Higher oil and gas prices due to the U.S.-Israeli war on Iran could boost Exxon Mobil's first-quarter upstream earnings by up to $2.9 billion, outweighing the impact of disruptions to some of its oil and gas production in the Middle East, the U.S. oil producer said on Wednesday. Downstream earnings, however, could see a hit of about $5.3 billion in part because of timing effects, though Exxon said in a regulatory filing it will see a lift in earnings in later quarters when oil and gas shipments [Read more]
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Hapag-Lloyd: resuming normal shipping to take 6-8 weeks if Middle East stabilises
Hapag-Lloyd voiced cautious optimism on Wednesday on the prospect of resuming shipping through the Strait of Hormuzafter a two-week ceasefire agreed between the U.S. and Iran, but said that resuming normal traffic throughout its network would take at least 6-8 weeks. Speaking in a call to customers, CEO Rolf Habben Jansen echoed guarded remarks by peer container shipping group Maersk, saying that more security assurances were needed. “Even if a ceasefire has now been agreed overnight, I [Read more]
India set to get first Iranian oil cargo in 7 years, tracking data shows
India is set to receive its first oil from Iran in seven years after the U.S. temporarily removed sanctions on Iranian oil and refined products to ease supply shortages, ship tracking data from LSEG and Kpler showed on Wednesday. State-run Indian Oil Corp purchased the cargo, currently on the Curacao-flagged very large crude carrier Jaya, which is heading to India's east coast and is set to arrive later this week, the data showed. Indian Oil, the country's top refiner, did not immediately [Read more]
Trump says US will help with traffic buildup in Strait of Hormuz
U.S. President Donald Trump said on Wednesday the United States will help with the buildup of shipping traffic in the Strait of Hormuz. Trump on Tuesday agreed to a two-week ceasefire with Iran less than two hours before his deadline for Tehran to reopen the strait or face attacks on its civilian infrastructure. Trump said the last-minute deal was subject to Iran's agreement to pause its blockade of oil and gas supplies through the strait, which typically handles about one-fifth of global oil [Read more]
Iran war ceasefire pushes energy markets into twilight zone: Bousso
A ceasefire in the Iran war will deliver badly-needed relief to economies battered by the world's worst ever energy crisis, but hopes the truce will quickly restore normal oil and gas flows from the Middle East are almost certainly misplaced. U.S. President Donald Trump on Tuesday agreed to a two-week ceasefire, conditional on Iran pausing its blockade of oil and gas shipments through the Strait of Hormuz, the narrow waterway that typically handles about one-fifth of global oil trade. Iran’s [Read more]
Israel backs Trump’s two-week pause on Iran strikes, says Lebanon excluded
Israel supports U.S. President Donald Trump's decision to suspend strikes against Iran for two weeks, but the ceasefire does not include Lebanon, Prime Minister Benjamin Netanyahu's office said on Wednesday. The premier's office said Israel backed the U.S. move provided Tehran immediately opened the strait and stopped attacks against the United States, Israel and countries in the region. The remarks came after Washington announced a two-week suspension of attacks against Iran as part of efforts [Read more]
Iran ceasefire provides hope, but physical oil markets to remain stressed: Russell
A planned two-week ceasefire between the United States and Iran and negotiations to end their conflict may mark the first genuine attempt to de-escalate, but there's still much to be concerned about the world of pain physical oil markets are in. Crude oil futures responded to the news by plunging, with Brent contracts dropping as much as 16% to a low of $91.70 a barrel in early Asian trade on Wednesday after ending at $109.27 on Tuesday. The sharp selloff reflects relief that President [Read more]
Investor reactions to Trump agreeing to two-week ceasefire with Iran
U.S. President Donald Trump said on Tuesday that he had agreed to a two-week ceasefire with Iran, less than two hours before his deadline for Tehran to reopen the Strait of Hormuz or face widespread attacks on its civilian infrastructure. Oil dived, bonds rallied and stocks surged as the ceasefire was seen as paving the way for a lasting peace and resumption of Gulf oil and gas exports. Below are some reactions from investors and analysts: JAMIE COX, MANAGING PARTNER, HARRIS FINANCIAL [Read more]
US crude slumps below $100 after Trump announces two-week ceasefire
U.S. West Texas Intermediate crude fell by nearly $20 per barrel on Wednesday after U.S. President Donald Trump said he had agreed to a two-week ceasefire with Iran that was subject to the immediate and safe reopening of the Strait of Hormuz. WTI crude for May delivery fell $18.10, or 16.02%, to $94.85 per barrel as of 2320 GMT, after hitting $91.05, the lowest since March 26. The announcement came shortly before his deadline for Iran to open the Strait of Hormuz, where 20% of the world’s [Read more]
Iran says talks with U.S. to begin Friday in Islamabad
Iran's Supreme Security Council said on Wednesday negotiations with the United States would begin on Friday April 10 in Islamabad after it submitted a 10-point proposal to Washington via Pakistan, Iranian state media reported, adding that talks do not signal the end of the war. Iran said the talks, which may last up to 15 days and could be extended by agreement, aim to finalise details of the proposal, which includes provisions on transit through the Strait of Hormuz, sanctions relief and [Read more]
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