Gulf oil production, sharply curtailed by the Iran conflict, is likely to mostly recover within a few months after the Strait of Hormuz fully reopens, but could take significantly longer, Goldman Sachs said on Thursday.
Brazil's government will formally announce on Thursday a reduction of federal taxes on gasoline, it said in a statement, adding it will hold a press conference at 5 p.m. local time (2000 GMT) to provide details about the measure.
Oil prices are rising again as tensions escalate in the U.S.-Iran conflict.
The U.S. and Iran are seizing ships as the war has evolved into a confrontation of naval blockades during the ceasefire. Oil tanker traffic through the Strait of Hormuz remains very low due to the blockades.
Russia is maintaining the flow of its oil to world markets and thereby helping to limit the impact of the crisis triggered by the Iran war, but it has no specific initiative to propose within OPEC+, the Kremlin said on Thursday.
Stocks are set to give back some of their extraordinary April gains. The next few days could prove crucial.
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Middle Eastern oil exporters are scrambling to explore alternative routes to get their oil and gas exports out of the region. The closure of the Strait of Hormuz has triggered a huge energy supply crisis.
Brent crude oil pushed back above $100 a barrel and Treasury yields rose as the U.S. and Iran looked no closer to a resumption of peace talks.
Russia's seaborne exports of fuel oil and vacuum gasoil (VGO) to Saudi Arabia jumped 18% in March from February to 1 million metric tons as soaring oil prices driven by the Iran war reshaped flows, data from traders and LSEG showed.
Brent crude futures climbed above $105 a barrel early Thursday as tensions in the Strait of Hormuz mounted.
U.S. stocks poised to open lower