US military says it helped Gulf states export 1.5 billion barrels of oil
US Central Command says more than 3,000 commercial vessels have transited the Strait of Hormuzย with its support.
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US Central Command says more than 3,000 commercial vessels have transited the Strait of Hormuzย with its support.
Bloomberg Economics Chief Emerging Markets Economist Ziad Daoud tells Bloomberg This Weekend that the risk of renewed fighting between the US, Israel and Iran is rising, helping keep oil prices elevated even as energy flows through the Strait of Hormuz recover. Speaking with hosts David Gura and Christina Ruffini, Daoud says the conflict could remain a long-term stalemate, with heightened shipping costs, depleted stockpiles and escalating regional tensions continuing to threaten global energy supplies. (Source: Bloomberg)
Brent oil traded at the highest level since May on Friday. Iran-backed Houthi militants claimed recent attacks on the Saudi Red Sea port of Yanbu, as well as deadly strikes on an oil field and airport in the kingdom. The flareup threatens to widen hostilities around the Strait of Hormuz, where crude exports have recovered to near prewar levels. Abeer Abu Omar reports on Bloomberg Television. (Source: Bloomberg)
Oil rose following a deadly attack on a Saudi oil field, raising concerns that escalating hostilities in the Middle East could hit supply even as exports through the Strait of Hormuz have accelerated in recent months.
Kuwait Petroleum Corporation CEO Sheikh Nawaf Al-Sabah said that company told customers that it would do 'everything possible' to ensure shipments of crude would continue despite the closure of the Strait of Hormuz. Al-Sabah said that the company has been able to produce over 2 million barrels a day and is looking into future pipelines to move crude. (Source: Bloomberg)
Oil wavered as traders weighed the prospect of an escalation in hostilities by Iran in the Strait of Hormuz against robust crude flows from the Persian Gulf.
Accelerating crude exports through the Strait of Hormuz arenโt translating into higher production of a dirty shipping fuel, according to a top Vitol Group executive, tightening supplies and sending prices soaring.