The OPEC+ decision to lift crude oil output by 206,000 barrels per day (bpd) from April is probably the least consequential decision the group has made in nearly a decade of existence. Adding about 0.2% of global oil demand to supply a month from now is little more than a symbolic gesture in the face of a widening conflict in the Middle East, which is already leading to serious supply disruptions. But there was little the eight members of the OPEC+ group undertaking voluntary production [Read more]
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Oil jumps as US-Iran conflict escalates, disrupts shipping
Oil prices surged more than 8% to their highest in months on Monday as Iran and Israel stepped up attacks in the Middle East, damaging tankers and disrupting shipments from the key producing region. Brent crude futures struck a high of $82.37 a barrel and was at $79.34, up $6.47, or 8.88%, by 2305 GMT. U.S. West Texas Intermediate crude jumped $5.36, or 8%, to $72.38 a barrel after touching a high of $75.33 earlier. Israel launched a new wave of strikes on Tehran on Sunday and Iran responded [Read more]
Five things to watch for in the Canadian business world in the coming week
TORONTO - Five things to watch for in the Canadian business world in the coming week: Carney road show Prime Minister March Carney is on the road this week, looking to grow Canada's economic ties to countries other than the United States. He began his trip by flying to India and landing in Mumbai before heading to New Delhi. Carney will also visit Australia this week with stops in both Sydney and Canberra before heading to Tokyo on Friday. Macklem chat Bank of Canada governor Tiff [Read more]
Three tankers damaged in Gulf as US-Iran conflict escalates
At least three tankers were damaged off the Gulf coast after U.S. and Israeli strikes on Iran triggered Iranian retaliation that put merchant ships at risk of collateral damage, shipping sources and officials said on Sunday. Risks to commercial shipping have surged in the past 24 hours, with more than 200 vessels including oil and liquefied gas tankers dropping anchor around the Strait of Hormuz and surrounding waters, shipping data showed on Sunday. Iran has said it has closed navigation [Read more]
Hundreds of ships drop anchor in Middle East Gulf, data shows
At least 150 tankers, including crude and LNG vessels, dropped anchor in open Gulf waters beyond the Strait of Hormuz and dozens more were stationary on the other side of the chokepoint, shipping data showed on Sunday, after U.S. and Israeli strikes on Iran plunged the region into turmoil. The tankers were clustered in open waters off the coasts of major Gulf oil producers, including Iraq and Saudi Arabia, as well as liquefied natural gas giant Qatar, according to Reuters estimates based on [Read more]
Oil jumps 10% on Iran conflict and could spike to $100 a barrel, analysts say
Brent crude jumped 10% to about $80 a barrel over the counter on Sunday, oil traders said, while analysts predicted that prices could climb as high as $100 after U.S. and Israeli strikes on Iran plunged the Middle East into a new war. "While the military attacks are themselves supportive for oil prices, the key factor here is the closing of the Strait of Hormuz," said Ajay Parmar, director of energy and refining at ICIS. Most tanker owners, oil majors and trading houses have suspended [Read more]
Putin slams killing of Iran’s Khamenei but offers little beyond condolences so far
Russian President Vladimir Putin on Sunday condemned the killing of Iranian Supreme Leader Ayatollah Ali Khamenei as a "cynical" murder but he offered little in public to Moscow's ally beyond condolences. Khamenei is the third Russian ally to be toppled in the past 15 months, following the falls of Moscow-backed leaders in Syria and Venezuela. His death leaves the Kremlin facing a strategic setback in a region where it has long sought greater influence. Russia says this weekend's U.S. and [Read more]
US not planning to tap strategic reserve as Iran war risks oil surge, FT says
The U.S. is not considering releasing oil from its strategic petroleum reserve in the aftermath of strikes on Iran, the Financial Times reported on Saturday, citing a Department of Energy official familiar with the matter. There have been "no discussions at all about the SPR," the official told the FT, when questioned about steps the Trump administration had taken to avert a spike in crude oil prices. Reuters could not immediately verify the report. (Reporting by Ananya Palyekar in [Read more]
Iran’s Supreme Leader Ali Khamenei killed, senior Israeli official says
Iran's Supreme Leader Ayatollah Ali Khamenei, who turned the country into a powerful anti-U.S. force and extended its military influence across the Middle East while crushing repeated domestic unrest, was killed in Israeli and U.S. strikes, a senior Israeli official told Reuters on Saturday. There was no immediate Iranian confirmation of his fate. The United States and Israel carried out military strikes on Iran on Saturday, targeting its top leaders and plunging the Middle East into a [Read more]
Market analysts react to US-Israel strikes on Iran
The United States and Israel launched strikes on Iran on Saturday, targeting its leadership and plunging the Middle East into a new conflict that President Donald Trump said would end a security threat and give Iranians a chance to topple their rulers. The strikes put nearby oil-producing Gulf Arab countries on edge as fears of escalation grew, and Tehran responded by launching missiles towards Israel. Some oil majors and top trading houses suspended crude oil and fuel shipments via the [Read more]
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