Crude oil prices continued higher today as the war between Israel and Iran continued unabated, fuelling worry that oil supply from the biggest exporting region may be under threat of disruption. At the time of writing, Brent crude was trading at $76.69 per barrel, with its premium to the Dubai benchmark topping $3 per barrel—the highest since September 2023, Reuters reported. West Texas Intermediate was trading at $75.16 per barrel, after gaining another 4% on Tuesday. Prices got a push yesterday by the news of tankers on fire near the Strait…

Oil prices continued to rise on Tuesday afternoon, following a dip in Monday's trading session. Today's oil price action follows Friday’s biggest intraday surge in three years following the Israeli strikes on Iran.  The market’s worst fear—a major supply disruption in the Middle East—hasn’t materialized yet. And it may not, as was the case in the previous Israel-Iran flare-ups in recent years.   What Happened?  Oil prices spiked by 13% immediately after Israel hit Iran’s nuclear facilities…

“G7 members must fully ban imports of Russian energy – oil, coal, natural gas, uranium. Canada, with the world’s fifth-largest oil reserves and as a top-three uranium producer, can help fill the gap.” The statement was made this week by the head of the G7 research group, a University of Toronto political science professor.  But can Canada really replace Russia entirely on the global energy scene? That might be tough. Both Russia and Canada are in the top five oil producers globally. Russia is third, and Canada is fourth,…

Given that around 97% of its government revenues come from oil, it might seem obvious to all Libya’s principal factions that increasing production is a very good idea. There is plenty of scope to do so, as before the removal of long-time leader Muammar Gaddafi in 2011 it had easily been able to produce around 1.65 million bpd of predominantly high-quality light, sweet crude oil. Additionally positive back then was that production had been on a rising trend, up from about 1.4 million bpd in 2000. Further increases were on the horizon to push…

Oil bulls have finally found some relief as crude prices rallied to multi-month highs, driven by escalating tensions between Israel and Iran, which continue to trade attacks in one of the region's most volatile periods in recent years. As of Tuesday morning, Brent crude for August delivery had surged $9 from a week earlier to reach $75 per barrel, with WTI following suit.  Prices, which had remained under pressure much of the year due to concerns over oversupply and flagging demand, are now being buoyed by the specter of widening geopolitical…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell sharply, by 10.133 million barrels in the week ending June 13 after analysts had estimated a 600,000-barrel draw. The API reported a 337,000 barrel inventory decrease in the prior week. So far this year, crude oil inventories are up 7.6 million barrels, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 200,000 barrels…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell sharply, by 10.133 million barrels in the week ending June 13 after analysts had estimated a 600,000-barrel draw. The API reported a 337,000 barrel inventory decrease in the prior week. So far this year, crude oil inventories are up 7.6 million barrels, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 200,000 barrels…

Via Metal Miner The European Commission (EC) has expressed concern about Donald Trump’s announcement of plans to double import tariffs on steel. The U.S. President proclaimed the new “Trump Tariffs” during a speech at US Steel’s Mon Valley-Irwin works in Pennsylvania on May 30. “We strongly regret the announced increase of U.S. tariffs on steel imports from 25% to 50%,” the European Union’s executive body said in a May 31 statement. “This decision adds further uncertainty to the global economy and…