Oil prices bounce back after Donald Trump’s China tariffs send them plummeting August 2, 2019 Oil prices rebounded by around two per cent on Friday as they recovered some ground following the biggest falls in recent years on Thursday in the wake of US President Donald Trump imposing more tariffs on Chinese imports. As the trade war intensified, the price of World Texas Intermediate and Brent Crude suffered its steepest [...]
Oil prices lift as US Navy strikes down Iran drone in latest Gulf incident July 19, 2019 Oil prices spiked almost two per cent today as Middle East tensions ratcheted up after the US Navy struck an Iranian drone with a missile in the Strait of Hormuz. Brent crude oil rose 1.5 per cent to $62.88 while West Texas Intermediate (WTI) crude climbed one per cent to $56 after the attack. Read [...]
Iran urges UK to release seized oil tanker as tensions escalate July 12, 2019 Iran has demanded that Britain releases an oil tanker it seized last week on suspicion it was breaking EU sanctions by transporting oil to Syria. Read more: UK ‘on heightened security’ after Iran tried to block oil tanker “This is a dangerous game and has consequences,” Iran’s foreign ministry spokesman Abbas Mousavi said. “The legal [...]
Royal Navy blocks Iran efforts ‘to seize’ British oil tanker July 11, 2019 A Royal Navy ship has thwarted an Iranian attempt to seize a British oil tanker in the Gulf following the arrest of one of Iran’s own boats. Read more: UK issues warning as Iran breaches nuclear agreement HMS Montrose intervened when three Iranian Islamic Revolutionary Guard Corps boats attempted to block the British Heritage on [...]
Oil prices rise as stormy weather hits production July 10, 2019 Oil prices climbed higher today, passing the $65 per barrel mark for the first time in a week, as markets reacted to lower-than-expected US crude stocks and a brewing storm. International standard Brent crude had added more than 2.7 per cent by the mid-afternoon, while WTI, the US measure, was up nearly 2.8 per cent [...]
Iran made ‘very big mistake’ on drone attack: Trump sends oil prices soaring June 20, 2019 President Donald Trump has tweeted that Iran made “a very big mistake” in downing a US drone flying in international airspace, extending oil prices’ gains. The MQ-4C Triton drone was shot down over the Strait of Hormuz, south of Iran, according to Reuters. Read more: Oil prices surge after Iran downs US drone Reacting to [...]
Gulf of Oman oil tanker attack: US says video shows Iran removing unexploded mine June 14, 2019 The US military has released footage which it says shows Iran’s Revolutionary Guard removing an unexploded mine from an oil tanker that was targeted in an attack in the Gulf of Oman. In a statement the US said Iranian forces were “observed and recorded removing the unexploded limpet mine from the M/T Kokuka Courageous”. Read [...]
Middle East tensions push up oil prices as tankers burn in the Gulf of Oman June 13, 2019 International oil prices surged this morning as reports emerged that two oil tankers had caught fire in the Gulf of Oman. A port in the United Arab Emirates got a distress signal from the Front Altair, Bloomberg reported earlier today. Bloomberg later reported that the Kokuka Courageous tanker has also been hit. The ship’s manager [...]
Oil prices pushed down by US stockpile data June 12, 2019 Oil prices dropped nearly three per cent this morning as news emerged that US stockpiles rose last week. International standard Brent crude fell 2.6 per cent to $60.72 at around 11.15am today. Meanwhile, US standard was down 2.8 per cent to $51.79. Oil inventories in the States grew by 4.9m barrels last week. Analysts had [...]
Oil dips under $60 for first time in four months June 5, 2019 The price of Brent crude fell sharply today on news that US inventories had surged last week, against analyst predictions. The international standard was down 3.1 per cent to $60.10 at around 5.30 this afternoon, after rebounding from an earlier low of $59.50. Investors were spooked after the US today revealed oil stockpiles unexpectedly grew [...]