Oil markets hit a fever pitch as the Strait of Hormuz closure threatens 20% of global supply. Is Brent Crude destined for $109?
TotalEnergies said on Thursday it would cap the price of petrol at 1.99 euros ($2.30) per liter and the price of diesel at 2.09 euros per liter in France.
CF Industrials shares have been the S&P 500's biggest gainers since the Iran conflict began, as fertilizer prices have climbed more than oil futures prices.
Oil prices rose sharply on Wednesday despite a record release of global crude reserves, stoking inflation fears and lifting two-year Treasury yields to the highest since September. The weight on stocks was too much, and Wall Street ended mostly lower.
The oil market on Wednesday saw the strongest effort by far to ensure adequate global supplies of the commodity, but commodities guru Jeff Currie said the International Energy Agency's decision to release an unprecedented amount of crude from its reserve won't halt oil's climb.
Drugstore stocks, a car company and consumer stocks with low price-to-earnings ratios are all good bets.
Canada will look at ways to increase its crude production to help global efforts to stabilize oil prices in the face of the Iran war, Natural Resources Minister Tim Hodgson said Wednesday.
Crude-oil prices haven't been this volatile in years — and individual investors can't seem to get enough.
Reports hit the tape as soon as Kevin Green kicked off his coverage, with President Trump saying that the war in Iran will end soon. KG believes the headline is critical with investors searching for an off ramp out of the conflict.
Demand is projected to rise by 1.34 million barrels a day next year, slightly below 2026's estimated 1.38 million, supported by a solid global economy.
Financial market strategists at Citi think the worst of the oil price shock may be over, and they are putting money to work on that view for the second time in a week. In a note pondering if it was "time to buy the dip", the bank's global macro team said they first started buying back into markets last week, arguing that oil price spikes caused by geopolitical crises tend to be violent but brief.
Oil flows through the Strait of Hormuz have collapsed to just 3% of normal levels, according to Goldman Sachs, as tanker attacks continue to pile up, though futures markets are still pricing in a relatively short disruption. The effective closure of the key shipping lane has led to Middle East crude production shut-ins reaching 6.3 million barrels per day across Iraq, Saudi Arabia, Kuwait, the UAE and smaller Gulf producers, the investment bank's analysts noted In its latest oil tracker, published Tuesday night, Goldman put the total hit to Persian Gulf exports at 15.4 million barrels per day on a four-day moving average, a disruption it describes as 15 times larger than the peak impact of Russia's oil production cuts following the invasion of Ukraine in 2022.