Headlines

Iran wants control over inbound shipping through the Strait of Hormuz and visibility over outbound traffic, with the ability to intervene if necessary, under a temporary plan being discussed with Oman to reopen the strategic waterway, a senior Iranian source told Reuters on Tuesday. The source, who is involved in the talks, said this is "the general idea currently being discussed", and specified that the outbound lane would follow a route between Iran and Oman, with exit clearance granted [Read more]

Goldman Sachs said on Tuesday it expects Brent crude to trade in an $80-$90 per barrel range until there is either confirmation of a new U.S.-Iran nuclear deal or a significant escalation of their conflict. The bank estimates spot Brent's fair value at about $80 a barrel, suggesting markets are pricing in only a modest risk premium despite ongoing uncertainty over Middle East oil supplies. Brent traded near $85 a barrel on Tuesday as conflicting signals from the U.S. and Iran over the [Read more]

Asia's crude oil imports climbed to the highest in July since the Iran war started, but were still 15% below pre-conflict levels. The top-energy consuming continent saw imports of 22.82 million barrels per day in July, according to data compiled by commodity analysts Kpler. This was down about 4 million bpd from the average of 26.89 million bpd in the three months prior to the U.S. and Israeli attacks on Iran on February 28. Imports of refined fuels also showed some recovery in July, [Read more]