The United Arab Emirates on Monday accused Iran of attacking an empty crude oil tanker belonging to the Abu Dhabi state oil firm ADNOC with drones as it attempted to pass through the Strait of Hormuz. ADNOC's maritime energy logistics unit said the Barakah was empty when it was attacked by two drones, and no injuries were reported. "The UAE further stressed the need for Iran to halt these unprovoked attacks, ensure its full commitment to an immediate cessation of all hostilities, and the [Read more]

Iran warned the U.S. Navy against entering the Strait of Hormuz, according to a statement from the unified command of Iran's armed forces reported by state media, after the U.S. announced it would start an effort on Monday to free ships stranded in the waterway. "We have repeatedly said the security of the Strait of Hormuz is in our hands and that the safe passage of vessels needs to be coordinated with the armed forces," the Iranian statement added. (Reporting by Dubai Newsroom; Editing [Read more]

It's easy to dismiss the agreement by the seven remaining members of the OPEC+ group of crude oil exporters to increase output for a third straight month in June as merely symbolic. Certainly, as long as the Strait of Hormuz remains effectively closed, the decision to lift production by 188,000 barrels per day (bpd) is largely meaningless, especially for the OPEC+ members reliant on the narrow waterway for access to global markets. But just because the decision is symbolic, it doesn't mean [Read more]

A tanker reported being hit by unknown projectiles in the Strait of Hormuz, a maritime security organisation said on Monday, shortly after President Donald Trump said the U.S. would start helping free ships stranded in the Gulf by the U.S.-Israeli war on Iran. Trump provided few details about the plan, which he said would start on Monday to aid ships and their crews that have been "locked up" in the vital waterway and are running low on food and other supplies. "We have told these [Read more]

Oil prices eased on Monday after U.S. President Donald Trump said the United States would begin an effort to free up ships stranded in the Strait of Hormuz, however the lack of a U.S.-Iran peace deal kept prices supported above $100. Brent crude futures fell 64 cents, or 0.59%, to $107.53 a barrel by 2308 GMT after settling down $2.23 on Friday. U.S. West Texas Intermediate was at $101.10 a barrel, down 84 cents, or 0.82%, following a $3.13 loss on Friday. "For the good of Iran, the Middle [Read more]

President Donald Trump said on Friday the U.S. Navy was acting "like pirates" in carrying out Washington's naval blockade of Iranian ports during the U.S. and Israel's war against Iran. Trump made the comments while describing the seizure by U.S. forces of a ship a few days ago. "We took over the ship, we took over the cargo, we took over the oil. It's a very profitable business," Trump said in remarks on Friday evening. "We're like pirates. We're sort of like pirates but we are not playing [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Friday. WCS for June delivery in Hardisty, Alberta, settled at $16.30 a barrel, below the U.S. benchmark WTI, according to brokerage CalRock, compared to $17 in mid-April. * While the discount has narrowed, the price marks the steep differential for heavy Canadian crude since the start of the U.S. war on Iran. * The WCS differential has been volatile since the start of [Read more]

Investment firms Warburg Pincus and Kayne Anderson are exploring a potential sale of WildFire Energy, with any deal expected to value the U.S. shale operator at more than $4 billion including debt, people familiar with the matter said. The move comes at a time when crude prices have surged, with U.S. benchmark oil back above $100 per barrel this week, due to the conflict in the Middle East. While the disruption to energy markets, and the wider global economy, is substantial, the value of energy [Read more]