Tag: Oil

Oil prices climbed on Tuesday after the U.S. reportedly struck Iran’s Qeshm Island late Monday, one day before the midterm elections.

Oil prices fell sharply early on Monday amid reports that both the U.S. and Iran are seeking diplomatic options to bring an end to the Middle East conflict.

Iran said four tankers struck mines in the Strait of Hormuz and Yemen’s Houthis claimed missile strikes on Saudi Arabia, escalating pressure on two fronts as the U.S. reportedly weighs renewed military action against Tehran after Tuesday’s midterm elections.

Oil prices fell on Monday as diplomatic efforts to ease the U.S.-Israeli war with Iran tempered fears of further supply disruptions, although Houthi attacks on Saudi Arabia kept geopolitical risks elevated.

Oil prices jumped by more than $2 on Wednesday after Iran said there was little reason to expect ‌diplomatic progress with the US, leaving the Brent benchmark hovering near five-month ‌highs, with further market support from falling US crude and product inventories.

Crude oil prices rose Monday after a deadly attack on Saudi Arabia’s airport in Riyadh, while Ukraine said Russia continued to attack its energy facilities. Brent crude futures, the international benchmark, were up 2% to $106.81 a barrel by 8:45 a.m.

Oil prices fell on Friday as Middle East supply concerns eased after President Donald Trump said the US would not attack Iran before ​midterm elections next month, amid productive talks to end their war that has disrupted ‌global energy markets.

President Donald Trump has allowed the use of cheaper red-dyed diesel, typically reserved for farm operations, to be used more broadly in an attempt to bring down record-high fuel costs.

Oil prices rose on Thursday, reversing earlier losses, following a report that Chinese refiners have suspended October fuel exports, further squeezing war-constrained energy markets.

Oil prices jumped on Monday after U.S. President Donald Trump rejected an Iranian peace proposal aimed at ending the Middle East conflict and reopening the strategically vital Strait of Hormuz. International benchmark Brent crude futures with November expiry traded 4% higher at $108.48 per barrel.

Gold prices fell more than 3% on Monday, extending losses after a sharp weekly decline, as elevated oil prices, rising Treasury yields and expectations for further Federal Reserve rate hikes kept pressure on bullion.

Iran’s military on Wednesday described U.S. President Donald Trump’s threats to annihilate Tehran as “a sign of strategic desperation,” warning the country stands ready to inflict strikes “more crushing” than earlier in the nearly seven-month conflict.

Iran has suggested it could reopen the strategically vital Strait of Hormuz within seven days if the U.S. eases military pressure and lifts its blockade on Iranian ports, according to media reports.

Oil prices fell on Friday as investors weighed fresh strikes between Saudi Arabia and Yemen’s Iran-backed Houthis against signs that additional Saudi crude could reach global markets and help ease supply concerns.

Oil retreated Wednesday after a report said U.S. energy inventories rose last week, with investors assessing the latest developments in Middle East conflict and associated supply risks.

The U.K.’s annual inflation rate jumped to 3.1% in August, pushed up by surging gasoline and diesel prices.

Chief Financial Officer Frad Delco at J.B. Hunt Transport Services told investors at a Morgan Stanley conference that third-quarter earnings would be down from the second quarter.

Oil prices rose sharply on Monday after more Houthi attacks on Saudi Arabia, as well as a postponed talks between Gulf countries and Iran over the Strait of Hormuz, drove worries over prolonged Middle East shipping disruptions.

U.S. President Donald Trump has urged Ukrainian President Volodymyr Zelenskyy to stop targeting Russian oil refineries, saying the attacks are “hurting the world” as fuel supply disruptions from the Ukraine and Iran wars propel U.S. diesel prices to a record high.

The Iran and Ukraine wars are adding pressure to an oil refining system “stretched to the limit,” the International Energy Agency warned Friday, as it once again cut its global supply and demand forecasts amid the ongoing energy shock.