News

U.S. refiner Phillips 66 CEO Mark Lashier said on Tuesday it would take time for crude supplies to clear through the Strait of Hormuz, as uncertainty remains around a return to normal shipping activity. Passage through the Strait of Hormuz is continuing on a limited basis, easing immediate supply concerns and pushing crude prices lower. Meanwhile, energy companies are monitoring how quickly crude flows, and inventories and shipping activity return to normal. Speaking at a JPMorgan [Read more]

Oil tanker operators are reaping record profits after nearly doubling the hire cost of vessels going through the Strait of Hormuz and wider Gulf region this week on rising demand as traffic through the waterway slowly picks up, according to shipping data and sources. Traffic through the vital strait has been modest since Iran lifted its effective blockade last week after agreeing to a 60-day ceasefire with the U.S., as talks on a permanent deal to end their war continue. The number of ships [Read more]

The U.S. has started waiving some sanctions on Iran under their interim deal to end the war, but fully unravelling a tangled web of restrictions on the country's activities and trade under any more comprehensive agreement will be much harder. This is why any effort to lift sanctions on Iran could take years and why foreign investment might take a long time to return: WILL SANCTIONS ON IRAN BE LIFTED? Sanctions, trade embargoes and asset freezes have been imposed by the U.S., the United [Read more]

U.S. President Donald Trump insisted on Tuesday that Iran has agreed to allow nuclear inspections long into the future, despite statements from Iran that it has not done so. "Iran has fully and completely agreed to highest level Nuclear inspections long into the future (Infinity!!!)," he wrote in a social media post. "This will insure 'Nuclear Honesty.' If they did not agree to this, there would be no further negotiations!" Iran has denied it had begun discussions on its nuclear program or [Read more]

Oman and Iran will form a team to reach an agreement on "administration of navigation in the Strait of Hormuz" and associated costs and services, the two countries said in a joint statement on Tuesday. The two states will hold talks with coastal countries and other concerned parties, the statement said. (Reporting by Jana Choukeir; Editing by Aidan Lewis) [Read more]

Iraq has further increased output from its southern oilfields to around 2.1 million barrels per day as more tankers line up to load crude from the country's export terminals in the Gulf, two Iraqi oil officials told Reuters on Tuesday. The officials said the latest increase was driven mainly by higher production from the giant Rumaila oilfield, where output has reached around 1.1 million bpd. Output from the Zubair oilfield has been increased by around 120,000 barrels per day to about [Read more]

A temporary U.S. sanctions waiver on Iranian oil sales is unlikely to draw orders from well-stocked Asian refiners, leaving independent Chinese refineries as the main buyer, trade sources and analysts said. The U.S. authorised on Monday the sale of crude, petroleum products and petrochemicals of Iranian origin through August 21, easing decades-old sanctions as it pushes toward a final peace deal with Tehran. Hit by supply disruptions due to the blockade of the Strait of Hormuz since March, [Read more]