Crude oil exports from Saudi Arabia fell for a third straight month in May to a record low, data from the Joint Organizations Data Initiative (JODI) showed on Tuesday, with the U.S.-Iran conflict disrupting shipments across the Gulf. Exports fell to about 3.434 million barrels per day in May, from 3.986 million bpd in April. The country's crude oil production stood at 6.560 million bpd in May, rebounding from a record low of 6.316 million bpd hit in April. The JODI data for Saudi [Read more]

The dark cloud of Middle East war is once again looming over financial markets. While the shock of the initial U.S.-Israeli strikes on Iran is unlikely to be replicated, barring an alarming twist like a U.S. ground invasion, geopolitical risk is back on investors' radar. Relief from falling oil prices and easing inflation pressures following the US-Iran ceasefire struck in April has evaporated. As flimsy as that ceasefire was, investors took it as a green light to rebuild exposure to risk assets [Read more]

U.S. Treasury Secretary Scott Bessent said on Tuesday that there has been a substantial decrease in China's purchases of Iranian oil. "We have sanctioned Chinese... so-called teapot refineries, which are the private refineries, and we've seen a substantial decrease in their purchases of Iranian oil," Bessent said in an interview with Fox Business Network. "The Chinese, in general, because of the prices and because they have a very large strategic petroleum reserve, have dropped their [Read more]

Shipping companies should not load or discharge cargo at Saudi Arabian ports and such activity may result in being targeted "in any location" by Yemen's Iran-aligned Houthi militia, according to an email sent to companies by the Houthis. The Houthis on Monday declared a naval blockade against Saudi Arabia, opening a potential new front against the United States in its war with Iran and raising the threat to global energy supplies and trade beyond the Gulf. "Vessels are banned from loading [Read more]

Saudi Arabia's crude oil exports in May fell to 3.434 million barrels per day from 3.986 million bpd in April, official data showed on Tuesday. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website. (Reporting by Bengaluru Commodities Desk) [Read more]

Goldman Sachs said on Monday that Brent crude could top $120 a barrel in the fourth quarter this year and average $100 a barrel next year if flows through the Strait of Hormuz remain disrupted and Gulf output only fully recovers by the end of 2027. * Oil prices softened on Tuesday, with markets weighing reports of mediation efforts between the U.S. and Iran against an exchange of fresh attacks between the two and threats of a naval blockade of Saudi Arabia by Yemen's Houthis. * Brent crude [Read more]

Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 5.1 million barrels to 311.4 million barrels last week, the lowest level since March 1983, according to data from the Department of Energy. The drawdowns are part of a U.S. agreement to release 172 million barrels from the facility. Since the U.S.-Israeli war on Iran began at the end of February, SPR inventories have fallen by 104.04 million barrels as of July 17. Overall U.S. inventories, including commercial and [Read more]

Yemen's Iran-aligned Houthis will impose a maritime blockade on Saudi Arabia, they said on Monday, further throttling a global energy market already greatly restricted by Iran's closure of the Strait of Hormuz. This is why it matters and what it means for the Iran war and the global energy crisis: HOW BIG IS THE RISK TO GLOBAL ENERGY MARKETS? It is not clear how the Houthis would carry out a maritime blockade of Saudi Arabia, its northern neighbour along the Red Sea coast, or whether it [Read more]