Crude prices are climbing Monday amid rising uncertainty over when the war in Iran may end.
U.S. equity futures nudged higher, while Treasury yields slipped and oil surged again, as investors fixed their attention on the implications of the Iran war for global growth.
South Korea is considering extending driving curbs to the general public if global oil prices climb further, senior officials said, as authorities seek to rein in energy demand amid supply strains due to the U.S.-Israeli war with Iran.
Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF, AIM:SEI) has reported a 57% increase in contingent resources at the Mopane oil complex off the coast of Namibia, lifting the explorer's net interest in the project to around 67 million barrels of oil equivalent. The upgrade follows new drilling and appraisal work by Galp Energia, the operator of the PEL 83 licence, which raised the gross 3C contingent resource from 875 million barrels to 1.38 billion barrels.
Oil rose on fears of a widening Middle conflict that could lead to more supply disruptions while Asian equities fell on concerns that the war could slow global economic growth.
Oil rose in early trade on more supply-disruptions concerns spurred by widening Middle East conflict.
Oil prices rose about 3% to over $115 a barrel on Sunday. The US and Israel's war on Iran entered its 5th week.
US stocks tumble as oil surges above $110, fueling inflation fears, rate hike risks, and aggressive selling across the stock market.
Oil prices could surge well beyond current levels as the Iran war unfolds, analysts polled by Reuters said, as the effective closure of the Strait of Hormuz and attacks on Middle Eastern production facilities cut deeply into global supplies, with no clear picture on when flows will resume.
The Iran conflict underscores U.S. energy producers' advantages, especially for liquefied natural gas exports.
Oil's backwardation hints at calm - but is the market too complacent? ETFs may face mixed moves as geopolitical risks and supply damage linger.
Crude oil races to the upside after hardline comments in Iran sent traders running to hit the “buy” button. This is a market that is nowhere near calming down.