Global oil supply and demand will fall further than previously thought this year, the International Energy Agency said on Friday, as a lack of progress in ending the Iran war delays the return of normal Middle East flows into 2027 and sends fuel prices soaring. An increase in attacks on oil tankers in Middle East shipping routes has helped send crude prices towards $110 a barrel this week for the first time since May. But this hike is overshadowed by the surging price of fuels such as diesel, [Read more]

Global bond yields spiked to new highs and sharemarkets slumped on Friday as soaring oil prices inflamed inflation risks, sending investors scrambling to price in more policy tightening from central banks across the globe. Brent crude climbed to a four-month high of $109.97 a barrel on Friday after a 6% overnight jump, capping a weekly gain of nearly 13%. Oil flows remained restricted through the Strait of Hormuz as the U.S. and Iran traded attacks, while Iran-aligned Houthis seized control [Read more]

The U.S. national average price of diesel surpassed $6 a gallon for the first time ever on Thursday, according to price tracker GasBuddy, as the U.S.-Iran war and Ukrainian attacks on Russia’s refineries have squeezed supply. The record comes as oil futures have climbed back above $100 a barrel on the intensification of conflict between the U.S. and Iran. On Thursday, crude oil futures hit their highest level since mid-May, with Brent settling at $107.63 a barrel and West Texas Intermediate [Read more]

U.S. crude oil inventories fell while gasoline and distillate stockpiles rose last week on robust refining activity, the U.S. Energy Information Administration said on Thursday. Crude inventories fell by 391,000 barrels to 424.1 million barrels in the week ended September 4, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.55 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 684,000 barrels in the week, the EIA said. Oil futures [Read more]

U.S. domestic crude oil production rose about 85,000 barrels per day to a record high of 13.95 million bpd in the week ended September 4, data from the Energy Information Administration showed on Thursday. The prior record was set in the week ended August 28 at 13.86 million bpd, according to EIA data. (Reporting by Shariq Khan and Scott DiSavino in New York) [Read more]

Ryanair chief executive Michael O'Leary on Thursday warned of a significant rise in airfares if oil prices remained high into next year but said the outlook for ticket prices for the coming months was "entirely up in the air". "If oil prices remain high into next year, I think there will be a significant uplift in airfares, and we would hope to avoid that," O'Leary told reporters ahead of the airline's AGM. "We expect pricing to be very modestly down in the second quarter (from July to [Read more]

The Iran-backed Houthis are seeking to control the whole Yemeni Red Sea coast, which would further consolidate their leverage over the Bab el-Mandeb Strait — one of the busiest and most contested global maritime chokepoints. The militant group has already declared a naval blockade against Saudi Arabia, the world's largest oil exporter, and Houthi dominance over the Bab el-Mandeb waterway would further isolate Gulf oil producers from their main shipping routes. WHERE IS BAB [Read more]