(LONDON) – Global oil prices fell by more than US$1 (£0.75) per barrel on Friday despite continuing tensions between the United States and Iran, as crude supplies continued moving through key maritime chokepoints. According to Reuters, Brent crude futures fell by US$1.03 (£0.77), or 1.2 per cent, to US$88.00 (£65.85)Continue Reading
(LONDON, UK) – Oil prices rose sharply on global markets after military action involving the United States and Saudi Arabia in Iraq and reports that ballistic missiles launched by Iran towards United States forces in the Middle East were intercepted. Concerns over regional security and tighter crude supplies also supportedContinue Reading
(NEW DELHI) – Discounts on Russian Urals crude oil sold to India have shrunk to just $1 to $2 per barrel against the Brent benchmark this week, a sharp shift from early July when cargoes were trading at discounts of more than $10 per barrel, three trade sources told Reuters.Continue Reading
(PERSIAN GULF) – Global oil transport patterns are shifting rapidly, reducing the market power of Russian crude exports. New bypass routes around the Strait of Hormuz are being expanded, adding structural pressure to the price of Russia’s Urals blend. Daily volumes of oil moved through alternative corridors have climbed fromContinue Reading
(BAGHDAD, IRAQ) – Iraq plans to build oil pipelines across Syrian territory to the Mediterranean Sea, opening a new export route for Iraqi crude to world markets as the government presses ahead with a broader programme of energy infrastructure development. The Iraqi cabinet authorised the director general of Basra OilContinue Reading
(TEHRAN, IRAN) – Iran has sold crude oil worth $18 billion since the beginning of its conflict with the United States, securing more than 60 percent of the annual budgeted oil revenue even during the most intense period of hostilities, Oil Minister Mohsen Paknejad said. Paknejad told Al Jazeera thatContinue Reading
(LONDON, UK) – The price of Brent crude oil climbed above $100 per barrel for the first time since May, driven by fears that the widening conflict in the Middle East could choke a vital export route for Saudi Arabian oil. Brent, the global benchmark, jumped more than 6 percentContinue Reading
