crude oil News Updates

U.S. crude exports surged to a record above 6 million barrels a day as the Iran war sends overseas buyers hunting for replacements to Middle Eastern oil.

A Japan-linked oil tanker completed a rare transit of the Strait of Hormuz, as the effective closure of the waterway enters its third month.

There were three confirmed hijackings in the past week alone, with pirates boarding two cargo vessels and a tanker, according to the U.K. Maritime Trade Operations.

The oil and LNG shortages caused by the blockade of the Strait of Hormuz are likely to drag on for months and possibly into next year, Shell CEO Wael Sawan said.

Brent crude to be delivered in July, which is where more of the trading is happening in the oil market, rose 2.7% to $104.40 on April 28.

The move has been rumored for some time as the UAE chafed under production restrictions and increasingly had frostier relations with neighboring Saudi Arabia.

Analysts say Shell's purchase of Canada’s Arc Resources marks a vote of confidence in Prime Minister Mark Carney’s push to expand the nation’s hydrocarbon exports.

BP, long the laggard among oil supermajors, is emerging as the sector’s top stock during the Iran war as it reaps “exceptional” trading profits.

Brent to be delivered in July, which is where more of the trading is happening in the oil market, rose 3% to $102.08 per barrel.

The longer the strait stays closed, the more consumption is going to have to recalibrate lower to align with supply that has dropped at least 10%.