender".
#Iran #washington #Monday #hormuz
DUBAI/WASHINGTON, Aug 17 (Reuters) - Iran has decided to shift its policy from defensive to "fully offensive" due to the deadlock in efforts to agree a permanent end to its war with the United States, a senior Iranian official told Reuters on Monday.
Progress towards peace talks and a resumption of oil tanker traffic through the strategic Strait of Hormuz has ground to a halt, with no sign that the warring parties are moving towards ending the conflict that the U.S. and Israel launched on February 28.
"Iranian entities must be prepared to escalate tensions in the Strait of Hormuz and wider region, as Iran will be ready to make decisions and take action on difficult decisions," the Iranian official said, adding that Tehran would conduct a "timely and precise" military attack to break the U.S. naval blockade if diplomacy failed.
There was no immediate response to those comments from Washington, but U.S. President Donald Trump said in a phone interview with Fox News on Monday that Iran "should put up the white flag of surrender".
#Iran #washington #Monday #hormuz
4 days ago
By Eman Abouhassira, Enas Alashray and Humeyra Pamuk
DUBAI/CAIRO/GARDEN CITY, New York, Aug 15 (Reuters) - Iran called on the U.S. to accept defeat on Saturday, while President Donald Trump blasted Tehran as "very evil" and told Americans to prepare for continued high fuel prices as a result of the war.
Progress towards peace talks and oil tanker traffic through the strategic Strait of Hormuz remained halted, with no sign the warring parties were moving toward ending the conflict that the U.S. and Israel launched on February 28.
"This strait will be opened and closed only under Iran's command, and so long as you do not accept the reality of defeat and stop indulging in fantasies, Iran will continue to enforce the blockade," Iran's Deputy Foreign Minister Kazem Gharibabadi posted on X.
U.S. GASOLINE UP 29% ON YEAR, IRAN ALSO FEELS IMPACT
#strait #eman
DUBAI/CAIRO/GARDEN CITY, New York, Aug 15 (Reuters) - Iran called on the U.S. to accept defeat on Saturday, while President Donald Trump blasted Tehran as "very evil" and told Americans to prepare for continued high fuel prices as a result of the war.
Progress towards peace talks and oil tanker traffic through the strategic Strait of Hormuz remained halted, with no sign the warring parties were moving toward ending the conflict that the U.S. and Israel launched on February 28.
"This strait will be opened and closed only under Iran's command, and so long as you do not accept the reality of defeat and stop indulging in fantasies, Iran will continue to enforce the blockade," Iran's Deputy Foreign Minister Kazem Gharibabadi posted on X.
U.S. GASOLINE UP 29% ON YEAR, IRAN ALSO FEELS IMPACT
#strait #eman
6 days ago
The dollar index (DXY00) on Thursday ended the day little changed despite downward pressure from the dovish US PPI report, which lowered the odds of a Fed rate hike in September to 35% from 40% on Wednesday. In addition, the 10-year T-note yield fell -5 bp, undercutting the dollar's interest rate differentials.
The dollar was also undercut by reduced safe-haven demand as there were no overnight reports of new military attacks by the US or Iran in the Persian Gulf. Market concerns about the Middle East were also reduced slightly by news reports saying that the Trump administration is pivoting to using the naval blockade to apply economic pressure on Iran rather than new military attacks. There is no sign of any progress between the US and Iran on an agreement to reopen the Strait of Hormuz, although some ships are still getting through by turning off their transponders and hoping for the best.
Will Silver Hold Above Its Critical Support Level?
Dollar is Undercut by Dovish US PPI Report
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#Iran #dollar #report #undercut
The dollar was also undercut by reduced safe-haven demand as there were no overnight reports of new military attacks by the US or Iran in the Persian Gulf. Market concerns about the Middle East were also reduced slightly by news reports saying that the Trump administration is pivoting to using the naval blockade to apply economic pressure on Iran rather than new military attacks. There is no sign of any progress between the US and Iran on an agreement to reopen the Strait of Hormuz, although some ships are still getting through by turning off their transponders and hoping for the best.
Will Silver Hold Above Its Critical Support Level?
Dollar is Undercut by Dovish US PPI Report
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#Iran #dollar #report #undercut
7 days ago
September WTI crude oil (CLU26) on Thursday closed down -2.02 (-2.43%), and September RBOB gasoline (RBU26) closed down -0.0257 (-0.81%).
Crude oil and gasoline prices fell on Thursday, with no overnight reports of new military attacks by the US or Iran in the Persian Gulf. Market concerns about the Middle East were also reduced slightly by news reports saying that the Trump administration is pivoting to using the naval blockade to apply economic pressure on Iran rather than new military attacks.
Plug Power Beat Estimates and Lifted Its 2026 Outlook. Here's What Comes Next for PLUG Stock.
How 'Phantom' Data Center Projects Are Making It Impossible to Forecast AI Power Demand — 'Grid Operators Don't Know Which Ones Are Real'
Nat-Gas Prices Close Higher on Warm Forecasts
#september #crude #prices #closed
Crude oil and gasoline prices fell on Thursday, with no overnight reports of new military attacks by the US or Iran in the Persian Gulf. Market concerns about the Middle East were also reduced slightly by news reports saying that the Trump administration is pivoting to using the naval blockade to apply economic pressure on Iran rather than new military attacks.
Plug Power Beat Estimates and Lifted Its 2026 Outlook. Here's What Comes Next for PLUG Stock.
How 'Phantom' Data Center Projects Are Making It Impossible to Forecast AI Power Demand — 'Grid Operators Don't Know Which Ones Are Real'
Nat-Gas Prices Close Higher on Warm Forecasts
#september #crude #prices #closed
7 days ago
By Chris Prentice and Amanda Cooper
NEW YORK/LONDON, Aug 14 (Reuters) - U.S. and European shares fell on Friday and oil prices gained as markets monitored tense U.S.-Iran talks and digested new data that dented expectations for a Federal Reserve rate hike next month.
Faltering talks to end the Iran war left oil and gas prices poised for sizeable weekly gains. The U.S. threatened to ramp up economic pressure on Iran, including extending a naval blockade.
U.S. consumer sentiment deteriorated in early August amid the rising cost of living because of the Middle East conflict, a survey showed on Friday.
The U.S. dollar and yields on U.S. Treasuries fell on a surprise drop in U.S. retail sales. The data further reduced expectations of a Federal Reserve rate hike at next month's meeting.
#federal #reserve #rate
NEW YORK/LONDON, Aug 14 (Reuters) - U.S. and European shares fell on Friday and oil prices gained as markets monitored tense U.S.-Iran talks and digested new data that dented expectations for a Federal Reserve rate hike next month.
Faltering talks to end the Iran war left oil and gas prices poised for sizeable weekly gains. The U.S. threatened to ramp up economic pressure on Iran, including extending a naval blockade.
U.S. consumer sentiment deteriorated in early August amid the rising cost of living because of the Middle East conflict, a survey showed on Friday.
The U.S. dollar and yields on U.S. Treasuries fell on a surprise drop in U.S. retail sales. The data further reduced expectations of a Federal Reserve rate hike at next month's meeting.
#federal #reserve #rate
9 days ago
US stocks were muted on Wednesday as investors ***** sed easing inflation data, which is likely to keep Federal Reserve officials divided on whether to raise interest rates.
The Dow Jones Industrial Average (^DJI) wavered near the flat line while the S&P 500 (^GSPC) edged up 0.2%. The Nasdaq Composite (^IXIC) rose 0.3% in what is a relatively quiet week in markets beyond the tail end of earnings season.
The Consumer Price Index print showed inflation continued to cool in July to a 3.4% annual rate, matching economists' expectations and easing from June's 3.5% increase. On a monthly basis, inflation rose 0.1% from June.
Despite a slight pullback, inflation remains stubbornly above the Fed's 2% target, complicating central bankers' next decision to hold or hike rates in September. Following Wednesday's inflation data, traders tilted their bets toward the Fed holding rates steady after a roughly 50-50 split the day before.
Ongoing tensions in the Middle East serve as the backdrop propping up inflation and Treasury yields as the US and Iran remain deadlocked in negotiations to reopen the Strait of Hormuz. The US enforced its blockade of the strait by firing on a Panama-flagged ship attempting to cross the Gulf of Oman on Tuesday, lifting Brent crude futures (BZ=F) close to $90 per barrel.
#inflation #rates #reserve
The Dow Jones Industrial Average (^DJI) wavered near the flat line while the S&P 500 (^GSPC) edged up 0.2%. The Nasdaq Composite (^IXIC) rose 0.3% in what is a relatively quiet week in markets beyond the tail end of earnings season.
The Consumer Price Index print showed inflation continued to cool in July to a 3.4% annual rate, matching economists' expectations and easing from June's 3.5% increase. On a monthly basis, inflation rose 0.1% from June.
Despite a slight pullback, inflation remains stubbornly above the Fed's 2% target, complicating central bankers' next decision to hold or hike rates in September. Following Wednesday's inflation data, traders tilted their bets toward the Fed holding rates steady after a roughly 50-50 split the day before.
Ongoing tensions in the Middle East serve as the backdrop propping up inflation and Treasury yields as the US and Iran remain deadlocked in negotiations to reopen the Strait of Hormuz. The US enforced its blockade of the strait by firing on a Panama-flagged ship attempting to cross the Gulf of Oman on Tuesday, lifting Brent crude futures (BZ=F) close to $90 per barrel.
#inflation #rates #reserve
10 days ago
The dollar index (DXY00) is up by +0.22% today. The dollar is climbing today amid higher T-note yields, which are strengthening the dollar's interest rate differentials. Also, today's more than +2% increase in WTI crude oil prices is raising inflation expectations and may persuade the Fed to tighten monetary policy, a supportive factor for the dollar.
President Trump on Sunday signaled he's prepared to let economic pressure on Iran build rather than launch additional military strikes, saying the US was only "semi-negotiating" with Iran on the Strait of Hormuz and that the US blockade of Iran was deepening the country's financial woes.
Complacency in Gold May Be Hiding the Next Big Move
Dollar Pushes Higher as Crude Oil Surges and T-Note Yields Rise
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#today #note
President Trump on Sunday signaled he's prepared to let economic pressure on Iran build rather than launch additional military strikes, saying the US was only "semi-negotiating" with Iran on the Strait of Hormuz and that the US blockade of Iran was deepening the country's financial woes.
Complacency in Gold May Be Hiding the Next Big Move
Dollar Pushes Higher as Crude Oil Surges and T-Note Yields Rise
Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today!
#today #note
11 days ago
Aug 9 (Reuters) - Yemen's Iran-aligned Houthis have attacked Saudi Aramco's Jazan refinery, they said on Sunday, two days after the kingdom signed a defence pact with Turkey and Pakistan in response to growing regional instability from the U.S.-Israeli war on Iran.
The alliance with Sunni Muslim U.S. allies, Turkey and Pakistan, is intended to strengthen collective deterrence against any act of aggression and stipulates that an armed attack against any of the three would be regarded as an attack on all.
It was not clear whether or how either Pakistan or Turkey would join in any Saudi response to the latest attacks.
The Houthis declared a naval blockade against Saudi Arabia in the Red Sea last month, citing what they said was a Saudi siege on them, an allegation Riyadh denies.
The Saudi energy ministry said a fire had broken out at the refinery but was later extinguished with no injuries and authorities were dealing with the incident, without giving a cause.
#Iran #refinery
The alliance with Sunni Muslim U.S. allies, Turkey and Pakistan, is intended to strengthen collective deterrence against any act of aggression and stipulates that an armed attack against any of the three would be regarded as an attack on all.
It was not clear whether or how either Pakistan or Turkey would join in any Saudi response to the latest attacks.
The Houthis declared a naval blockade against Saudi Arabia in the Red Sea last month, citing what they said was a Saudi siege on them, an allegation Riyadh denies.
The Saudi energy ministry said a fire had broken out at the refinery but was later extinguished with no injuries and authorities were dealing with the incident, without giving a cause.
#Iran #refinery
13 days ago
By Steve Holland and Timour Azhari
WASHINGTON/RIYADH, Aug 7 (Reuters) - A U.S. official on Friday reported progress between Iran and Oman that could soon reopen the Strait of Hormuz, potentially restoring oil exports that have been disrupted by the five-month-old U.S. war with Iran.
The U.S. official, who declined to be identified, said Washington anticipated an agreement soon between the two countries, which sit on either side of the strait, so that normal oil traffic could resume.
A deal between Iran and Oman over control of the strategic waterway is seen as crucial to a wider peace agreement.
"There is progress between Oman and Iran on the strait, and we expect a deal soon," a U.S. official told Reuters on Friday. "Once the deal is announced to restore commercial shipping without impediments, the United States will lift the blockade of Iranian ports."
#washington #reuters #Friday
WASHINGTON/RIYADH, Aug 7 (Reuters) - A U.S. official on Friday reported progress between Iran and Oman that could soon reopen the Strait of Hormuz, potentially restoring oil exports that have been disrupted by the five-month-old U.S. war with Iran.
The U.S. official, who declined to be identified, said Washington anticipated an agreement soon between the two countries, which sit on either side of the strait, so that normal oil traffic could resume.
A deal between Iran and Oman over control of the strategic waterway is seen as crucial to a wider peace agreement.
"There is progress between Oman and Iran on the strait, and we expect a deal soon," a U.S. official told Reuters on Friday. "Once the deal is announced to restore commercial shipping without impediments, the United States will lift the blockade of Iranian ports."
#washington #reuters #Friday
13 days ago
Sensing it has the upper hand, Iran issued a long list of maximalist demands before it reopens the Strait of Hormuz, even as officials in Tehran grow increasingly concerned about the shattered economy.
While Iran and Oman have been in talks over how to manage traffic through the narrow waterway, an agreement won't automatically unlock the strait. Instead, Iran insists the U.S. must first satisfy several conditions.
On Saturday, Iran's Supreme National Security Council called on the U.S. to lift its naval blockade, end sanctions, pull out its military from the region, pay war reparations, unfreeze Iranian **** ets, end attacks on Iran's proxies, and stop threatening the country.
To be sure, some of those demands may be intended to set the stage for future negotiations or aimed at mollifying Iranian hardliners who oppose making any deal with the U.S.
But the aggressive initial stance dampens hopes that the strait will see traffic return to normal anytime soon or that the U.S. will stop applying economic pressure on Iran.
#Iran #sensing #tehran #Oman
While Iran and Oman have been in talks over how to manage traffic through the narrow waterway, an agreement won't automatically unlock the strait. Instead, Iran insists the U.S. must first satisfy several conditions.
On Saturday, Iran's Supreme National Security Council called on the U.S. to lift its naval blockade, end sanctions, pull out its military from the region, pay war reparations, unfreeze Iranian **** ets, end attacks on Iran's proxies, and stop threatening the country.
To be sure, some of those demands may be intended to set the stage for future negotiations or aimed at mollifying Iranian hardliners who oppose making any deal with the U.S.
But the aggressive initial stance dampens hopes that the strait will see traffic return to normal anytime soon or that the U.S. will stop applying economic pressure on Iran.
#Iran #sensing #tehran #Oman
18 days ago
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Chinese President Xi Jinping issued one of his starkest warnings yet about the state of the global economy in April. While in Beijing, he stated: "The international order is crumbling into disarray (1)."
Xi also criticized the U.S. response to the Iran conflict, calling a naval blockade of the Strait of Hormuz "dangerous and irresponsible" — a move that he argued threatened to further disrupt one of the world's most critical oil shipping routes.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
JPMorgan still sees gold hitting $5,000/oz by Q4 — and savvy investors are protecting their wealth with a tax-advantaged Gold IRA. Learn more with a free guide from Priority Gold
#finance #president #april
Chinese President Xi Jinping issued one of his starkest warnings yet about the state of the global economy in April. While in Beijing, he stated: "The international order is crumbling into disarray (1)."
Xi also criticized the U.S. response to the Iran conflict, calling a naval blockade of the Strait of Hormuz "dangerous and irresponsible" — a move that he argued threatened to further disrupt one of the world's most critical oil shipping routes.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
JPMorgan still sees gold hitting $5,000/oz by Q4 — and savvy investors are protecting their wealth with a tax-advantaged Gold IRA. Learn more with a free guide from Priority Gold
#finance #president #april
23 days ago
Trump's latest comments cooled oil prices, but talks over ending the Strait of Hormuz blockade could prove far more consequential.
Hedge Funds Pile Back into Oil as Chokepoint Risks Return
- The signing of the US-Iran Memorandum of Understanding triggered one of the largest hedge fund sell-offs for crude futures and options, however the closure of the Strait of Hormuz (and now of Bab el-Mandeb) has made bullishness in vogue again.
- Net positions held by hedge funds and other money managers in ICE Brent futures and options rebounded to the equivalent of more than 192 million barrels, a 2-month high, in the week ending July 21.
- Interestingly, the positioning of hedge funds in Nymex WTI has been somewhat stagnant throughout June-July, suggesting that speculative market participants prefer to avoid futures contract with physical delivery.
#futures #july
Hedge Funds Pile Back into Oil as Chokepoint Risks Return
- The signing of the US-Iran Memorandum of Understanding triggered one of the largest hedge fund sell-offs for crude futures and options, however the closure of the Strait of Hormuz (and now of Bab el-Mandeb) has made bullishness in vogue again.
- Net positions held by hedge funds and other money managers in ICE Brent futures and options rebounded to the equivalent of more than 192 million barrels, a 2-month high, in the week ending July 21.
- Interestingly, the positioning of hedge funds in Nymex WTI has been somewhat stagnant throughout June-July, suggesting that speculative market participants prefer to avoid futures contract with physical delivery.
#futures #july
24 days ago
By Jonathan Saul, Parisa Hafezi, Timour Azhari and Chen Aizhu
LONDON/DUBAI, July 28 (Reuters) - China has held direct talks with Yemen's Houthi movement to enable its tankers to sail through the southern Red Sea without being attacked after the Iran-aligned militia pledged to prevent access to Saudi ports, six sources with knowledge of the matter have said.
The Houthis declared their blockade on July 20, opening a new front against the U.S. and its allies in the Iran war and expanding attacks on tankers carrying energy and other supplies to markets beyond the Middle East.
Beijing has asked the Houthis directly to promise safe passage for its tankers, according to the sources, who included a senior Iranian official.
China was among the first countries to contact the Houthis directly about transits through Bab el-Mandeb, the strait at the southern end of the Red Sea with Yemen on its eastern bank, said the sources, who declined to be identified due to the sensitivity of the matter.
#tankers
LONDON/DUBAI, July 28 (Reuters) - China has held direct talks with Yemen's Houthi movement to enable its tankers to sail through the southern Red Sea without being attacked after the Iran-aligned militia pledged to prevent access to Saudi ports, six sources with knowledge of the matter have said.
The Houthis declared their blockade on July 20, opening a new front against the U.S. and its allies in the Iran war and expanding attacks on tankers carrying energy and other supplies to markets beyond the Middle East.
Beijing has asked the Houthis directly to promise safe passage for its tankers, according to the sources, who included a senior Iranian official.
China was among the first countries to contact the Houthis directly about transits through Bab el-Mandeb, the strait at the southern end of the Red Sea with Yemen on its eastern bank, said the sources, who declined to be identified due to the sensitivity of the matter.
#tankers
24 days ago
Oil prices gave up earlier gains on Friday after reports that Pakistan is trying to broker a return to U.S.-Iran nuclear negotiations. China is strongly backing the effort as the conflict and the closure of the Strait of Hormuz continue to threaten its energy security and weigh on its economy.
Brent crude for September delivery fell 4.4% to trade at $96.36 per barrel at 1.35 pm ET while WTI crude for September delivery was down 3.6% to change hands at $88.86/bbl.
However, Standard Chartered says the latest pullback may prove temporary as Middle East oil market risk has expanded from one strategic chokepoint to two.
On Monday, Yemen's Houthi militant group imposed a targeted maritime blockade against Saudi Arabia, threatening to enforce it by blocking Saudi-linked vessels from transiting the vital Bab el-Mandeb Strait. The group claimed the blockade was a direct retaliation for a decade-long Saudi containment of Yemen as well as a recent Saudi-backed airstrike targeting Sanaa International Airport.
The threat immediately rattled oil markets, prompting multiple Saudi-linked very large crude carriers (VLCCs) to abandon planned transits through the Bab el-Mandeb Strait and instead reroute around Africa's Cape of Good Hope, adding up to two weeks to each voyage. Two days later, the Houthis followed through. The group launched ballistic missiles and drones at two Saudi oil tankers on Thursday, damaging both vessels and igniting fires onboard. Brent crude surged nearly $20 per barrel, briefly climbing above $100.
#brent #september
Brent crude for September delivery fell 4.4% to trade at $96.36 per barrel at 1.35 pm ET while WTI crude for September delivery was down 3.6% to change hands at $88.86/bbl.
However, Standard Chartered says the latest pullback may prove temporary as Middle East oil market risk has expanded from one strategic chokepoint to two.
On Monday, Yemen's Houthi militant group imposed a targeted maritime blockade against Saudi Arabia, threatening to enforce it by blocking Saudi-linked vessels from transiting the vital Bab el-Mandeb Strait. The group claimed the blockade was a direct retaliation for a decade-long Saudi containment of Yemen as well as a recent Saudi-backed airstrike targeting Sanaa International Airport.
The threat immediately rattled oil markets, prompting multiple Saudi-linked very large crude carriers (VLCCs) to abandon planned transits through the Bab el-Mandeb Strait and instead reroute around Africa's Cape of Good Hope, adding up to two weeks to each voyage. Two days later, the Houthis followed through. The group launched ballistic missiles and drones at two Saudi oil tankers on Thursday, damaging both vessels and igniting fires onboard. Brent crude surged nearly $20 per barrel, briefly climbing above $100.
#brent #september
24 days ago
Less than a month ago, **** ysts were warning of a looming glut of crude oil as tanker traffic via the Strait of Hormuz began to recover amid a U.S.-Iran ceasefire. Within days of these warnings, the ceasefire was a painful memory, missiles were flying again, and now Yemen's Houthis are striking tankers in the Red Sea, which makes two blocked oil chokepoints and a very real danger of a global recession.
Brent crude this week topped $100 per barrel on reports that the Houthis had struck two Saudi tankers in the Bab el-Mandeb Strait, which Saudi Arabia is currently using as the primary outlet for its crude amid the Iranian blockade of the Strait of Hormuz. Soon enough it emerged that tankers that were heading to the Red Sea waterway were making U-turns and heading to alternative routes—which take longer and cost more.
Meanwhile, Ukrainian drone strikes on the Caspian Pipeline System's terminus on the Black Sea have forced Kazakhstan to suspend most of its oil exports. The target of the drone attacks was the Novorossiysk port on Russia's Black Sea coast, which also happens to be the point of departure of the bulk of Kazakh oil exports to world markets. Bloomberg reported this week that tanker operators were getting nervous about sending their vessels to the port of Novorossiysk because Ukrainian drones were also striking ships at the port.
The Strait of Hormuz used to see average daily oil volumes of some 20 million barrels daily. This has now slowed to a trickle. The Red Sea chokepoint of Bab el-Mandeb has been handling between 4 and 5 million barrels daily of Saudi oil in recent weeks, according to different estimates. Now, this too appears to be almost completely blocked. Add to this the loss of 1.7 million barrels daily in Kazakh flows to Novorossiysk, and the global oil supply picture takes on a rather grim tint. Additionally, the Ukrainian forces continue to target Russian refineries, which has already led to a temporary ban on diesel exports at a time when global fuel inventories are getting strained by the first-wave effects of the Middle East war.
In fact, the situation with refined petroleum products is a major crisis in its own right. "Unlike crude oil, refined products face far fewer mitigation options. Several Middle Eastern refineries remain affected by the ongoing conflict while Russia's diesel export restrictions continue to constrain global availability," Ole Hansen, Saxo Bank's head of commodity strategy, said in an **** ysis earlier this month. "Refining capacity globally also remains relatively limited, preventing crude supply increases from quickly translating into additional diesel and gasoline production," he added.
#daily #exports
Brent crude this week topped $100 per barrel on reports that the Houthis had struck two Saudi tankers in the Bab el-Mandeb Strait, which Saudi Arabia is currently using as the primary outlet for its crude amid the Iranian blockade of the Strait of Hormuz. Soon enough it emerged that tankers that were heading to the Red Sea waterway were making U-turns and heading to alternative routes—which take longer and cost more.
Meanwhile, Ukrainian drone strikes on the Caspian Pipeline System's terminus on the Black Sea have forced Kazakhstan to suspend most of its oil exports. The target of the drone attacks was the Novorossiysk port on Russia's Black Sea coast, which also happens to be the point of departure of the bulk of Kazakh oil exports to world markets. Bloomberg reported this week that tanker operators were getting nervous about sending their vessels to the port of Novorossiysk because Ukrainian drones were also striking ships at the port.
The Strait of Hormuz used to see average daily oil volumes of some 20 million barrels daily. This has now slowed to a trickle. The Red Sea chokepoint of Bab el-Mandeb has been handling between 4 and 5 million barrels daily of Saudi oil in recent weeks, according to different estimates. Now, this too appears to be almost completely blocked. Add to this the loss of 1.7 million barrels daily in Kazakh flows to Novorossiysk, and the global oil supply picture takes on a rather grim tint. Additionally, the Ukrainian forces continue to target Russian refineries, which has already led to a temporary ban on diesel exports at a time when global fuel inventories are getting strained by the first-wave effects of the Middle East war.
In fact, the situation with refined petroleum products is a major crisis in its own right. "Unlike crude oil, refined products face far fewer mitigation options. Several Middle Eastern refineries remain affected by the ongoing conflict while Russia's diesel export restrictions continue to constrain global availability," Ole Hansen, Saxo Bank's head of commodity strategy, said in an **** ysis earlier this month. "Refining capacity globally also remains relatively limited, preventing crude supply increases from quickly translating into additional diesel and gasoline production," he added.
#daily #exports
24 days ago
Sen. John Kennedy (R-La.) on Sunday said President Trump likes the daily strikes on Iran, which paused going into the weekend after nearly two straight weeks of attacks on Iranian infrastructure.
"I think we ought to continue the blockade and starve them out. I think we ought to bomb Pickaxe Mountain and try to reach what's underneath it, " Kennedy told CBS News's Margaret Brennan during his appearance on "Face the Nation."
"The president likes the daily attacks," Kennedy added. "He believes that sometimes you have to kill a few chickens to scare the monkeys."
Kennedy compared Iran's leaders to American serial killer Son of Sam and cult leader Charles Manson, calling them "more than mildly insane." But he added that the U.S. should not "just cut and run."
"If we can stand the pain of the rising cost of energy, we need to stay the course," he said. "At least for a few more months. I also don't think we need to send in troops. That's my opinion, for what it's worth."
#think
"I think we ought to continue the blockade and starve them out. I think we ought to bomb Pickaxe Mountain and try to reach what's underneath it, " Kennedy told CBS News's Margaret Brennan during his appearance on "Face the Nation."
"The president likes the daily attacks," Kennedy added. "He believes that sometimes you have to kill a few chickens to scare the monkeys."
Kennedy compared Iran's leaders to American serial killer Son of Sam and cult leader Charles Manson, calling them "more than mildly insane." But he added that the U.S. should not "just cut and run."
"If we can stand the pain of the rising cost of energy, we need to stay the course," he said. "At least for a few more months. I also don't think we need to send in troops. That's my opinion, for what it's worth."
#think
27 days ago
By Lawrence Delevingne and Marc Jones
July 23 (Reuters) - Oil prices spiked to $100 a barrel on Thursday for the first time since May, while major tech giants knocked U.S. stocks lower and Europe's borrowing costs surged to long-term highs in an unsettling day across markets.
Brent crude settled up 7% at $100.69 a barrel, following attacks on tankers in the Red Sea that choked off a second crucial Middle East artery for global oil supplies, alongside Iran's near-closure of the Strait of Hormuz.
Yemen's Iran-aligned Houthis struck two Saudi oil tankers as part of a naval blockade on Saudi Arabia, sending prices higher as the brief cessation of hostilities between Iran and the U.S. receded into the rear-view mirror.
The U.S. military carried out a new round of strikes on Iran, marking a 12th successive night of American attacks, and prompting further Iranian retaliation. The White House has threatened additional attacks on Iranian infrastructure and key locations of its nuclear facilities.
#marc
July 23 (Reuters) - Oil prices spiked to $100 a barrel on Thursday for the first time since May, while major tech giants knocked U.S. stocks lower and Europe's borrowing costs surged to long-term highs in an unsettling day across markets.
Brent crude settled up 7% at $100.69 a barrel, following attacks on tankers in the Red Sea that choked off a second crucial Middle East artery for global oil supplies, alongside Iran's near-closure of the Strait of Hormuz.
Yemen's Iran-aligned Houthis struck two Saudi oil tankers as part of a naval blockade on Saudi Arabia, sending prices higher as the brief cessation of hostilities between Iran and the U.S. receded into the rear-view mirror.
The U.S. military carried out a new round of strikes on Iran, marking a 12th successive night of American attacks, and prompting further Iranian retaliation. The White House has threatened additional attacks on Iranian infrastructure and key locations of its nuclear facilities.
#marc
28 days ago
The dollar index (DXY00) is up +0.37%. The dollar is finding support from strong US interest rate differentials, as the 10-year T-note yield rose by +5 bp and posted a new 1.5-year high amid today's surge in oil prices of more than +5%. The dollar is also seeing support from today's US unemployment claims report, which showed a slightly stronger US labor market than market expectations.
The dollar is also seeing safe-haven demand after the Iran-backed Houthis launched a missile and drone attack on two Saudi Arabian oil tankers in the Red Sea, expanding the oil disruptions beyond the Strait of Hormuz and threatening oil shipments in the Red Sea. The Houthis have vowed to blockade shipping linked to Saudi Arabia and warned shipowners against calling at the nation's ports. The move threatens Saudi oil exports from Yanbu, a Red Sea hub that the Saudi's are using to ship crude since the war brought shipping through the Strait of Hormuz to a near halt. President Trump said Tuesday that if there is a blockade in the Red Sea, the US "will take care of it." Meanwhile, the US and Iran exchanged attacks for the 12th straight day, and the US maintained its blockade of Iranian oil shipments in the Persian Gulf.
Dollar Eases on Euro and Yen Strength
Dollar Slightly Lower as the Yen Recovers
Why is the Dollar Index a Mirage?
#Iran
The dollar is also seeing safe-haven demand after the Iran-backed Houthis launched a missile and drone attack on two Saudi Arabian oil tankers in the Red Sea, expanding the oil disruptions beyond the Strait of Hormuz and threatening oil shipments in the Red Sea. The Houthis have vowed to blockade shipping linked to Saudi Arabia and warned shipowners against calling at the nation's ports. The move threatens Saudi oil exports from Yanbu, a Red Sea hub that the Saudi's are using to ship crude since the war brought shipping through the Strait of Hormuz to a near halt. President Trump said Tuesday that if there is a blockade in the Red Sea, the US "will take care of it." Meanwhile, the US and Iran exchanged attacks for the 12th straight day, and the US maintained its blockade of Iranian oil shipments in the Persian Gulf.
Dollar Eases on Euro and Yen Strength
Dollar Slightly Lower as the Yen Recovers
Why is the Dollar Index a Mirage?
#Iran
28 days ago
July 23 (Reuters) - U.S. energy shares rose in premarket trading on Thursday as Brent crude briefly touched $100 a barrel, extending a five-day rally after attacks on two Saudi oil tankers intensified Middle East tensions and heightened concerns over global oil supply disruptions.
Houthi forces in Yemen have widened the conflict by targeting vessels carrying Saudi oil in the Bab el-Mandeb strait, after declaring a naval blockade on Saudi shipments.
The attacks have heightened fears that disruptions to Middle East oil exports could spread beyond the Strait of Hormuz, tightening global crude supplies and supporting higher energy prices.
Here are more details:
• Brent crude futures rose as much as 6.3% to $100 per barrel by 1302 GMT for the first time since May 26. U.S. West Texas Intermediate crude was up 5.2% at $91.30 per barrel.
#east #strait #attacks
Houthi forces in Yemen have widened the conflict by targeting vessels carrying Saudi oil in the Bab el-Mandeb strait, after declaring a naval blockade on Saudi shipments.
The attacks have heightened fears that disruptions to Middle East oil exports could spread beyond the Strait of Hormuz, tightening global crude supplies and supporting higher energy prices.
Here are more details:
• Brent crude futures rose as much as 6.3% to $100 per barrel by 1302 GMT for the first time since May 26. U.S. West Texas Intermediate crude was up 5.2% at $91.30 per barrel.
#east #strait #attacks
28 days ago
September WTI crude oil (CLU26) on Wednesday closed up +2.49 (+2.95%), and September RBOB gasoline (RBU26) closed up +0.0186 (+0.58%).
Crude oil and gasoline prices settled sharply higher on Wednesday, with crude posting a 6-week high and gasoline climbing to a 2-month high. Threats to global oil supplies are boosting crude oil prices as escalation of the US-Iran war has curbed oil tanker traffic through the Strait of Hormuz and threats by Houthi militants to blockade Saudi Arabia have reduced oil tanker traffic through the Red Sea. Crude prices fell from their high on Wednesday after weekly EIA crude and gasoline inventories unexpectedly increased.
Nat-Gas Prices Fluctuate on Tropical Storm Risk
Crude Oil Prices Rally on Global Supply Risks
Costco Officially Launched Standalone Gas Stations. Don't Count on This Fueling Another Leg Higher in COST Stock.
#prices #september
Crude oil and gasoline prices settled sharply higher on Wednesday, with crude posting a 6-week high and gasoline climbing to a 2-month high. Threats to global oil supplies are boosting crude oil prices as escalation of the US-Iran war has curbed oil tanker traffic through the Strait of Hormuz and threats by Houthi militants to blockade Saudi Arabia have reduced oil tanker traffic through the Red Sea. Crude prices fell from their high on Wednesday after weekly EIA crude and gasoline inventories unexpectedly increased.
Nat-Gas Prices Fluctuate on Tropical Storm Risk
Crude Oil Prices Rally on Global Supply Risks
Costco Officially Launched Standalone Gas Stations. Don't Count on This Fueling Another Leg Higher in COST Stock.
#prices #september
28 days ago
September WTI crude oil (CLU26) today is up +2.37 (+2.81%), and September RBOB gasoline (RBU26) is up +0.0171 (+0.53%).
Crude oil and gasoline prices are sharply higher today, with crude posting a 6-week high and gasoline posting a 2-month high. Threats to global oil supplies are boosting crude oil prices as escalation of the US-Iran war has curbed oil tanker traffic through the Strait of Hormuz and threats by Houthi militants to blockade Saudi Arabia have reduced oil tanker traffic through the Red Sea. Crude prices fell from their high today after weekly EIA crude and gasoline inventories unexpectedly increased.
Nat-Gas Prices Fluctuate on Tropical Storm Risk
Crude Oil Prices Rally on Global Supply Risks
Fervo Energy Just Scored a New 'Buy' Rating. Here's Why.
#crude #prices #high #september
Crude oil and gasoline prices are sharply higher today, with crude posting a 6-week high and gasoline posting a 2-month high. Threats to global oil supplies are boosting crude oil prices as escalation of the US-Iran war has curbed oil tanker traffic through the Strait of Hormuz and threats by Houthi militants to blockade Saudi Arabia have reduced oil tanker traffic through the Red Sea. Crude prices fell from their high today after weekly EIA crude and gasoline inventories unexpectedly increased.
Nat-Gas Prices Fluctuate on Tropical Storm Risk
Crude Oil Prices Rally on Global Supply Risks
Fervo Energy Just Scored a New 'Buy' Rating. Here's Why.
#crude #prices #high #september
29 days ago
August WTI crude oil (CLQ26) today is up +1.75 (+2.10%), and August RBOB gasoline (RBQ26) is up +0.0017 (+0.05%).
Crude oil and gasoline prices are pushing higher today, with crude climbing to a 5-week high. The threat to global oil supplies is boosting crude oil prices today as the US-Iran war has curbed oil tanker traffic through the Strait of Hormuz and threats by Houthi militants to blockade Saudi Arabia have reduced oil tanker traffic through the Red Sea.
Nat-Gas Prices Weaken on Tropical Storm Risk
Crude Prices Gain on Escalation of US-Iran Hostilities
Crude Prices Erase Early Gains on Possible US-Iran Truce Proposal
#tanker
Crude oil and gasoline prices are pushing higher today, with crude climbing to a 5-week high. The threat to global oil supplies is boosting crude oil prices today as the US-Iran war has curbed oil tanker traffic through the Strait of Hormuz and threats by Houthi militants to blockade Saudi Arabia have reduced oil tanker traffic through the Red Sea.
Nat-Gas Prices Weaken on Tropical Storm Risk
Crude Prices Gain on Escalation of US-Iran Hostilities
Crude Prices Erase Early Gains on Possible US-Iran Truce Proposal
#tanker
1 month ago
The dollar index (DXY00) is up by +0.17% today. The dollar is moving higher today as escalation of hostilities between the US and Iran is boosting crude oil prices, which raises inflation expectations that could prompt the Fed to tighten monetary policy, a supportive factor for the dollar. The dollar also received some safe-haven support today on signs of widening of the conflict in the Middle East after Houthi rebels said they will impose a maritime blockade on Saudi Arabia in retaliation for what they say is the kingdom's siege on the Yemeni capital. Strength in stocks today has reduced liquidity demand for the dollar, limiting gains in the currency.
Today's US economic news was slightly negative for the dollar after the Jun leading indicators fell -0.2% m/m, weaker than expectations of -0.1% m/m.
Dollar Supported by Higher T-Note Yields and Crude Prices
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The US conducted a ninth straight day of airstrikes on Iran, bombing military targets and communications networks, and Iran retaliated by launching drones and missiles at US bases in Kuwait, Jordan, Bahrain, and Iraq. The New York Times reported that the US is sending more warplanes to the Middle East, including F-35 and F-16 fighter jets. However, crude prices fell from their highs after Iran said it wouldn't abandon diplomacy and that Qatar and Pakistan had reached out to mediate an end to the conflict and proposed a 10-day cessation of strikes between the US and Iran.
#crude
Today's US economic news was slightly negative for the dollar after the Jun leading indicators fell -0.2% m/m, weaker than expectations of -0.1% m/m.
Dollar Supported by Higher T-Note Yields and Crude Prices
Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now!
The US conducted a ninth straight day of airstrikes on Iran, bombing military targets and communications networks, and Iran retaliated by launching drones and missiles at US bases in Kuwait, Jordan, Bahrain, and Iraq. The New York Times reported that the US is sending more warplanes to the Middle East, including F-35 and F-16 fighter jets. However, crude prices fell from their highs after Iran said it wouldn't abandon diplomacy and that Qatar and Pakistan had reached out to mediate an end to the conflict and proposed a 10-day cessation of strikes between the US and Iran.
#crude
1 month ago
By Scott DiSavino
NEW YORK, July 21 (Reuters) - Oil prices climbed about 2% on Tuesday to a five-week high, on worries that energy supply disruptions could worsen in the Middle East due to more attacks between the U.S. and Iran and a threatened naval blockade of Saudi Arabia by Yemen's Houthis.
Brent futures rose $2.12, or 2.4%, to $91.34 a barrel at 10:53 a.m. EDT (1453 GMT). U.S. West Texas Intermediate crude rose $1.80, or 2.2%, to $85.03.
Brent was on track for its highest close since June 10, WTI for its highest since June 11. Brent was in technically overbought territory for a seventh day in a row.
Two oil tankers carrying Saudi crude to Asia reversed course in the Red Sea on Tuesday after threats from Yemen's Iran-aligned Houthis. U.S. forces bombed targets in the south and west of Iran overnight, Tehran targeted U.S. sites in Bahrain, Kuwait and Jordan and at least one tanker was hit in the Strait of Hormuz.
#west #rose #crude
NEW YORK, July 21 (Reuters) - Oil prices climbed about 2% on Tuesday to a five-week high, on worries that energy supply disruptions could worsen in the Middle East due to more attacks between the U.S. and Iran and a threatened naval blockade of Saudi Arabia by Yemen's Houthis.
Brent futures rose $2.12, or 2.4%, to $91.34 a barrel at 10:53 a.m. EDT (1453 GMT). U.S. West Texas Intermediate crude rose $1.80, or 2.2%, to $85.03.
Brent was on track for its highest close since June 10, WTI for its highest since June 11. Brent was in technically overbought territory for a seventh day in a row.
Two oil tankers carrying Saudi crude to Asia reversed course in the Red Sea on Tuesday after threats from Yemen's Iran-aligned Houthis. U.S. forces bombed targets in the south and west of Iran overnight, Tehran targeted U.S. sites in Bahrain, Kuwait and Jordan and at least one tanker was hit in the Strait of Hormuz.
#west #rose #crude
1 month ago
By Nayera Abdallah, Eman Abouhassira and Timour Azhari
DUBAI/RIYADH, July 20 (Reuters) - Yemen's Iran-aligned Houthis said on Monday they would impose a naval blockade on Saudi Arabia, opening a potential new front against the United States in its war with Iran and raising the threat to global energy supplies and trade beyond the Gulf.
The escalation comes after one of the deadliest periods in the war for U.S. troops. The Pentagon on Monday identified two U.S. soldiers who were killed when Iran attacked an American base in Jordan on Friday, while they also said they had found unidentified remains that could be those of a third soldier reported as missing in action. Separately, a fourth service member was killed in northern Iraq during the "controlled detonation of unexploded ordnance from a downed Iranian one-way attack drone."
After the Houthis announced their blockade, the Saudi-led coalition in Yemen said in a statement that it would respond to them with force, and also that it began implementing protection measures for its ships moving through the Bab el-Mandeb Strait, a key export route for Saudi oil after the effective closure of the Strait of Hormuz.
The Houthis made their announcement despite signs that Tehran and Washington want to resume diplomacy to halt a worsening cycle of attacks that has all but wrecked a fragile interim agreement signed last month. Iran's Foreign Ministry said mediators had presented "proposals" to Tehran, signalling that diplomatic contacts remain active, but gave no details.
DUBAI/RIYADH, July 20 (Reuters) - Yemen's Iran-aligned Houthis said on Monday they would impose a naval blockade on Saudi Arabia, opening a potential new front against the United States in its war with Iran and raising the threat to global energy supplies and trade beyond the Gulf.
The escalation comes after one of the deadliest periods in the war for U.S. troops. The Pentagon on Monday identified two U.S. soldiers who were killed when Iran attacked an American base in Jordan on Friday, while they also said they had found unidentified remains that could be those of a third soldier reported as missing in action. Separately, a fourth service member was killed in northern Iraq during the "controlled detonation of unexploded ordnance from a downed Iranian one-way attack drone."
After the Houthis announced their blockade, the Saudi-led coalition in Yemen said in a statement that it would respond to them with force, and also that it began implementing protection measures for its ships moving through the Bab el-Mandeb Strait, a key export route for Saudi oil after the effective closure of the Strait of Hormuz.
The Houthis made their announcement despite signs that Tehran and Washington want to resume diplomacy to halt a worsening cycle of attacks that has all but wrecked a fragile interim agreement signed last month. Iran's Foreign Ministry said mediators had presented "proposals" to Tehran, signalling that diplomatic contacts remain active, but gave no details.
1 month ago
By Nayera Abdallah and Timour Azhari
DUBAI, July 20 (Reuters) - Yemen's Iran-aligned Houthis said on Monday they were imposing a naval blockade on Saudi Arabia, drawing a warning from the Saudi-led coalition that it would respond "firmly", in a move that threatens to disrupt global energy supplies beyond the Gulf.
The Houthis' armed forces in a statement said they were declaring "a maritime embargo against the criminal Saudi enemy, based on the equation of 'an eye for an eye', effective immediately".
They said the decision was in response to what they called "an unjust and oppressive siege" imposed on Yemen by the Saudis. A full closure of the Bab el-Mandeb strait, the southern gateway to the Red Sea, would halt Saudi oil exports to Asia and could reduce global oil supply by 7%.
The Saudi-led coalition in Yemen vowed to respond to the threat to its commercial ships with firmness.
DUBAI, July 20 (Reuters) - Yemen's Iran-aligned Houthis said on Monday they were imposing a naval blockade on Saudi Arabia, drawing a warning from the Saudi-led coalition that it would respond "firmly", in a move that threatens to disrupt global energy supplies beyond the Gulf.
The Houthis' armed forces in a statement said they were declaring "a maritime embargo against the criminal Saudi enemy, based on the equation of 'an eye for an eye', effective immediately".
They said the decision was in response to what they called "an unjust and oppressive siege" imposed on Yemen by the Saudis. A full closure of the Bab el-Mandeb strait, the southern gateway to the Red Sea, would halt Saudi oil exports to Asia and could reduce global oil supply by 7%.
The Saudi-led coalition in Yemen vowed to respond to the threat to its commercial ships with firmness.
