President Donald Trump told CNBC in an interview on Tuesday that he did not want to extend a ceasefire with Iran, adding the U.S. was in a strong negotiating position and would end up with what he called a great deal. "I don't want to do that. We don't have that much time," Trump said when asked about the possibility of extending the ceasefire. Washington has expressed confidence that talks with Iran will go ahead in Pakistan, and a senior Iranian official said Tehran was considering [Read more]

Shipping traffic through the Strait of Hormuz remained broadly halted on Tuesday with only three ships passing the waterway in the past 24 hours, shipping data showed. A U.S. blockade of Iranian ports has infuriated Tehran, prompting it to maintain its own restrictions on the strait, which had been typically handling roughly one-fifth of the world's oil and liquefied natural gas supply. The Ean Spir products tanker sailed through Hormuz on Tuesday after previously calling at an Iraqi port, [Read more]

The U.S.-Israeli war with Iran has disrupted shipping through the Strait of Hormuz, the world's most important oil chokepoint, exposing the Middle East's limited alternatives for exporting its hydrocarbons. The International Energy Agency (IEA) called it the largest supply disruption on record, bigger than the oil shocks of the 1970s and the loss of Russian pipeline gas after Moscow's invasion of Ukraine combined. These are the existing and possible alternative oil and gas export bypasses [Read more]

An armada of crude oil and refined products tankers is heading to Asia from the United States, but even record-high exports from the world's top producer cannot come close to making up the losses from the war against Iran. U.S. crude exports are on track for their two strongest months ever in April and May, with shipments of 5.44 million barrels per day and 5.48 million bpd, respectively, according to data compiled by commodity analysts Kpler. This is up strongly from the 3.94 million bpd [Read more]

Russia was forced to reduce oil output in April due to Ukrainian drone attacks on ports and refineries, as well as a halt to crude supplies via the only remaining Russian oil pipeline to Europe, according to five sources and Reuters calculations. In what could be the sharpest monthly decline to Russian output in the six years since the COVID pandemic, Russia may have cut production by about 300,000 to 400,000 barrels per day in April, from the average level seen in the first months of the [Read more]

The conflict between Iran and the United States and Israel is creating the worst energy crisis ever faced by the world, the head of the International Energy Agency (IEA) said on Tuesday. "This is indeed the biggest crisis in history," Birol told France Inter radio in an interview broadcast on Tuesday. "The crisis is already huge, if you combine the effects of the petrol crisis and the gas crisis with Russia," he added. The war in the Middle East has choked up maritime traffic in the [Read more]

Oil prices fell on Tuesday, reversing gains in the previous session, on expectations peace talks between the U.S. and Iran will take place this week and allow more supply to flow from the key Middle East producing region. Brent futures declined 95 cents, or 1%, at $94.53, as of 0003 GMT. U.S. West Texas Intermediate (WTI) crude futures for May fell$1.54, or 1.72%, to $88.07. The May contract expires on Tuesday and the more-active June contract was down $1.09, or 1.3%, at $86.37. Both [Read more]

Oil production in North Dakota rose 4,000 barrels-per-day (bpd) to 1,130,000 bpd in February, monthly data from the state Industrial Commission showed. Bakken and Three Forks oil production stood at 1,101,000 bpd in the month. The data was released on the North Dakota Industrial Commission's general statistics webpage and has been rounded to the nearest 5,000 barrels. It may differ slightly from the commission's monthly index report, also available on its website. [Read more]

President Donald Trump invoked the Defense Production Act on Monday to sign a series of energy-related presidential memorandums, the White House announced, as his administration aims to tackle rising fuel prices as a result of U.S. and Israel's war on Iran. * Trump signed memorandums on coal supply chains, domestic petroleum production, natural gas transmission and liquefied natural gas capacity. * The U.S. president also signed memorandums on grid infrastructure and other energy-related [Read more]

U.S. President Donald Trump signed a memorandum on Monday saying action to expand the domestic petroleum production, refining, and logistics capacity is necessary to avert an industrial resource or critical technology item shortfall that would severely impair national defense capability, the White House said. (Reporting by Christian Martinez and Ismail Shakil; Editing by Caitlin Webber) [Read more]