Bank of America (BoFA) is warning that oil prices could continue climbing into the winter if the U.S. and Iran fail to reach an agreement reopening the Strait of Hormuz, with severe shortages already emerging in diesel, gasoline and global natural gas markets. “We’ve been expecting oil to be in the $70 to $80 a barrel range for Brent on the assumption that we were going to see some resolution,” Francisco Blanch, Bank of America’s head of commodities and derivatives research, told CNBC on Monday. “But if we don’t,…

Bank of America (BoFA) is warning that oil prices could continue climbing into the winter if the U.S. and Iran fail to reach an agreement reopening the Strait of Hormuz, with severe shortages already emerging in diesel, gasoline and global natural gas markets. “We’ve been expecting oil to be in the $70 to $80 a barrel range for Brent on the assumption that we were going to see some resolution,” Francisco Blanch, Bank of America’s head of commodities and derivatives research, told CNBC on Monday. “But if we don’t,…

Iran’s Supreme Leader Mojtaba Khamenei has replaced Mohammad Baqer Zolqard as his representative on the Supreme National Security Council (SNSC), appointing the veteran commander Mohsen Rezaei as the new secretary of the council. The move came after days of speculation in Iranian media about Zolqadr’s fate, with rumors suggesting that he had submitted his resignation only for President Masud Pezeshkian, who on paper is the head of the SNSC, to reject it. The president formally chairs the SNSC, but in practice it's the secretary who…

Egypt and Libya are reportedly nearing a deal to build an 800-kilometer oil pipeline connecting Tobruk with Alexandria, creating a direct route for growing Libyan crude production to reach Egyptian refineries as the war with Iran disrupts Egypt’s traditional Gulf supplies. The proposed pipeline would cost more than $1 billion, according to a government official who spoke to Asharq Bloomberg on condition of anonymity. The two countries are now studying financing, implementation and the pipeline’s final capacity, which would be determined…

Egypt and Libya are reportedly nearing a deal to build an 800-kilometer oil pipeline connecting Tobruk with Alexandria, creating a direct route for growing Libyan crude production to reach Egyptian refineries as the war with Iran disrupts Egypt’s traditional Gulf supplies. The proposed pipeline would cost more than $1 billion, according to a government official who spoke to Asharq Bloomberg on condition of anonymity. The two countries are now studying financing, implementation and the pipeline’s final capacity, which would be determined…

Egypt and Libya are reportedly nearing a deal to build an 800-kilometer oil pipeline connecting Tobruk with Alexandria, creating a direct route for growing Libyan crude production to reach Egyptian refineries as the war with Iran disrupts Egypt’s traditional Gulf supplies. The proposed pipeline would cost more than $1 billion, according to a government official who spoke to Asharq Bloomberg on condition of anonymity. The two countries are now studying financing, implementation and the pipeline’s final capacity, which would be determined…

The U.S. oil industry got a scare last week. News reports claimed that the Trump administration may be considering an export ban on crude oil and refined petroleum products such as gasoline and diesel in order to bring those prices down—prices which have been elevated considerably by the reduction of oil supplies worldwide in the wake of the Iran war. But a Trump administration spokesperson said the administration has no plans to ban exports of oil or natural gas products. It's important to note that there is an old adage in Washington, D.C.:…

Russia is ramping up work on Iran’s Bushehr nuclear expansion, according to TASS news agency, with Rosatom planning to increase its Russian workforce at the site from 25 to around 100 by autumn as construction advances on two additional reactors, despite the ongoing conflict and intermittent U.S. strikes on key Iranian infrastructure. Rosatom chief Alexey Likhachev said five engineering and technical specialists have recently arrived at Bushehr, with several dozen more due over the next two weeks. The returning personnel are working on the…

Russia is ramping up work on Iran’s Bushehr nuclear expansion, according to TASS news agency, with Rosatom planning to increase its Russian workforce at the site from 25 to around 100 by autumn as construction advances on two additional reactors, despite the ongoing conflict and intermittent U.S. strikes on key Iranian infrastructure. Rosatom chief Alexey Likhachev said five engineering and technical specialists have recently arrived at Bushehr, with several dozen more due over the next two weeks. The returning personnel are working on the…