Abu Dhabi state oil giant ADNOC's Group CEO Sultan Al Jaber will not travel to Houston for the CERAWeek energy conference and will participate virtually before travelling to Washington D.C. for meetings, an ADNOC spokesperson told Reuters, as the Iran war upends energy markets. The gathering, which draws some of the oil and gas industry's top executives and officials, opens on Monday, at a time when global oil prices are soaring due to Iran's effective closure of the Strait of Hormuz as well [Read more]
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Japan Petroleum Association eyes North America for crude supply options
Japan Petroleum Association President Shunichi Kito said on Monday that North America was one potential source for alternative crude oil supplies, with Ecuador, Colombia and Mexico cited as possible options. Oil buyers elsewhere, including from Japan, are looking for options to substitute for supplies on tankers stuck in the Gulf region due to the U.S.-Israeli war on Iran and the subsequent closure of the Strait of Hormuz. Oil prices have spiked to more than $100 per barrel as the strait, [Read more]
Goldman Sachs raises 2026 Brent crude average price forecast by $8 to $85 a barrel
Goldman Sachs late on Sunday raised its 2026 average price forecast for Brent crude oil to $85 per barrel (bbl) from $77, while raising its West Texas Intermediate (WTI) forecast to $79/bbl from $72. The bank expects extended disruptions to crude shipments through the Strait of Hormuz and increased strategic stockpiling to drive the market into a tighter and more risk-averse posture. Goldman also expects Brent to average $110/bbl in March and April, up from a prior forecast of $98, as traders [Read more]
Crude oil’s Catch-22: Pricing for Trump TACO trade makes it less likely: Russell
The crude oil futures markets are still largely pricing for an early resolution to the conflict in the Middle East that results in the full re-opening of the Strait of Hormuz. But in pricing for this outcome the market is actually making it more likely the narrow waterway that serves as a conduit for as much as 20% of the world's oil supply will remain closed. Put another way, the market is still pricing for U.S. President Donald Trump to deliver the TACO, the acronym for Trump Always Chickens [Read more]
Saudi Aramco boss pulls out of major international energy conference due to Iran conflict, source says
Saudi Aramco Chief Executive Amin Nasser has cancelled his planned appearance at the CERAWeek energy conference in Houston to remain in Saudi Arabia because of the Iran conflict, an industry source told Reuters. Nasser, who has been CEO of the world's top oil exporter for more than a decade, is usually one of the headline speakers at the conference, one of the energy industry's biggest events. CERAWeek, which is organised by S&P Global and begins on Monday, draws top executives, [Read more]
Suncor’s global head of market and trade risk management to depart, sources say
The global head of market and trade risk management at Canadian oil producer Suncor Energy is set to leave the company, two sources said on Friday. Ray Sick has held the role at Suncor since February 2023, according to his LinkedIn profile. He will join utility NextEra Energy, two sources said. Sick will take a leadership role in the risk division, one of the sources added. Suncor and NextEra did not immediately respond to requests for comment. Sick did not reply to a request for [Read more]
Treasury’s Bessent says US has ‘plenty’ of funds for Iran war
The U.S. government has "plenty of money" to fund the war against Iran, but is requesting supplemental funding from Congress to ensure the military is well supplied in the future, U.S. Treasury Secretary Scott Bessent said on Sunday. Bessent, speaking on NBC News' "Meet the Press" program, also ruled out pushing for any tax increases to fund the war. The U.S. military's request for $200 billion in additional funding for the Iran war faces stiff opposition in Congress, with Democrats and [Read more]
Iran to completely close Hormuz if Trump executes threats on Iranian energy, Revolutionary Guards say
Iran will completely shut the strategic Strait of Hormuz if U.S. President Trump executes threats to target Iranian energy facilities, the country's Revolutionary Guards said in a statement on Sunday. Trump on Saturday threatened to "obliterate" Iran's power plants if Tehran did not fully reopen the Strait of Hormuz within 48-hours, suggesting a significant escalation barely a day after he talked about "winding down" the war, now in its fourth week. In their Sunday statement Iran's [Read more]
Iran threatens to retaliate against Gulf energy and water after Trump ultimatum
Iran said on Sunday it would strike the energy and water systems of its Gulf neighbours in retaliation if U.S. President Donald Trump follows through with a threat to hit Iran's electricity grid in 48 hours, escalating the three-week-old war. The prospect of tit-for-tat strikes on civilian infrastructure could deepen the regional crisis and rattle global markets when they reopen on Monday morning. Air raid sirens sounded across Israel from the early hours of Sunday, warning of incoming [Read more]
Oil prices to rise further on Monday as Mideast war escalates
Oil prices look set to rise further on Monday, having closed before the weekend at their highest in nearly four years, after U.S. and Iranian threats to target energy facilities, analysts said on Sunday. U.S. President Donald Trump on Saturday threatened to "obliterate" Iran's power plants if Tehran did not fully reopen the Strait of Hormuz within 48 hours, a significant escalation barely a day after he talked about "winding down" the war, now in its fourth week. Iran warned on Sunday it [Read more]
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