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Saudi crown prince cautions of unimaginably high oil prices
Sept. 30, 2019

Saudi crown prince cautions of unimaginably high oil prices

Saudi Arabia's crown prince has warned of an unimaginable spike in oil prices lest the world comes together to deter Iran, though he added that a political solution is preferred. Speaking in an interview, Crown Prince Mohammed bin Salman agreed with a statement made by the U.S. Secretary, Mike Pompeo who referred to Sept 14 attacks as an act of war by Iran.

PM Modi and Iranian President discuss Chabahar port progress
Sept. 27, 2019
Source: The Hindu

PM Modi and Iranian President discuss Chabahar port progress

A day after Iranian President Rouhani said about not talking to the US unless sanctions were lifted, India’s Modi met him to discuss the progress of Chabahar port. The two country heads met along the sidelines of the 74th UN General Assembly session, currently underway in New York. India halted all orders for Iranian oil after May 2, after U.S. sanctions kicked in last November.

Oil prices increase as a result of increasing Middle East tension
Sept. 20, 2019
Source: Reuters

Oil prices increase as a result of increasing Middle East tension

Tension in the Middle East escalated the journey of oil prices uphill on Friday. This is the result of a military operation by Saudi in Hodeidah. Brent increased by 7.7% this week while WTI went up and was traded at $58.79 a barrel. Further, US and Saudi Arabia continue slamming Iran for the attack but Tehran denies any involvement.

A calm wave settles the turbulence in the international market
Sept. 19, 2019
Source: Reuters

A calm wave settles the turbulence in the international market

Oil prices improved after Saudi Arabia assured restoration of full production by September end. Brent increased and was traded at $63.68 a barrel. WTI went up to $58.23 a barrel. Meanwhile, oil analytics has informed about the loss of 3.4 million barrels per day (bpd) of oil output by Saudi. After Saudi pointed fingers at Iran for the attack, Washington has ordered U.S. Treasury to “substantially increase sanctions” on Tehran.

Attack on Saudi facilities, surge in oil prices
Sept. 16, 2019
Source: Reuters

Attack on Saudi facilities, surge in oil prices

The attack on Saudi Arabia's crude facilities has brought down the global oil supply down to more than 5%. The oil prices surged on Monday to four-month highs. WTI climbed by 11% to $61.10 a barrel. Brent crude went up by 13%, to $68.06 a barrel. This attack has made the investors worry more about the geopolitical tension in the region and deteriorating relations of Iran and the USA.

Iranian oil product exports booming despite US Sanctions
Sept. 2, 2019
Source: Reuters

Iranian oil product exports booming despite US Sanctions

Reuters calculations and shipping data has shown nearly $500 million a month in Iranian oil product sales as US sanctions continue ripping the country’s crude exports. Iranian oil minister Bijan Zanganeh was quoted saying product exports achieved their highest level in last month. While analysts expected some 400,000 bpd for July in crude exports, consultancy FGE projected Iran’s product exports at 400,000-500,000 barrels per day.

Oil prices slip over talks on Iran’s nuclear deal
July 29, 2019
Source: Reuters

Oil prices slip over talks on Iran’s nuclear deal

Oil prices dipped in the international market on Monday, post “constructive” emergency talks between Iran and other signatories of the multi-party nuclear agreement. Brent crude futures lowered by 0.4% to $63.23 a barrel. US WTI crude was traded 0.2% lower at $56.08 a barrel. An Iranian official yesterday said that an emergency meeting between parties to Iran’s 2015 nuclear deal turned out to be constructive, however, some issues remain unresolved.

Oil prices edge up over escalating tensions with Iran
July 24, 2019
Source: Reuters

Oil prices edge up over escalating tensions with Iran

The market has become highly sceptical of the supply disruptions due to rising tensions with Iran. This fueled economic slowdown concerns which helped the oil prices climb up on Wednesday. Also, a significant unexpected drop in US stockpiles supported the market in extending gains. Brent went up by 0.3% and was traded at $64.03 a barrel. WTI rose by 0.4% and was traded at $57.00 a barrel.

Oil rises as tensions escalate in the Middle East
July 22, 2019
Source: Reuters

Oil rises as tensions escalate in the Middle East

Oil prices rose in the international market on Monday, over speculations of supply disruption due to British tanker seizure in the Strait of Hormuz. Benchmark Brent crude futures jumped by 1.4% to $63.32 a barrel. US WTI futures were priced 0.8% higher at $56.10. Both the futures recovered from the sharp downfall last week. Oil prices were also supported by the force majeure on Libya’s largest oilfield, El-Sharara.

Two British tankers detained by Iran in the Strait of Hormuz
July 20, 2019

Two British tankers detained by Iran in the Strait of Hormuz

Iran detained two British oil tankers traveling through the Strait of Hormuz on Friday, worsening tensions with London and Washington. Naval forces from Iran’s Islamic Revolutionary Guard Corps detained and sent the British-flagged tanker Stena Impero to Iranian shores for legal procedures. The tanker was seized on the claims of not following international maritime regulations while transiting the strait. The British Government has cautioned of a “considered and robust” response.

Oil prices jump over US Navy attack on Iranian drone
July 19, 2019
Source: Reuters

Oil prices jump over US Navy attack on Iranian drone

With tensions brewing in the Middle East after a U.S. Navy ship destroyed an Iranian drone, oil prices jumped in the international market on Friday. Brent crude LCOc1 futures rose 1.3%, to $62.74 a barrel. US West Texas Intermediate crude CLc1 futures climbed 1.1%, to $55.89 per barrel. Washington yesterday said that an Iranian drone in the Strait of Hormuz threatening a U.S. Navy ship was “destroyed”.

Iran looking forward to investment in Indian refinery
July 17, 2019
Source: Reuters

Iran looking forward to investment in Indian refinery

As Iran seeks new possibilities of growth amidst debilitating U.S. sanctions, the country’s ambassador to India has said that Iran is ready to invest in the expansion of a South Indian refinery. Chennai Petroleum (CPCL) seeks to invest about $5.1 billion to expand Nagapattinam refinery to a 180,000-bpd plant. Naftiran Intertrade, the Swiss subsidiary of National Iranian Oil Company, own a 15.4% stake in CPCL.

Iran demands release of Grace 1
July 15, 2019

Iran demands release of Grace 1

Iran has made it very clear that nothing will stop the nation to export its oil. Foreign Minister of Iran, Mohammad Javad Zarif told its British counterpart that "Iran will continue its oil exports under any conditions". He has also appealed to Britain for releasing the Grace 1 oil tanker. This tanker was seized last week by the British Royal Marines.

British Heritage held up by Iranian boats in Strait of Hormuz
July 12, 2019

British Heritage held up by Iranian boats in Strait of Hormuz

British tanker faced obstruction from Iranian boats in the Strait of Hormuz. The vessel "British Heritage" was reported to be near the island of Abu Musa when Iranian boats tried to impede it. "We are concerned by this action and continue to urge the Iranian authorities to de-escalate the situation in the region", said the UK Defence Ministry. However, Iran’s Islamic Revolutionary Guard Corps (IRGC) has refused involvement in this incident.

Fears of Iranian retaliation keep BP oil tanker in the Gulf
July 9, 2019
Source: Energy Voice

Fears of Iranian retaliation keep BP oil tanker in the Gulf

One of the BP-run oil tankers is sheltering inside the Persian Gulf amidst fears of Iranian retaliation to the arrest in Gibraltar last week. The British Royal Marines seized a vessel hauling the Islamic Republic’s crude. BP-chartered British Heritage was on its due course towards Basrah terminal when it made an unexpected turn on July 6. BP is thought to be concerned about becoming a target of Iranian retaliation.

Oil prices rise over drop in US crude stockpiles
June 26, 2019
Source: Reuters

Oil prices rise over drop in US crude stockpiles

Oil prices soared more than 1% in the international market on Wednesday, supported by an unexpected drop in US crude stockpiles. Brent crude futures jumped 1.3% to $65.91 a barrel. US WTI crude futures were up by 1.8% to $58.98 per barrel. API data released on Tuesday showed an unexpected fall of 7.5 million barrels in US crude stockpiles last week to 474.5 million.

Weak crude market gains support from new sanctions on Iran
June 25, 2019
Source: Reuters

Weak crude market gains support from new sanctions on Iran

On Tuesday, oil prices were dragged down by the concerns of crude demand outlook. But the market received support when new sanctions were announced by Washington on Iran. Brent decreased by 0.9% and was traded at $64.29 a barrel. WTI fell by 1% and was traded at $57.32 a barrel. Further, the Federal Reserve Bank of Dallas on Monday revealed slacking manufacturing data which increased the crude demand worries.

Oil prices continue uphill amidst tensions in the Middle East
June 24, 2019
Source: Reuters

Oil prices continue uphill amidst tensions in the Middle East

Oil prices continued its uphill journey in the international market, supported by the growing tensions in the Middle East. International benchmark, Brent crude futures rose by 0.4% to $65.45 a barrel. US West Texas Intermediate crude climbed by 0.6% to $57.80 a barrel. U.S. Secretary of State Mike Pompeo has indicated imposition of “significant” sanctions on Tehran on Monday. Oil prices jumped last week after Iran shot down a US military drone.

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