Washington's talk of a possible ban on diesel exports is widening the gap between US crude oil futures and the global Brent benchmark, a signal that markets expect US refiners to process less crude oil if their diesel output gets stuck at home. While that may bring some immediate relief to high domestic diesel prices, which this week hit a record $6.528 a gallon and stirred a political uproar, the bigger discount for domestic crude futures could be a double-edged omen: an indicator of higher [Read more]

Oil prices fell slightly on Friday as markets weighed the possibility of a truce between the US and Iran against the bombing of Saudi Arabia by Houthi rebels after a week of price spikes. Brent was down 87 cents, or 0.82%, at $105.73 a barrel at 0212 GMT, while West Texas Intermediate (WTI) was down $1.56, or 1.65%, at $93.05 a barrel. The sluggish opening was a contrast to a week of volatility when oil prices rose to a one-week high on Thursday. Both contracts rose as much as 5%. Brent [Read more]

The Iran conflict has put a spotlight on the somewhat murky world of refined fuel trading as the world battles constrained supply and record-high prices. But it is AI that may bring the trading of diesel, gasoline and other products out of the shadows for good. While crude oil trading practices have been established for decades, attracting a wide range of market participants, the same cannot be said of refined products. These markets, especially in the top-consuming region of Asia, have [Read more]

Bond markets came under renewed pressure on Thursday with US 30-year bond yields hitting a more than 20-year high as rising oil prices reignited concerns about higher inflation and more Federal Reserve interest rate hikes. Oil prices climbed about 3% to a one-week high after a Houthi missile attack on Saudi Arabia revived fears of supply disruptions, but trade was volatile and prices came off session highs after reports the US and Iran discussed reopening the Strait of Hormuz. The [Read more]

Some 60 commercial vessels transited the Strait of Hormuz on Wednesday carrying the highest daily volume of crude oil since early July, despite the ongoing war between the US and Iran, a US official told Reuters, speaking on condition of anonymity. About 40 of those vessels coordinated with the US military for protection, the US official added. A total of about 22 million barrels of oil exited the maritime chokepoint. Reuters could not independently verify the US official's figures. The [Read more]

BP is weighing a potential acquisition of Devon Energy's operations in South Texas as part of renewed efforts by the British supermajor to grow its shale asset base in the United States, people familiar with the matter said. After years of prioritizing investments in renewable energy and leadership churn that included five chief executives since 2020, the London-headquartered company has reverted to a strategy that places its traditional oil and gas business at its heart. In the wake of [Read more]

US and Iranian negotiators in New York are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran, sources close to the talks said. The strait has become the central bargaining chip in efforts to end the nearly seven-month US-Iran conflict, with Iran seeking relief from the US blockade that is choking its economy and Washington seeking free passage for ships on the global oil supply route now blocked by [Read more]

Saudi Arabia intercepted six ballistic missiles fired by Yemen's Iran-backed Houthis on Thursday, thwarting attacks on the southern province of Taif and Yanbu area on the Red Sea, the Saudi-led coalition in Yemen said. It was not clear whether there was any damage or casualties in either Taif and Yanbu, the main alternative route for Saudi oil, after a widespread emergency alert was issued for areas including Jeddah and the holy city of Mecca. The attack on Yanbu followed an improvement in [Read more]