Shipping companies are avoiding using a U.S. military-guided transit scheme through the Strait of Hormuz after a wave of Iranian attacks on vessels sparked safety concerns, seven maritime security and shipping industry sources said. For decades ships sailed into and out of the Gulf using a safe set of lanes down the middle of the strait established by the U.N.’s shipping agency in 1968 dubbed the Traffic Separation Scheme. Since the Iran war began on February 28, Iranian forces have mined [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed in Tuesday's trading session, according to data from brokerage CalRock on Wednesday. WCS for August delivery in Hardisty, Alberta, settled at $13.40 a barrel below the U.S. benchmark WTI, CalRock said, compared to $13.65 on Monday. * The discount remains significantly wider than it was in June, after traffic through the Strait of Hormuz picked up earlier this month, and due [Read more]
US crude stocks fall as refiners step up processing, EIA says
U.S. oil and gasoline stocks fell last week, the U.S. Energy Information Administration said on Wednesday, as refiners stepped up their crude processing and gasoline demand remained sturdy in the summer driving season. Crude inventories fell by 1.7 million barrels to 409.7 million barrels in the week to July 10, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.6 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 430,000 barrels in [Read more]
Why Iranian, Houthi threats to Red Sea shipping matter more for oil now
Iran has warned that its campaign to throttle global energy markets could be expanded from the Strait of Hormuz to the vital Red Sea route if U.S. attacks continue, a threat that depends on its Houthi allies in Yemen. 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? Closure of the Bab el-Mandeb strait — gateway to the Red Sea — would open a new front in the energy crisis and Iran's overarching conflict [Read more]
Asian refiners snap up US crude as Hormuz risks mount, trade sources say
Asian refiners snapped up U.S. crude cargoes overnight as they sought to secure alternative supplies amid escalating tensions in the Middle East, trade sources said on Wednesday. Two South Korean refiners purchased at least 5 million barrels of West Texas Intermediate (WTI) crude, the people said. The cargoes for loading in July and August were bought at premiums of about $11-$12 a barrel to the Dubai benchmark, they added. Thai refiner PTT bought about 1 million barrels of U.S. crude [Read more]
Iran threatens to block more vital seaways as Trump orders renewed Iran blockade
Iran's Islamic Revolutionary Guard Corps has threatened to close "all other export corridors that benefit the U.S. and its allies", Iranian media reported, after Iran shut the Strait of Hormuz and the U.S. reimposed a naval blockade of Iranian ports. "Regional energy exports are either shared by all, or denied to all," the IRGC said in a statement carried by Iran's IRNA state news agency on Wednesday. Analysts have said Iran has been signalling it may use its Houthi allies in Yemen to shut [Read more]
Goldman Sachs says Gulf oil flow recovery uncertain amid renewed attacks
Renewed disruptions to Persian Gulf oil exports could keep upward pressure on prices in the near term, Goldman Sachs said in a note on Tuesday, adding that the next phase of recovery in flows remains uncertain and could be slower than the initial rebound even after geopolitical de-escalation. * Goldman estimates that Gulf exports recovered to more than 80% of pre-war levels after a U.S.-Iran MoU in June, but slipped back below 50%, or about 11 million barrels per day (bpd), over the last week [Read more]
Oil prices rise as hostilities worsen in the Middle East
Oil extended gains on Wednesday as President Donald Trump reimposed a naval blockade on all Iranian ports and Tehran launched strikes on U.S. infrastructure in the region. Brent futures climbed 99 cents, or 1.2%, to $85.72 a barrel at 0400 GMT. West Texas Intermediate futures gained 64 cents, or 0.8%, to $79.98 a barrel. Oil prices closed up 2% at a one-month high on Tuesday as attacks exacerbated a supply disruption in the Strait of Hormuz, through which about a fifth of the world's oil [Read more]
LNG Canada offers five First Nations option to invest up to C$1 billion in Phase 2 storage tank
LNG Canada said on Tuesday five First Nations will have an equity option to invest up to C$1 billion ($710.78 million) to acquire a storage tank planned to be built in a proposed expansion of the country's first major LNG export facility. First Nations, Canada's indigenous peoples groups, have been buying stakes in the country's energy projects seeking economic benefits from projects built on their land, amid rising capital requirements for companies in the sector. * Under the agreement, MNT [Read more]
Iran will exercise its sovereignty over the Strait of Hormuz whatever it costs, deputy foreign minister says
The Strait of Hormuz is part of Iran's national security and it will exercise its sovereignty over it what ever that costs, Iran's Deputy Foreign Minister Kazem Gharibabadi said in interview with state TV on Tuesday. Tehran currently has no commitments when it comes to the Islamabad MoU signed with the United States, he added. (Reporting by Elwely Elwelly, Yoman Ehab and Muhammad Al Gebaly) [Read more]
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