Iran's Tasnim news agency, citing an Iranian official, said that the strait of Hormuz will not return to pre-war conditions and energy markets will remain unsettled, adding that no negotiations with the U.S. are under way. Tasnim said U.S. President Donald Trump backed down from attacking critical Iranian infrastructure amid financial market pressure, warning Tehran would continue to defend itself until it achieves deterrence. (Reporting by Reuters; Editing by Toby Chopra) [Read more]
News
Trump postpones military strikes on Iranian power plants
President Donald Trump said on Monday the U.S. has had good and productive conversations with Iran and he will order the military to postpone any military strikes against Iranian power plants and energy infrastructure for five days. Trump's move followed a threat by Iran to attack Israel's power plants and those supplying U.S. bases across the Gulf region if the U.S. targets Iran's power network. Conversations with Iran will continue throughout the week, Trump said in a social media post. [Read more]
Trump’s Iran war oil shield is cracking: Bousso
U.S. President Donald Trump went into the Iran war convinced that America’s vast oil wealth would insulate the country from the kind of energy shock now battering much of the world. Four weeks into the conflict, that shield is looking fragile. Trump’s wager has only partly paid off. U.S. oil prices have risen less sharply than those elsewhere since U.S.-Israeli air strikes against Iran on February 28 ignited a regional war that rapidly engulfed the Middle East’s energy infrastructure, blocking [Read more]
UAE’s ADNOC Gas adjusts LNG output in response to shipping disruption
The gas subsidiary of ADNOC, Abu Dhabi's state oil firm, on Monday said it made temporary adjustments to its production of liquefied natural gas and export-traded liquids in response to ongoing shipping disruption in the Strait of Hormuz. The U.S.-Israeli war on Iran escalated sharply over the weekend after President Donald Trump threatened to "obliterate" Iran's power plants in 48 hours unless Tehran fully reopens the waterway. In response, Iranian officials said if struck, they would [Read more]
ADNOC CEO to address CERAWeek virtually, will travel to Washington later this week
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]
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]
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