Indian refiners plan to resume buying Iranian oil while refiners elsewhere in Asia are examining such a move after Washington temporarily removed sanctions to alleviate an energy crunch caused by the U.S.-Israeli war on Iran, traders said on Saturday.
Mounting short interest in the United States Oil Fund suggest that traders are hedging their bets as prices top $100 a barrel. At the very least, that could mean continued volatility.
The United States on Friday gave a 30-day authorization for the delivery and sale of crude oil and petroleum products of Iranian-origin loaded vessels, according to the U.S. Treasury Department.
The U.S. Energy Department said it had awarded contracts to loan 45.2 million barrels of oil from the Strategic Petroleum Reserve(SPR) as of Friday.
Three weeks into the “four to five week” U.S.-Israeli war in Iran, the long-term implications for oil markets and economies are coming into focus.
Gold's recent weakness is a short-term anomaly driven by an oil-induced surge in interest rates and the U.S. dollar, not a breakdown of its long-term safe-haven role.
Oil tops $110 as Middle East tensions persist. Goldman Sachs sees elevated prices through 2027 -- energy ETFs gain while retail, airlines lag.
Stephen Schork, principal and editor of The Schork Group, say a US ban on exporting oil would be catastrophic and would be a political tool. He speaks on "Bloomberg Surveillance.
India's state-run Hindustan Petroleum has bought 2 million barrels of Angolan oil via a tender, three trade sources said, as reduced availability of costly Middle Eastern oil leads Indian refiners to shift to West African and Asia-Pacific grades.
Crude oil continues to watch the war and the latest shipping obstructions in the Persian Gulf.
Yields on the 2-year note suggest the Federal Reserve won't be cutting rates for a very long time.
Removing oil sanctions on stranded Iranian oil would get supplies to Asia within three or four days, U.S. Energy Secretary Chris Wright said on Friday.