While prices for crude oil futures have surged and slumped in line with the latest headlines about the war between the United States and Iran, the impact of the crisis in physical markets for refined fuels has been worsening. Another hint of a peace agreement was enough to send Brent contracts down 7.8% on Wednesday to a close of $101.27 a barrel, even though a full and sustained re-opening of the Strait of Hormuz still seems a long way off. In the meantime, the effective closure of the [Read more]

LONDON, May 7 - With the standoff over the frozen Iran war threatening a global economic meltdown, Washington and Tehran have scaled back their efforts to agree a comprehensive peace deal and now seek a limited pact putting off the harder issues. This is what we know about the proposals under discussion and where they leave the big unresolved disputes behind the war: AT WHAT STAGE ARE THE DISCUSSIONS? Sources in both camps have said the latest peace efforts are aimed at a temporary [Read more]

A Chinese-owned oil products tanker was attacked near the Strait of Hormuz on Monday, Chinese media outlet Caixin reported, as President Donald Trump launched a U.S. plan that day to help stranded vessels but suspended it a day later. This was the first time a Chinese oil tanker has been attacked, a person with knowledge of the matter told Caixin on Thursday. Traffic through the vital strait, through which 20% of the ‌world's oil and gas supplies pass, has been at a virtual standstill [Read more]

The European Commission is considering suspending methane emissions penalties during energy supply crises after pressure from the United states and the fossil fuel industry to dilute rules on leaks of the greenhouse gas, the Financial Times reported on Wednesday. The Commission plans to roll out new rules on monitoring, reporting and verification for methane leaks and flaring tied to fossil fuel imports next year, the newspaper said, adding that the Middle East crisis has prompted calls to [Read more]

Major U.S. passenger airlines spent just over $5 billion on jet fuel in March, up $1.8 billion or 56% from what they spent in February, the U.S. Transportation Department said on Wednesday. The cost per gallon of fuel in March was $3.13, up 74 cents, and 31% over February. Fuel use rose 20% in March, USDOT added. Since the U.S.-Israeli war with Iran began, disruptions to shipping through the Strait of Hormuz have roiled global oil markets. Surging jet fuel prices have created the air [Read more]

U.S. crude stocks, gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 2.3 million barrels to 457.2 million barrels in the week ended May 1, the EIA said, compared with analysts' expectations in a Reuters poll for a 3.3 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 648,000 barrels in the week, the EIA said. Refinery crude runs fell by 42,000 barrels per day in the week, [Read more]