Oil prices fell on Friday morning and are heading for steep weekly losses amid easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman on Thursday.
Tag: Energy
Oil prices edged up about 2% on Thursday after a cargo vessel was hit by an unknown projectile near Oman, sparking worries about how long it could take for oil flows in the Middle East to return to levels seen before the U.S.-Israeli war on Iran.
Iraq will be compelled to consider all available options if its OPEC quota is not significantly increased, a senior Iraqi oil ministry official told Reuters on Thursday.
Benchmark oil prices fell more than $3 on Wednesday to their lowest level since before the start of the Iran war as supply concerns eased with more stranded oil tankers exiting the Strait of Hormuz.
Three stranded tankers carrying 5 million barrels of crude oil were exiting the Strait of Hormuz on Wednesday, with two heading to Asia, shipping data showed, as the interim deal between Iran and the U.S. unlocks more supply stuck in the Gulf, bringing down global prices.
Oil tanker operators are reaping record profits after nearly doubling the hire cost of vessels going through the Strait of Hormuz and wider Gulf region this week on rising demand as traffic through the waterway slowly picks up, according to shipping data and sources.
Russia is considering importing fuel and subsidising it to cap prices as ways to mitigate supply disruptions of gasoline and diesel caused by Ukrainian strikes on oil refineries, the Vedomosti daily reported on Tuesday, citing two unnamed sources.
Oil prices inched down on Tuesday, extending losses from the previous session, as investors looked for clearer signs of progress in restoring crude flows through the Strait of Hormuz following U.S.-Iran peace talks.
Shares of Russia’s state-owned energy giant Gazprom fell below 100 roubles ($1.35) on Monday for the first time since 2009, according to the data from the Moscow Exchange.
The U.S. Treasury Department authorized the production, delivery and sale of Iranian oil on Monday, a move promised under an agreement reached by Washington and Tehran last week.