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☆ Oil disruption fears in the Middle East are getting real after reports of an Israel strike on Iran
▼ + stars: | 2024-04-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Read previewOil prices jumped while stocks sold off after reports of an escalation in Middle East tensions. International benchmark Brent crude oil futures rose as much as 4.2% before trading 2.8% higher at $89.54 a barrel at 11:15 p.m. EDT. The strike on Friday came days after Iran attacked Israel on Saturday with a barrage of more than 300 missiles and drones. Israel didn't claim responsibility for the strike, but Iran held it accountable and vowed retaliation. Oil markets shrugged off Iran's attack on Israel as the market assessed the conflict would remain contained.

Persons: —, Israel didn't, Israel, Kyle Rodda, Rodda Organizations: Service, Brent, US West Texas, Business, ING, Stock Locations: East, Israel, Iran, Iran's, Damascus, Syria

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. US West Texas Intermediate (WTI) crude gained $1.98, or 2.39%, to $84.89 a barrel. "(A) geopolitical risk premium still lingers around the corner that is likely to support oil prices in the short-term," said Kelvin Wong, senior markets analyst at OANDA in Singapore. Russia is the world's second-largest oil producer and a major exporter and the tighter U.S. scrutiny of its shipments could curtail supply. Oil prices also shrugged off data released on Friday showing a month-on-month decline in Chinese crude imports.

Persons: Brent, WTI, Kelvin Wong, Wong, Daniel Hynes, Hynes, Paul Carsten, Katya Golubkova, Andrew Hayley, Christian Schmollinger, Deborah Kyvrikosaios Organizations: REUTERS, U.S, US West Texas, Hamas, OANDA, Organization of, Petroleum, ANZ, OPEC, Thomson Locations: Cushing , Oklahoma, U.S, Brent, Israel, Singapore, East, Russia, Moscow, Ukraine, China, London, Tokyo, Beijing

☆ A 'litmus test' for a looming recession could come next quarter, says an economist who's been predicting a downturn for 18 months
▼ + stars: | 2023-09-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

He told CNBC in an interview the fourth quarter of this year would be the "litmus test" for his call. He added a recession typically starts two years after a rate hike cycle begins. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementVeteran economist David Rosenberg has been calling a recession for the last 18 months, and he isn't letting the current resilience in the US economy change his mind. "It hasn't materialized, dot dot dot, yet," Rosenberg told CNBC on Wednesday, in response to his bearish call.

Persons: David Rosenberg, —, Rosenberg, — Squawk Organizations: CNBC, Service, Rosenberg Research, US Federal Reserve, Energy, West Texas, Brent Locations: Toronto, Saudi Arabia, Russia

☆ Brace for another Fed rate hike thanks to a 'problematic' surge in oil prices, billionaire investor Jeff Gundlach says
▼ + stars: | 2023-09-21 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Expect another rate increase by the Fed at its next meeting due to a "problematic" surge in oil prices, billionaire investor Jeff Gundlach said. "I think the probability of rate hikes is higher than what I thought before this oil spike happened," Gundlach said. Oil prices have climbed past $90 a barrel after Saudi Arabia and Russia slashed production. "So I think the chance of a rate hike is higher because these oil prices are going to be a real problem," Gundlach said. Surging oil prices now threaten to spark a resurgence of US inflation, which the Fed has tried so hard to quell.

Persons: Jeff Gundlach, Gundlach Organizations: Fed, Service, Federal, CNBC, Brent, US West Texas Locations: Saudi Arabia, Russia, Wall, Silicon

☆ A key global oil price zoomed past $90 a barrel for the first time in 2023 — and analysts say it could keep inflation high
▼ + stars: | 2023-09-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Saudi Arabia and Russia said they will extend oil supply cuts of 1.3 million barrels a day through December 2023. Analysts think inflation could stay at higher levels for longer due to the higher oil prices. US West Texas Intermediate, or WTI, crude oil futures also hit a 10-month high. Higher oil prices are bad news for the world's central banks, which have been trying to tame high inflation since last year. Energy is a key input for economic activities, so higher oil prices generally lead to inflation.

Persons: Brent, Jorge Leon, Leon, Naeem Aslam, Aslam Organizations: Service, West Texas, Organization of, Petroleum, Rystad Energy, Energy, Zaye, International Energy Agency, IEA Locations: Saudi Arabia, Russia, Wall, Silicon, OPEC

☆ Russia's economy is in shambles and its oil exports are collapsing — but its crude oil just smashed a crucial price cap
▼ + stars: | 2023-07-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Russia's flagship Urals crude just breached the price cap of $60 a barrel on Tuesday, per S&P Global. The price cap came into effect on December 5 and sought to limit Moscow's energy revenues. These production cuts prop up oil prices as demand outsizes supply, an unnamed European oil trader told S&P. The benchmark US West Texas Intermediate crude oil futures were up 0.2% at $75.90 a barrel at 2.29 ET on Thursday. The global benchmark Brent crude oil prices were up 0.3% at $80.33 a barrel.

Persons: Phil Rosen Organizations: P Global, Service, P, West Texas, Brent Locations: Wall, Silicon, Russia, Ukraine, China, Saudi Arabia

☆ Inflation is finally cooling — but the Wagner Group's attempted mutiny in Russia may send it back up, analysts warn
▼ + stars: | 2023-06-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Oil prices spiked more than 1% on Sunday after the Wagner Group's attempted mutiny. Analysts say oil prices could continue to gain on the geopolitical risks in energy giant Russia. Following the aborted coup over the weekend, benchmark crude oil US West Texas Intermediate and Brent crude oil futures both jumped over 1% on Sunday. As of Monday, oil prices have come off — but analysts say oil futures could continue posting gains due to the geopolitical risk in energy giant Russia. Benchmark US WTI crude oil futures were up 0.2% at $69.29 a barrel at 1:29 a.m. EDT on Monday.

Persons: Wagner Group's, Rystad Energy's Jorge Leon, —, Vladimir Putin's, Jorge Leon, Leon, Paul Sheldon Organizations: Service, West Texas Intermediate, Brent, Rystad Energy, P, Commodity Locations: Russia, Kuwait, Ukraine, Kazakhstan, Azerbaijan

☆ Canada's TC Energy has shut the Keystone pipeline after one of the largest onshore spills saw 14,000 barrels leak into a Kansas creek
▼ + stars: | 2022-12-09 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

TC Energy has shut the Keystone pipeline which ships crude from Alberta to the US. It halted operations after 14,000 barrels of crude oil spilled into a creek in Kansas. The affected segment of the Keystone pipeline system "has been isolated" and remains shut, the company said. It has ordered TC Energy to keep the pipeline shut until it authorizes a restart. TC Energy did not immediately respond to Insider's request for comment sent outside regular business hours.

☆ Days after the EU's $60/barrel price cap kicked in, oil prices slump to pre-Ukraine war levels over economic uncertainty
▼ + stars: | 2022-12-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Oil futures slumped Tuesday to levels not seen before Russia invaded Ukraine. They reduced their net long positions in Brent oil by about one-third in the week to last Tuesday. In early Asian trade on Wednesday, US WTI oil futures were down 0.3% at $74.05 a barrel, while international Brent crude oil futures were 0.1% lower at $79.29 a barrel. Oil market sentiment has been on a roller-coaster ride lately. However, the price cap on Russian crude continues to spark uncertainty in the oil markets.

☆ The EU price cap on Russian oil is already disrupting the market - tankers are piling up off Turkey after Ankara demands insurance paperwork
▼ + stars: | 2022-12-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The EU's price cap on Russian crude and its ban on seaborne Russian crude kicked in Monday. Oil tankers have begun piling-up off Turkish shores, as Ankara demands proof of insurance coverage. Shipping insurers rejected the request, as Turkey's asking for coverage that could expose them to a breach of sanctions. The pile-up comes just as an EU price cap of $60 a barrel price cap for Russian crude kicked in. ET Monday, while international Brent crude oil futures were 0.8% higher at $83.36 a barrel.

☆ Oil prices surge as OPEC maintains production cut targets and China's thawing Covid-zero stance sparks hope of demand recovery
▼ + stars: | 2022-12-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Crude oil futures jumped on Monday after OPEC said its oil policy will remain unchanged from October. Prices were also boosted by hopes that China's eyeing an exit from its Covid-zero stance. The production cut is equivalent to about 2% of the world's demand, and is the largest reduction since the outbreak of COVID-19. Back in October, OPEC+ had said that the decision was made "in light of the uncertainty that surrounds the global economic and oil market outlooks." OPEC's decision came two days after the European Union and the G7 agreed on a $60 a barrel price cap for Russian crude oil — a move that creates uncertainty in the oil markets.

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