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  • Oil prices traded higher as tanker traffic through the Strait of Hormuz remains at a near standstill.
  • Supply disruptions in Saudi Arabia have also raised production concerns.
  • Saudi Arabia’s key pipeline to the Red Sea was struck in an attack blamed on Iran.
www.cnbc.com

U.S. oil climbs above $100 as U.S.-Iran ceasefire fails to boost tanker traffic via Strait of Hormuz

U.S. President Donald Trump on Thursday warned Iran to "stop now" if it was charging tankers to transit the Strait of Hormuz.
www.cnbc.com www.cnbc.com
 

$30M an hour: Big oil reaping huge war windfall from consumers, analysis finds​

The world’s top 100 oil and gas companies banked more than $30m every hour in unearned profit in the first month of the US-Israeli war in Iran, according to exclusive analysis for the Guardian. Saudi Aramco, Gazprom and ExxonMobil are among the biggest beneficiaries of the bonanza, meaning key opponents of climate action continue to prosper.

The conflict pushed the price of oil to an average of $100 (£74) a barrel in March, leading to estimated windfall war profits for the month of $23bn for the companies. Oil and gas supplies will take months to return to pre-war levels and the companies will make $234bn by the end of the year if the oil price continues to average $100. The analysis uses data from leading intelligence provider Rystad Energy, analysed by Global Witness.

More:

https://www.msn.com/en-us/news/worl...s-analysis-finds/ar-AA20WGYP?ocid=socialshare
 
gcaptain.com

US-Sanctioned Supertankers Enter Gulf Despite Blockade

A second U.S.-sanctioned supertanker has entered the Gulf via the Strait of Hormuz, shipping data showed, despite a U.S. blockade on vessels visiting Iranian ports.
gcaptain.com gcaptain.com

gcaptain.com

Iran War Pushes U.S. to Brink of Net Oil Exporter Status Not Seen Since WWII

The U.S. nearly turned into a net crude exporter last week for the first time since World War Two as shipments surged close to a record high to meet demand from Asian and European buyers scrambling to replace Middle East supplies cut by the Iran war.
gcaptain.com gcaptain.com
 

Forget siphoning. 'Drilling and draining' is on the rise as gas prices soar​

Tasi Malala was driving with his girlfriend to grab some breakfast outside Scottsdale, Arizona, last month when he noticed that his Toyota pickup was very low on gas and quickly getting lower. He pulled into a station and started to fill up with premium. That’s when he spotted the leak.

“I looked under my truck, and it’s literally gas just pouring out the bottom,” said Malala, 31. “It’s pouring out like crazy. I was freaking out.”

It turned out he had been a target of a newly popular way to steal gas: just drilling a hole. All the thief would have required was a few minutes alone with a handheld electric drill and a gas can — or even some milk jugs. Malala was left with a perfectly round hole in his tank and a nearly $3,000 repair bill. His truck was in the shop for about a week.

More:

https://www.msn.com/en-us/travel/ar...-gas-prices-soar/ar-AA216jZc?ocid=socialshare
 
  • Oil prices fell after Trump announced a ceasefire between Israel and Lebanon.
  • The truce raised hopes for broader peace talks across the region.
  • ING warned that Hormuz disruptions were still keeping physical oil markets tight.
www.cnbc.com

Oil prices tumble more than 9% as Iran declares Strait of Hormuz open

Oil prices tumbled more than 9% after Iran declaired the Strait of Hormuz open amid a ceasefire deal with Lebanon.
www.cnbc.com www.cnbc.com
 
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