crude oil News Updates

Earnings from the five supermajors combined will likely be the third-highest on record, estimates show, as they reaped gains from the biggest supply disruption in history.

The new facilities will add to the UAE’s plans to build oil pipelines and expand other ports as it looks to reduce its dependence on the Strait of Hormuz.

“Middle East risk has become a two-chokepoint problem,” Standard Chartered analysts including Emily Ashford wrote. 

Brent crude, the international standard, rose 2.2% to $91.22, well above the roughly $72 per barrel level it was at before the war started in late February.

Exports from the Gulf are below the highs reached in late June but still “considerably higher” than the levels seen between early March and mid-June, IEA estimates.

The Houthi militant group in Yemen threatened shipping in the Red Sea as the U.S. and Iran exchanged strikes for a 10th consecutive day.

At present, Goldman sees Brent at $80 a barrel in the fourth quarter, and $75 next year, predicated on a de-escalation of tensions in the Middle East.

In just months, Syria has gone from shipping none of the fuel to making up more than a quarter of Middle Eastern volumes.

Brent crude, the international standard, rose 0.9% to $88.90 per barrel, much higher than prewar levels.

The offer highlights mounting risks in the Strait of Hormuz after 59 commercial ships were attacked and 17 seafarers died.