Ukrainian drone attacks on two tankers at Russia’s Novorossiysk port trigger third shutdown of the key oil export route. The Caspian Pipeline Consortium suspended operations after Ukrainian drones struck two tankers loading at Novorossiysk, igniting a fire on one vessel. T
Profit-taking pressures WTI prices despite geopolitical tensions, with increased tanker activity easing supply concerns. West Texas Intermediate crude fell to near $80.50 in early European trading Friday, retreating from recent highs as traders took profits. The decline oc
Oil prices retreat as traders lock in gains despite Middle East tensions and a larger-than-expected US inventory drawdown. West Texas Intermediate crude fell to near $80.50 in early European trading Friday, reversing gains as profit-taking followed a sharp rally. The decli
Oil benchmarks remain on track for a near-20% monthly rise despite a 1% drop amid easing Middle East supply concerns. Brent crude and West Texas Intermediate (WTI) are poised to close the month with gains near 20%, even after a 1% decline in Friday trading. Brent last trad
Oil prices decline for a second day as hopes for a US-Iran deal ease supply concerns and weigh on market sentiment. West Texas Intermediate crude fell to around $82.50 per barrel, extending losses for a second consecutive session amid renewed diplomatic efforts between the
Oil prices retreat as negotiations between Washington and Tehran ease supply disruption fears in key Middle East shipping lanes. West Texas Intermediate crude fell to $82.60 per barrel in Asian trading, extending losses for a second day. The decline follows reports of ongo
Global oil prices remain below $150 per barrel despite Strait of Hormuz disruptions, as strategic reserves and demand shifts limit spikes. Oil prices have failed to breach $150 or $200 per barrel despite the prolonged closure of the Strait of Hormuz, which removed over 10%
The Kingdom’s second-quarter deficit narrowed sharply as crude prices rose 28% quarter-over-quarter, offsetting a 3.5% drop in spending. Saudi Arabia reported a $9.1 billion budget deficit for the second quarter, down from 125.7 billion riyals in the first quarter. The fin
Rabobank identifies oil as the primary variable in UK inflation forecasts, with Brent above the BoE’s assumed $71 target. The Bank of England’s inflation projections hinge on oil prices declining from $76 to $71, a scenario now at risk as Brent trades above that level. The
Rabobank warns UK inflation could hit 4% if oil stays at $100, exceeding the Bank of England’s $71 baseline projection. Oil prices above $90 are challenging the Bank of England’s inflation outlook, which assumes Brent falls to $71 from $76. The central forecast projects in
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