Saudi Arabia and neighbouring Gulf producers will cheer the eventual reopening of the Strait of Hormuz, but the ensuing flood of oil risks eroding OPEC’s already fragile grip on the market.The Iran war and the closure of the vital waterway – through which nearly a fifth of the world’s oil and gas flowed before the conflict – have sharply diminished output from the Organization of the Petroleum Exporting Countries and moved the industry’s centre of gravity away from the Middle East…
Japanese shippers welcomed on Monday the U.S.-Iran peace agreement which will reopen the Strait of Hormuz but are awaiting more details of the deal and clearance of mines before allowing their ships to pass the chokepoint.According to the association…
Oil prices slipped to a three-month low on Monday after U.S. President Donald Trump and Iran's deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz.Brent crude futures LCOc1 fell $3…
JERA has received its first liquefied natural gas (LNG) cargo from the Barossa gas project in Australia, marking the start of LNG deliveries from the offshore development to Japan's largest power generation company.The cargo arrived aboard the…
Oil prices fell more than 2% on Friday, extending losses from the previous session after U.S. President Donald Trump cancelled plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week…
Oil prices were steady on Wednesday, as renewed U.S.-Iran hostilities muddied direction, though a forecast U.S. stock draw offered support.Brent futures LCOc1 were up 25 cents, or 0.27%, to $91.70 a barrel at 0736 GMT, while U.S. West Texas Intermediate crude CLc1 was up 23 cents…
Oil prices fell on Tuesday, erasing most of the previous session's gains, after Iran and Israel said they had halted attacks on each other following an appeal from U.S. President Donald Trump, though both sides warned they could resume hostilities…
Oil prices jumped more than $4 on Monday, with investors spooked by fresh Israeli strikes on Iran as well as renewed attacks on Lebanon a day earlier.Brent crude futures LCOc1 rose $4.42 or 4.47% to $97.15 a barrel as of 0609 GMT, while U.S…
Oil prices edged down after Oman said operations at Mina al Fahal port were proceeding normally, following a Reuters report that oil loadings had been suspended after an explosion.Brent crude futures LCOc1 fell 24 cents, or 0.25%, to $94.79 a barrel by 0704 GMT after settling down 2…
Loading of a Taiwan-bound LNG tanker at the Inpex-operated 1605.T Ichthys plant in Australia has been delayed after a limited strike by workers disrupted operations at the terminal, according to the union and shipping data.The delay highlights…
Cambodia said on Tuesday it had launched a compulsory conciliation process under international law aimed at resolving a long-running maritime boundary dispute with Thailand and had informed the United Nations and Bangkok.The move follows a Thai…
Oil prices trended lower on Tuesday following the previous session's sharp gains as the market remained cautious about progress in U.S.-Iran peace talks.U.S. President Donald Trump said on Monday talks with Iran were ongoing, while Tasnim news…
Oil prices rose more than 3% on Monday after Iran and the U.S. traded strikes and Israel ordered troops to move further into Lebanon in its battle with Tehran-backed Hezbollah.U.S. crude futures CLc1 rose $2.88 or 3.3% to $90.24 a barrel as of 0701 GMT…
Japanese trading house Mitsui is looking to invest in LNG projects across the Middle East, the U.S. and Australia to meet rising power demand from data centers, Bloomberg News reported on Thursday, citing its CEO Kenichi Hori.The company will…
Oil futures fell more than 1% on Friday and were on track for their steepest weekly decline since early April, following reports that the U.S. and Iran had reached a potential deal to extend a ceasefire.Brent crude futures for July LCOc1 fell 1…
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