IRAN WARNS OF STRONGER RETALIATION AS COMMERCIAL SHIPS FACE NEW ATTACKS
Iran has issued a new warning that any renewed U.S.-Israeli attack would trigger a significantly more destructive response, as maritime authorities separately report a growing number of attacks on commercial vessels around the Arabian Peninsula. Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, said Sunday that the country’s armed forces had prepared a new […]
OIL PRICES RETREAT FROM FIVE-MONTH HIGHS AS RUSSIAN SUPPLY HOPES GROW
Oil prices moved lower Monday, October 19, as traders locked in profits after last week’s sharp rally and weighed the possibility that U.S. sanctions relief could allow more Russian fuel to return to global markets. In the latest Reuters market update, Brent crude futures were down $1.72 at approximately $108.14 per barrel, while U.S. West […]
WTI SURGES 6.5% AS U.S. CRUDE STOCKS DROP 8.6 MILLION BARRELS
U.S. crude oil is approaching the psychologically important $100-per-barrel mark after a sharp inventory decline and hurricane-related production disruptions pushed West Texas Intermediate well ahead of Brent this week. WTI traded around $97.75 per barrel in a Friday, October 16 market snapshot, leaving the U.S. benchmark approximately 6.5% higher for the week. Brent remained above […]
U.S. CRUDE INVENTORIES DROP AN ESTIMATED 11.1 MILLION BARRELS AS OIL MARKET TIGHTENS
U.S. crude inventories may have posted one of their sharpest weekly declines of the year, adding another layer of pressure to an oil market already confronting wars, shipping disruptions and historically tight supplies of refined fuels. The American Petroleum Institute estimated late Wednesday that U.S. crude-oil inventories fell by 11.12 million barrels in the week […]
