Asian share markets swung higher on Monday as Iranian negotiators said progress had been made in peace talks with the United States, helping calm fears the process was breaking down.
Tag: Energy
Brent crude futures climbed to $81.66 a barrel.
Brent crude ticked slightly higher on Friday but was still on track for a more than 8% weekly decline after Israel and Hezbollah agreed to a ceasefire and tanker traffic through the Strait of Hormuz increased.
Oil prices fell in early trading on Thursday after the U.S. and Iran signed an interim agreement that would end the Iran war, reopen the Strait of Hormuz and waive U.S. sanctions on Tehran’s oil, resolving the largest energy supply disruption in history.
While U.S. President Donald Trump has recently hailed the resumption of oil flows from Gulf allies, Iran, too, appears to be gearing up to resume exports and trading.
The world oil market will recover gradually from the closure of the Strait of Hormuz before tipping into a significant surplus in 2027, the International Energy Agency said in its monthly oil market report on Wednesday.
From the front window of her house, Breanne Kidd once watched the sun rise over farmland as she sipped coffee before toddlers arrived at her home daycare.
The United States military has overseen scores of secretive ship-to-ship oil transfers to keep Gulf energy exports flowing, using aerial and water drones as well as helicopters in an operation to guide convoys to awaiting tankers.
Tokyo auto shops and Detroit car dealerships have been running short of motor oil, paint and other products for months since the Middle East conflict snarled global supply chains.
Investors are watching cautiously how quickly Middle Eastern producers can resume oil production and exports following damage from the war and whether more ships will enter the region.