Crude oil futures turned mildly bearish after sellers blocked a rally near $94.20, pressuring prices toward a key support zone at $91.37-$91.78. Crude oil futures reversed course after buyers failed to sustain gains above the $94.20 resistance level, signaling a mildly bea
Oil prices retreat slightly despite heightened Middle East tensions after Iran halts talks and threatens key shipping routes. West Texas Intermediate crude oil trades near $90.60 per barrel, paring earlier gains after a 4.71% surge on Monday. The pullback occurs despite es
Oil traffic may not recover to pre-war levels The war in the region is affecting oil and gas traffic via the Strait of Hormuz. Traffic has partially recovered but remains below pre-February 28 levels. Big Oil warns of a looming supply shortage set to hit gl
RBNZ may raise rates in July after a 3:3 split vote The RBNZ held the OCR at 2.25% on a 3:3 split vote. The central bank's updated OCR track was lifted nearly 50 basis points over the next year. New Zealand has not recovered from a deep double-dip recession in 20
Brent and WTI jump after Tehran signals plans to close the Strait of Hormuz, trimming gains following Trump's social media comments. Oil prices climbed more than 4% Monday as Iran threatened to fully block the Strait of Hormuz, a critical chokepoint for global crude shipme
Three months into the Iran War, vessel traffic through the Strait of Hormuz is still running more than 90% below normal levels. Base chemicals have risen faster than at any point on record Asian petrochemical plants are declaring force majeure. And Goldman Sachs jus
The Dow Jones Industrial Average traded around 0.4% lower Monday, shedding roughly 200 points to sit near 50,800 after pulling back from the record-area highs above 51,100 set last week. The S&P 500 was only marginally lower and the Nasdaq Composite hovered close to flat,
The surge in international oil and gas prices amid the Iran war hiked Pakistan's inflation to the highest level in two years as energy import costs ballooned. Pakistan's general inflation jumped to 11.7% in May from a year earlier, accelerating from 10.9% annual inflation
TD Securities forecasts 1bn barrels in production losses and 800m barrel inventory draws by November, tightening balances even with a deal. Oil markets are poised for significant tightening this summer, with projected production losses of 1bn barrels and inventory draws of
BP reduces its 44% stake in Woodside's Browse LNG project by selling a 5% interest to South Korea's GS Energy for portfolio optimization. BP will sell a 5% stake in Australia’s $35 billion Browse LNG project to South Korea’s GS Energy, trimming its 44% interest. The move a
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