The global energy market faces a “meltdown” as oil hits multi-year highs. With supply shortages and geopolitical risks, will Brent and WTI continue their surge?
More buyers than sellers - that's the less-than-satisfying and slightly sarcastic retort a trade desk will give when a better reason for a sudden share price spike isn't available. And, so it is, we reach into the drawer for the same explanation, as 88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) shares opened some 30% higher in Monday's early trade.
Crude prices were surging on Monday amid no signs that the Iran conflict was de-escalating and as some major oil producers were reportedly forced to cut production.
The latest Middle East tensions shed light on how the world's three largest oil consumers have taken different approaches to energy. China has gradually increased the share of renewables in its total energy demand, more than the U.S. and India.
Governments in Asia are scrambling to limit the impact on economies and consumers from the widening Iran war, which fuelled a record surge in oil prices on Monday after key producers cut output and Tehran signalled that hardliners will remain in charge.
The Group of Seven (G7) finance ministers will discuss on Monday a joint release of oil from emergency reserves coordinated by the International Energy Agency, the Financial Times reported.
Oil prices have soared while share markets have skidded on fears that the escalating U.S.-Israeli war on Iran will squeeze energy supplies and hamstring industries around the world.
U.S. ordered diplomats to leave Saudi Arabia as Iran war risks spread across the region. Oil surged above $110 after Strait of Hormuz disruptions and Middle East production cuts.
Crude oil futures surge as traders price a worst-case Iran supply risk. Oil outlook turns bullish with $100 support and $130 targets as Strait of Hormuz fears grow.
U.S. stock-market futures fell on Sunday as crude futures surged above $100 a barrel for the first time since 2022 amid growing fears about the economic effects of the conflict with Iran.
Gulf Arab oil producers are cutting production as they run out of storage space because they can't export through the Strait of Hormuz
Rising oil prices can affect the stock market in significant ways.