Headlines

Oil product flows out of the Hormuz strait are at 35% of pre-war levels, compared with 70% for crude oil, a Goldman Sachs executive said on Tuesday. "The Middle East supply shock is bigger for products than crude, especially for the heavier products such as diesel," Goldman Sach's co-head of global commodities research Daan Struvyen told the APPEC conference, without specifying exact volumes. Around 2.2 million barrels per day of refined products such as diesel, gasoline, jet fuel and [Read more]

Iran will continue its resistance with strength until "aggressors" become regretful and its rights are defended, President Masoud Pezeshkian said on Tuesday, pointing to a less conciliatory tone from Tehran. "The Islamic Republic of Iran has always been against war and has considered the preservation of people's interests and regional security to lie in refraining from conflict. However, just as it has boldly risen to defend against aggression up to this day, it will continue this resistance [Read more]

Yemen's Iran-aligned Houthis said on Tuesday they attacked with drones and ballistic missiles Saudi energy sites belonging to oil giant Aramco in southern areas, with the group's military spokesperson calling it "a broad operation." (Reporting by Nayera Abdallah, Editing by Michael Georgy) [Read more]

South Korea's demand for power in the coming years is set to surge on plans by chipmakers Samsung Electronics and SK Hynix to expand production and the building of new AI data centres, according to the country's energy minister. Those AI-driven power needs alone will lift South Korea's demand for power by 25 to 30 gigawatts, the Minister of Climate, Energy and Environment Kim Sung-whan said in a Reuters interview this month. On top of that, the country will also need to contend with [Read more]

Global diesel supply will remain tight due to a lack of spare refining capacity, Russia's ban on exports and the approach of peak winter demand, senior industry executives said on Tuesday. The wars in Ukraine and Iran have impacted refineries in Russia and the Middle East, pushing diesel margins to record levels in Europe and the U.S., while reducing crude supplies to Asia. "There's really a shortage of products because we're missing 2 million barrels a day from Russia, and we're missing [Read more]

Iran threatened the United States with "economic warfare" on Tuesday and said it had fired an advanced missile at U.S. warships, underscoring the risks of further escalation in the war only days after both sides traded blows again. The six-month-old war has been marked by a cycle of pauses followed by periodic flare-ups, with the U.S. last reporting attacks on Iranian targets on Saturday, when U.S. forces struck three Iranian oil tankers. Iranian state media on Sunday reported that Iran fired [Read more]

Oil prices extended gains on Tuesday as risks of a prolonged conflict in the Middle East grew after Iran threatened to retaliate against any new U.S. attacks on its assets, heightening worries over supply disruption. Brent crude futures climbed 49 cents, or 0.5%, to $97.49 a barrel by 0400 GMT. U.S. West Texas Intermediate crude was at $92.92 a barrel, up $1.44, or 1.6%. Following Monday's Labor Day holiday in the U.S., WTI was playing catch-up to Brent, which absorbed the weekend's [Read more]

Iran threatened the United States with "economic warfare" on Tuesday and said it had fired an advanced missile at U.S. warships,underscoring the risks of further escalation in the war only days after both sides traded blows again. The six-month-old war has been marked by a cycle of pauses followed by periodic flare-ups, with the U.S. last reporting attacks on Iranian targets on Saturday, when U.S. forces struck three Iranian oil tankers. Iranian state media on Sunday reported that Iran fired [Read more]