European shares continue to decline as inflation fears fuelled by the Mideast conflict cause a second consecutive week of losses.
The European?shares continued to decline on Friday, marking their second consecutive week of losses. This was due to the escalating conflict in the Middle East and inflation concerns. The benchmark pan-European?STOXX?600 closed 0.5% down. All major regional exchanges posted marginal weekly losses. The index was dragged down by industrial stocks, which fell 1.8%. Siemens Energy dropped 5.7%, and Rolls-Royce dropped 5.3%.
US and allies clash over Iran nuclear program with Russia and China
On Thursday, the U.S. and its allies faced off against Russia and China over Iran's intentions to develop nuclear weapons. Washington was attempting to justify at the United Nations the war that it started two weeks ago on Iran. Russia and China tried to block the discussion of a committee that would oversee and enforce U.N. Sanctions against Iran at a meeting this month of the 15 member U.N. Security Council.
Iranian strikes burn oil tankers, despite Trump's claims to have won war
Two oil tankers caught fire in an Iraqi harbor on Thursday, after being hit by a boat suspected to be laden with explosives. This was a new attack that has cut off Middle East oil and defied Donald Trump’s claim of having?won' the war launched two weeks earlier. Images that were verified as having "been filmed" from the shores of Basra port showed massive orange fireballs lighting up the night skies…
IEA chief says release of oil reserves had a'strong impact on markets'
Fatih Bibil, the IEA Executive Director, said that the IEA has released 400 million barrels of 'oil from its global strategic reserves, and this decision already had a "strong effect" on the energy markets, which are now in an "extremely critical period" following the closure of Strait of Hormuz. Birol stated at a press conference in Istanbul that the coordinated…
Bloomberg News: Trump will invoke emergency law to protect California oil producer Sable
Bloomberg News reported that U.S. President Donald Trump intends to invoke the 'emergency laws' for Sable Offshore in order to restart production from a cluster of offshore platforms located in California. A person familiar with this matter was quoted as saying so. In?afternoon trade, shares of Sable rose by 16.3% to $16.75. The report said that Trump was preparing to call in authorities under the?Defense Production Act?
BP and Chevron top the list of bidders at a small US Gulf of Mexico gas and oil auction
According to a U.S. government livestreamed auction, BP's single bid accounted for almost half of the total. The U.S. Bureau of Ocean Energy Management conducted the sale. It was a far less successful one than the previous auction three months earlier. Donald Trump's administration prioritizes regular lease sales and plans to have 30 in the area by 2040. The auction was won by a $21 million bid from BP on a block located in Green Canyon.
EUROPE GAS - European gas prices increase on fear of LNG shortage
LONDON - Benchmark European wholesale gas prices increased on Wednesday morning after reports that Iran had laid mines along the 'Strait of Hormuz' raised concerns about liquefied gas supply. The conflict in the Middle East would also last a lot longer than expected. ICE data shows that the Dutch front-month contract, which is the benchmark price in Europe, increased 5.7%, to 50.09 Euro per megawatt hour at 0918 GMT.
Gulf of Mexico Oil and Gas Auction yields Far Fewer Bids Than First Trump Sale
According to a document posted on the government's website, the second auction of oil and natural gas leases in the Gulf of Mexico by the Trump administration in three months drew far less interest from the industry than the one held in December. Oil prices are at four-year highs due to the U.S.'s war against Iran, which has disrupted crude oil flows around the world.
Patterson-UTI, an oilfield services firm, says that higher oil prices won't spur more US production.
Andy Hendricks, CEO at?oilfield service company 'Patterson-UTI', stated on Tuesday that a surge in energy costs caused by the war between the United States and Israel with Iran would not lead to an increase in U.S. production of oil without the necessary market predictability. Since the end of Feburary, oil prices have been fluctuating wildly after Iran closed the…
Iran War causes major disruptions in oil and gas
U.S. and Israeli war against Iran, and the attacks of Iran on Gulf neighbours has caused oil and natural gas production to stop in the Middle East. The Strait of Hormuz is the world's most important oil artery. It handles 20 percent of the global oil and LNG supplies. Saudi Aramco, world's largest oil exporter, warned on Tuesday of "catastrophic" consequences for the global oil market if the Strait does not open.
Qatar is looking to strengthen its security partnership with the US following Iran's attacks
Qatar wants to strengthen its defense partnership with the United States after Iranian air strikes on Qatari territory, said the spokesperson for the Foreign Ministry on Tuesday. Qatar also sees the current deal as a deterrent. Iran launched drone and missile attacks on its oil producing Gulf neighbours following U.S./Israeli strikes which killed the top leaders of Iran. The conflict disrupted oil production in the region, sending oil prices soaring.
VEGOILS - Palm oil drops more than 3%, as crude and rival oils slump
Malaysian palm futures dropped more than 3% on Monday, following declines in rival edible oils traded in Dalian, Chicago and Dalian markets, as well as crude oil. This was a day after they had posted their largest jump in three-years. The benchmark May palm oil contract on Bursa Malaysia's Derivatives exchange fell 139 ringgit or 3.04% to $4,428 ringgit (1,129.59 USD) per metric ton after earlier falling to 4,370 ringgit.
EUROPE GAS - European prices fall in line with crude oil as Middle East hopes for de-escalation are raised
Dutch and British wholesale gasoline prices fell from their 3-year highs in the morning of?Tuesday, mirroring oil market movements after?U.S. Donald Trump claimed that the Middle East conflict would end "soon". Data from Intercontinental Exchange (ICE), showed that the benchmark Dutch front-month contract at the TTF hub had fallen by?7.98 euros to 48.47 euros per megawatt hour(MWh) as of 0852 GMT.
Aramco warns of 'catastrophic' consequences for oil in the Strait of Hormuz if shipping is not resumed
Saudi Arabia's Aramco, the world's largest oil exporter, said on Tuesday there would be "catastrophic" consequences for the oil markets of the world if the Iran War continues to disrupt shipping through the Strait of Hormuz. Aramco CEO Amin Nasser said on a earnings call that the disruption will not only have a drastic impact on the aviation, agricultural, automotive, and other industries but will also have 'dramatic domino effects' on them.
Palm oil falls as crude and rival oils slump
Malaysian palm oil futures declined on Tuesday, following rival edible oils in Dalian and Chicago and crude oil prices. By midday, the benchmark palm oil contract for May delivery at the Bursa Malaysia Derivatives Exchange had fallen 106 ringgit or 2.32% to $4461 ringgit (1,134.83 USD) per metric ton after having dropped to 4,370 rings earlier. A Kuala Lumpur trader stated that "the futures are tracking the performance of Dalian palm oils…
Report: US solar installations will drop by 2025 as a result of Trump's policies.
A study released on Tuesday showed that the U.S. market for solar energy added fewer installations in 2025 than the previous year. This is due to the fact that President Donald 'Trump' scrapped tax breaks and subsidies for renewable energy developers. According to a report by Wood Mackenzie and the Solar Energy Industries Association, 43 gigawatts of new solar capacity was installed in 2018. This compares to 50 GW in 2020.
Bloomberg News reports that oil magnate Sargeant's firm loaded 1 million barrels of oil for China.
North?American Blue Energy is a company that has been backed by the United States. Harry Sargeant III is a renowned energy magnate who has made a decision to export?1,000,000 barrels of?Venezuelan oil for delivery into China. Bloomberg News reported this on Monday, citing an official document. Reports?stated that this may be the first shipment of Venezuelan oil delivered to Asia since the US took control of the nation's oil exports earlier this year.
Iran War causes major disruptions in oil and gas
U.S. and Israeli war against Iran, and Tehran's attacks upon Gulf neighbours has caused oil and gas?exports to be disrupted and production stopped. Sources say that Saudi Aramco, the world's largest oil producer, cut its output Monday. The Strait of Hormuz is the most important oil artery in the world, and it handles 20% of the global oil supply. Two sources reported on Monday that Aramco had begun reducing production at two of its fields.
Iran War threatens to hit global energy markets for a long time
Even if the U.S. and Israel's war against Iran ends soon, consumers and businesses around the world could face weeks or even months of higher fuel costs as suppliers deal with damaged facilities and logistics and increased shipping risks. This outlook is a threat to the global economy and to President Donald Trump's political position as he heads into midterm elections. Voters are concerned about energy costs and do not like foreign involvement.
The Iran War threatens to have a long-lasting impact on global energy markets
Even if the conflict with Iran ends soon, consumers and businesses could face weeks or even months of higher fuel prices. This is because suppliers are dealing with damaged facilities, disrupted logistic, and increased risks in shipping. This outlook is a greater threat to global economic stability and a political vulnerability to U.S. president Donald Trump as we approach the midterms.