Iran touts Hormuz attacks as oil flows increase despite tensions
Mediators are trying to facilitate more talks, but Washington signals faith in its pressure tactics.
This website’s original language is English. For translation, click the globe icon or choose Translate in the menu.
7 matching records found
Mediators are trying to facilitate more talks, but Washington signals faith in its pressure tactics.
US and Iranian negotiators are exploring a phased deal that would see Tehran reopen the Strait of Hormuz and Washington lift its blockade of Iranian ports, similar to the memorandum of understanding struck in mid-June. Charles Gorrivan reports on Bloomberg Television. (Source: Bloomberg)
Rob Barnett, Bloomberg Intelligence Senior Energy and Commodities Analyst, joined Bloomberg's Paul Sweeney and Scarlet Fu to discuss the latest in oil. Oil fell below $100, heading for its longest run of declines since June, as robust flows through the Strait of Hormuz and diplomacy around the US-Iran war tamed a recent rally. Brent, the global benchmark, fell as much as 4.2% while West Texas Intermediate futures were down over 5% to trade near $95 a barrel. Satellite data showed that Saudi Arabia’s observed oil loadings from inside the Persian Gulf jumped over the weekend, with the highest number of ships seen at the nation’s main Persian Gulf port since June. It’s a sign the kingdom has pivoted back toward Hormuz after the shutdown of a key cross-country pipeline to the Red Sea earlier this month following drone attacks. (Source: Bloomberg)
Saudi Arabia is ramping up prompt spot sales of crude from outside the Strait of Hormuz following the shutdown of the kingdom’s East-West pipeline, which halted cross-country flows to its Red Sea coast.
US retail diesel rose to a record, threatening to further spike energy-driven inflation as wars in Iran and Russia roil the market.