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☆ Oil poised for first monthly gain since September as Middle East on brink of wider conflict
▼ + stars: | 2024-01-31 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Oil prices are on pace for the first monthly gain since September as the U.S. and Iran stand on the brink of a more direct confrontation in the Middle East. The West Texas Intermediate contract for March was last down $1.09, or 1.40%, to trade at $76.73 a barrel on Wednesday. The Brent contract for March was trading at $81.90 a barrel, down 97 cents or 1.17%. Prices fell Tuesday after China factory activity contracted for the fourth consecutive month. The market is also waiting for the Federal Reserve's decision on interest rates Wednesday as well as crude inventory data in the U.S.

Persons: Brent, Tamas Varga Organizations: The West Texas Intermediate, Federal Locations: Iran, The, China, Brent, U.S

☆ Oil prices edge lower as Hamas considers truce proposal, market monitors U.S. response to attack
▼ + stars: | 2024-01-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

A view of a gas station which ran out of fuel due to Israeli attacks in Rafah, Gaza on October 25, 2023. The West Texas Intermediate contract for March dropped 79 cents, or 1.03%, to trade at $75.99 a barrel. Oil prices edged lower on Tuesday as Hamas considers a temporary truce in Gaza and the market waits to see how the U.S. will respond to a deadly attack on its soldiers in the Middle East. Biden said the U.S. would hold those "responsible to account at a time and in a manner our choosing." "We're not looking to escalate the tensions any more than they already have been escalating."

Persons: Ismail Haniyeh, Brent, Joe Biden, Biden, Lloyd Austin, John Kirby, Kirby Organizations: New York Times, West Texas Intermediate, Traders, Security, White Locations: Rafah, Gaza, U.S, Jordan, Iran, Syria, Iraq, United States, Washington, Tehran

☆ Oil edges up as geopolitical concerns support prices
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose in early trade on Tuesday as escalating geopolitical tensions in the Middle East continued to fuel supply concerns. "If U.S.-Iran tensions escalate, particularly through a direct confrontation, the risk rises that Iran's oil supply is adversely impacted. Iran exported 1.2-1.6 million barrels per day of crude oil through most of 2023, Dhar added, representing 1-1.5% of global oil supply. The key concern is Iran threatening a blockade of the Strait of Hormuz, which sees the transit of 15-20% of global oil supply," he added. Meanwhile, U.S. crude oil and distillates inventories were expected to have fallen last week while gasoline stocks were seen rising, a Reuters poll showed.

Persons: Brent, Vivek Dhar, Dhar Organizations: . West Texas, Commonwealth Bank of Australia, U.S, ANZ, Traders, Federal, Market, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy Locations: Hong Kong, China, Washington, Jordan, Iran, Israel, Gaza, Hormuz, Red, U.S

☆ Oil prices higher after Iran-linked drone strikes kill three U.S. troops, Biden vows retaliation
▼ + stars: | 2024-01-29 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

A drone launch during a military exercise in an undisclosed location in Iran captured in a handout image obtained on Aug. 25, 2022. Oil prices advanced early Monday after missiles launched by Iran-backed militants killed U.S. troops in Jordan on the weekend. Global benchmark Brent traded 0.57% higher at $84.03 a barrel, while the U.S. West Texas Intermediate futures rose 0.6% to $78.48 per barrel. They were the first American fatalities from enemy attacks since Israel's war with Hamas began on Oct. 7. "Have no doubt — we will hold all those responsible to account at a time and in a manner our choosing," he said.

Persons: Joe Biden Organizations: Brent, U.S . West Texas, White, Hamas Locations: Iran, Jordan, U.S, Syria, Iraq

☆ CNBC Daily Open: Big Tech earnings on tap
▼ + stars: | 2024-01-29 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China's luxury reboundChina's luxury sales market is bouncing back. Tech layoffs surgeSilicon Valley's tech companies are slashing headcount at a rapid pace. Since the start of January, some 23,670 workers have been laid off from 85 tech companies, according to the website Layoffs.fyi.

Persons: Google's Bard, Hong, Dow, It's, Brent, Kingsley Jones, Jevons, Tesla, Jones Organizations: Microsoft, CNBC, CSI, Nasdaq, LVMH, Hamas, U.S . West Texas Locations: Asia, Iran, Jordan, U.S

☆ Oil jumps 1% after Houthis attack on fuel tanker in Red Sea
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: +2 min

A lone pumpjack located in the middle of a large solar array outside of Bakersfield, Kern County, California. Oil prices jumped 1% on Monday on fuel supply concerns after a missile struck a Trafigura-operated fuel tanker in the Red Sea and as Russian refined products exports are set to fall as several refineries are under repair after drone attacks. Brent crude futures climbed 83 cents to $84.38 a barrel by 2341 GMT after hitting a session-high of $84.80. "Disruptions to supply have been limited, but that changed on Friday after an oil tanker operating on behalf of Trafigura was hit by a missile off the coast of Yemen," ANZ analysts said in a note. "With oil tankers linked to the U.S. and UK now under threat of attack, the market is likely to reprice the risk of disruptions."

Persons: Brent, Trafigura, Yemen's Organizations: . West Texas, Commodities, ANZ, Middle, Organization of, Petroleum Locations: Bakersfield, Kern County , California, Yemen, Middle East, Russia, OPEC

☆ These energy stocks may rally after U.S. crude oil prices rose above a key level this week
▼ + stars: | 2024-01-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Occidental Petroleum and Diamondback Energy may be poised to rally after U.S. crude oil prices broke above a key resistance level on Friday, according to the chief market strategist at Miller Tabak. "That paves the way for higher prices," said Bob Yawger, managing director and energy futures strategist at Mizuho Americas. "If crude oil rolls back over, breaks below that level — that's going to tell you that I'm wrong. "And that tells me that if he's buying a stock that's highly leveraged to the price of oil, he believes oil prices are going higher." Just on Friday, Houthi militants claimed responsibility for a missile attack on an oil tanker, while a Ukrainian drone attack on a Russian fuel terminal on the Baltic Sea helped push oil prices higher earlier in the week.

Persons: Miller Tabak, Miller, Matt Maley, Bob Yawger, Yawger, WTI, Maley, It's, Diamondback, Buffett, Warren Buffett, Berkshire Hathaway, Friday's, Houthi Organizations: Occidental Petroleum, Diamondback Energy, West Texas, CNBC, Mizuho Americas, Occidental, Diamondback, United States Oil ETF, Berkshire, Wall Street Locations: Miller Tabak ., China, Occidental, Occidental's, Houston, FactSet, U.S, Russia, Ukraine, Ukrainian, Baltic

☆ Oil tanker hit by missile after transiting Red Sea — Houthis claim responsibility
▼ + stars: | 2024-01-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Children walk near a billboard bearing the image of targeting ships, on the day Yemen's Houthi-run forces targeted an American ship in the Red Sea, on a street in Sana'a, Yemen, on Jan. 10, 2024. An oil tanker operated on behalf of Trafigura was struck by a missile on Friday after transiting the Red Sea, a company spokesperson told CNBC in statement. The Marlin Luanda, a petroleum products tanker vessel, was struck by the missile in the Gulf of Aden. Houthi militants in Yemen have attacked commercial vessels transiting the Red Sea since November in support of Palestinians. Several of the world's major oil tanker companies paused traffic toward the Red Sea immediately after the U.S. and Britain began launching airstrikes against the Houthis earlier this month.

Persons: Trafigura, Houthi, Yahya Saree, Carney, Brent, Robert Thummel, Thummel, WTI Organizations: CNBC, U.S . Navy, U.S . Central Command, Britain, West Texas Intermediate, U.S, Tortoise Capital Locations: American, Red, Sana'a, Yemen, Gulf, Aden, Marshall, U.S, Iran

☆ Oil poised for weekly gain as U.S. economic growth, China stimulus raise demand hopes
▼ + stars: | 2024-01-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Oil prices are on pace for a weekly gain as U.S. economic growth and stimulus in China raise hopes for more robust crude demand this year. U.S. crude and the global benchmark, however, are poised to post a weekly gain of more than 4%. The U.S. reported stronger-than-expected economic growth in the fourth quarter of 3.3%, compared to 2% expected by Wall Street. China, meanwhile, is loosening reserve requirements for its bank in an effort to boost growth amid concerns that its economy is faltering. The potential for more robust demand comes as crude supply fell in the U.S. due to winter storms.

Persons: Brent, Robert Thummel Organizations: West Texas Intermediate, U.S, Wall, Tortoise, CNBC, Energy Information Agency Locations: China, Wall Street, U.S

☆ Oil rises on U.S. crude stock draw, China stimulus hopes
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Thursday after data showed U.S. crude stockpiles fell more than expected last week, while the Chinese central bank's cut in banks' reserve ratio reinforced hopes of more stimulus measures and economic recovery. "A significant drop in the U.S. oil inventories and expectations of China's economic recovery and more stimulus measures supported oil prices," said Toshitaka Tazawa, an analyst at Fujitomi Securities. U.S. crude stockpiles tumbled by 9.2 million barrels last week, the Energy Information Administration said, more than quadruple the 2.2 million-barrel draw analysts forecast in a Reuters poll. Oil prices also drew support from hopes for China's economic recovery. "Oil investors do need a concrete catalyst to propel prices any further which honestly seem (to be) missing for now, Sachdeva said.

Persons: Toshitaka Tazawa, Priyanka Sachdeva, Phillip Nova, Sachdeva Organizations: Brent, U.S, West Texas, Fujitomi Securities, Energy Information Administration Locations: U.S, China, Yemen

☆ Oil prices gain $1 on strong U.S. economic growth
▼ + stars: | 2024-01-25 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil prices gained steam Thursday on stronger than expected U.S. economic growth, stimulus in China and falling domestic crude stockpiles. The U.S. economy grew 3.3% in the fourth quarter of 2023, soundly beating the Wall Street consensus estimate of 2%. Commercial crude oil stockpiles in the U.S. declined by 9.2 million barrels during the week ended Jan. 19, according to the Energy Information Agency. The stockpile decline is due to U.S. production taking a hit from a winter storm earlier this month, according to John Evans with PVM Oil Associates. U.S. production declined by 1 million barrels per day to 12.3 million bpd last week, according to estimates from the EIA.

Persons: Brent, John Evans, Ida, Ryan Grabinski, Grabinski, Evans Organizations: West Texas Intermediate, Energy Information Agency, PVM Oil Associates, Strategas Securities, Wednesday, CNBC PRO Locations: China, U.S, North Dakota, North America, Aden, Yemen, Iran, Iraq

☆ Oil prices dip on weak demand, strong dollar
▼ + stars: | 2024-01-24 | by ( ) www.cnbc.com time to read: +3 min

File: A Repsol Oil Operations oil drilling rig pounds into the desert searching through thousands of feet for and oil reserve in El-Sharara, Libya. Oil prices edged lower on Wednesday, weighed down by concerns over tepid demand and a stronger dollar even though escalating geopolitical tensions limited the losses. Gasoline inventories, however, increased by 7.2 million barrels, stoking concerns over fuel demand in the world's top oil consumer. A stronger U.S. dollar also weighed on oil prices as demand from buyers in other currencies ebbs as they have to pay more for dollar-denominated oil. Elsewhere, U.S.'s third-largest oil-producing state of North Dakota brought some oil output back online after weather-related disruption, the state's pipeline authority said.

Persons: Vikas Dwivedi Organizations: Operations, Brent, . West Texas, American Petroleum Institute, The Energy Information Administration, U.S . Department of Energy, Federal Reserve, Macquarie, U.S, Houthi, Sharara, Jan Locations: El, Sharara, Libya, Russia, Ukraine, Yemen, Britain, U.S, Iran, Red, Iraq, Iraqi, North Dakota

☆ Oil prices dip on demand worries as U.S. gasoline stocks surge
▼ + stars: | 2024-01-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil prices edged lower Wednesday as U.S. gasoline stocks rose significantly, suggesting demand might be faltering in the world's largest economy. U.S. crude oil inventories tumbled by 6.67 million barrels for the week ending Jan. 19, but gasoline stocks surged by 7.18 million barrels, according to the American Petroleum Institute. Rising gasoline stocks are a signal that demand might be weakening as supply returns to the market after disruptions in Libya and North Dakota. Geopolitical risk is largely already factored into prices, according to Dwivedi. The market is waiting for the Energy Information Agency to release the latest weekly U.S. crude supply data at 10:30 am ET.

Persons: Brent, Vikas Dwivedi, Tamas Varga Organizations: West Texas Intermediate, American Petroleum Institute, U.S, Macquarie, PVM Oil Associates, Energy Information Agency Locations: Libya, North Dakota

☆ Oil prices fall as investors monitor supply threats, Libya production restart
▼ + stars: | 2024-01-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

A Repsol Oil Operations oil drilling rig pounds into the desert searching through thousands of feet for and oil reserve in El-Sharara, Libya. Oil prices fell on Tuesday as investors monitored the war in Ukraine, the conflict in the Middle East and the restart of production at a major oilfield in Libya. The West Texas Intermediate contract for March fell $1.27, or 1.61%, to trade at $73.56 a barrel. Oil prices rallied about 2% on Monday after a suspected Ukrainian drone strike against a major Russian fuel terminal on the Baltic Sea highlighted the geopolitical threats to crude supplies. The potential threats to crude supplies have been tempered by Libya restarting production at the Sharara oilfield, which was shut down for about two weeks due to protests.

Persons: Brent, John Evans Organizations: Operations, The West Texas Intermediate, PVM Oil Associates, Houthi Locations: El, Sharara, Libya, Ukraine, The, Ukrainian, Baltic, U.S, Britain, Yemen, Red

☆ Oil prices steady as investors weigh Libya oilfield restart, Mideast tensions
▼ + stars: | 2024-01-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

A Repsol Oil Operations oil drilling rig pounds into the desert searching through thousands of feet for and oil reserve in El-Sharara, Libya. Oil prices were little changed on Monday as the market weighed the reopening of a key oilfield in Libya against ongoing tensions in the Middle East. Libya's National Oil Corporation resumed full production at the Sharara oilfield on Sunday after protests shut down output for two weeks. "The sentiment is sourer this morning because the force majeure on Libya's Sharara oil field has been lifted," Tamas Varga with PVM Oil Associates wrote in a note. OPEC, on the other hand, has presented a stronger outlook with oil demand forecast to grow by 2.2 million barrels per day, while production outside OPEC will grow by 1.3 million barrels per day.

Persons: Brent, Tamas Varga Organizations: Operations, The West Texas Intermediate, National Oil Corporation, PVM Oil Associates, U.S, U.S . Central Command, Houthi, International Energy Agency Locations: El, Sharara, Libya, The, Iran, Iraq, U.S, Syria, Gaza

☆ Oil extends losses as economic headwinds weigh on demand outlook
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell for a second day on Monday as economic headwinds pressured the global oil demand outlook and outweighed geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal over the weekend. Brent crude fell 41 cents, or 0.5%, to $78.15 a barrel by 0105 GMT after settling down 54 cents on Friday. "This morning's subdued re-open speaks volumes about current sentiment in the crude oil market despite ongoing geopolitical tensions in Europe and the Middle East," IG analyst Tony Sycamore said. Russian producer Novatek aid on Sunday it had been forced to suspend some operations at the Baltic Sea terminal because of a fire. In the Middle East, the Gaza war rages on while the U.S. struck another anti-ship missile preparing to launch into the Gulf of Aden by Yemen's Houthi militants on Saturday.

Persons: headwinds, Brent, Tony Sycamore, Yemen's, IG's Sycamore, Baker Hughes, JP Morgan Organizations: West Texas, U.S . Energy Information Administration, International Energy Agency, Organization of, Petroleum, Energy Locations: Red, Ras Behar, Egypt, Europe, Ukrainian, Russian, Gaza, U.S, Aden, Iran, China

☆ Surging U.S. oil production may set a record in 2024, shielding consumers from Mideast war and pressuring OPEC
▼ + stars: | 2024-01-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

Supply is forecast to grow by 1.5 million barrels per day to a new high of 103.5 million barrels per day, according to the IEA. Demand will grow by 1.2 million barrels daily, down from 2.3 million in 2023, with the post-pandemic recovery over and major economies set to slow. WTI and Brent closed out 2023 down more than 10% and OPEC+ production cuts have so far failed to lift prices. Goldman Sachs, for example, says oil prices could double if there is a prolonged disruption to shipments through the Strait of Hormuz. 'Golden era' Stronger U.S. oil production in 2023 surprised even oil industry CEOs such as Chevron's Wirth and Occidental's Vicki Hollub, they told CNBC in recent interviews.

Persons: Michael Wirth, Wirth, CNBC's Brian Sullivan, Goldman Sachs, Walt Chancellor, Daniel Yergin, Brent, Adi Imsirovic, Imsirovic, Yergin, Bob Yawger, Yawger, Matt Smith, Smith, Chevron's Wirth, Occidental's Vicki Hollub, I'm, Macquarie, Chancellor, Hollub, — Organizations: P, Energy Information Agency, Chevron, P Global, CNBC, Economic, West Texas, Center for Strategic, International Studies, OPEC, Bank of America, Oil, International Energy Agency, IEA, Brent, Mizuho, Gulf, Americas, Western Hemisphere Locations: East, U.S, Macquarie, Davos, Switzerland, Canada, United States, United Kingdom, OPEC, Brazil, Guyana, Americas, Europe, Red, Kpler, Iran, Hormuz

☆ Oil prices drift lower on China demand worries
▼ + stars: | 2024-01-19 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack stands idle near homes on February 09, 2023 in Long Beach, California. Oil prices drifted lower on Friday after a rally the day before, as geopolitical tensions and disruptions in U.S. oil production from a cold blast were countered by concerns over slow demand growth in China. Both benchmarks, which gained about 2% on Thursday as the International Energy Agency, or IEA, joined producer group OPEC in forecasting strong growth in global oil demand, are on track to end the week around 1-2% higher. There are also worries that the U.S.-China conflict could attract attention again as the U.S. election approaches, which would be negative for energy demand, he said. On Thursday, the IEA again raised its 2024 global oil demand growth forecast, though its projection remains lower than OPEC's expectations, and said the market looked well supplied because of strong growth outside the producer group.

Persons: Hiroyuki Kikukawa Organizations: Brent, U.S . West Texas, International Energy Agency, NS, Nissan Securities, U.S ., U.S . Energy Information Administration Locations: Long Beach , California, China, U.S, Pakistan, Iran, Tehran, Mandab, North Dakota

☆ Premarket stocks: Airline stocks are getting pummeled. Here are four reasons why
▼ + stars: | 2024-01-18 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —It’s been a tough month for shares of airline companies. Here’s why investors are getting out of airline stocks. Boeing’s “can of worms”: Boeing’s problems began on Jan. 5, when the door plug on an Alaska Airlines Boeing 737 Max 9 detached mid-flight. Oil prices are volatile: Investors are also concerned about a possible spike in oil prices. United Airlines Holdings shares have declined 8% so far in January and American Airlines Group shares have fallen 6%.

Persons: New York CNN — It’s, Wells, “, Max, JetBlue’s, Patrick T, Fallon, Brent, Ed Bastian, Antony Blinken, CNN’s Jennifer Hansler, Bryan Mena, Read Organizations: CNN Business, Bell, New York CNN, NYSE, Alaska Airlines Boeing, Max, Boeing, Alaska Airlines, US Federal Aviation Administration, National Transportation Safety, FAA, ”, Spirit Airlines, JetBlue, Spirit, CNN . Spirit Airlines Airbus, JetBlue Airlines Airbus, Los Angeles International Airport, Getty, US Justice Department, Hawaiian Airlines, Hawaiian Holdings, US, . West Texas, Delta Air Lines, Delta, United Airlines Holdings, American Airlines Group, Blinken’s Boeing, Commerce Department Locations: New York, Washington, Boston, AFP, Iran, Yemen, Davos, Zurich, deplane

☆ Red Sea crisis: Why escalating violence in the Middle East isn’t pushing up gas prices
▼ + stars: | 2024-01-18 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

The prices of a barrel of Brent crude, the global oil benchmark, and West Texas Intermediate, the US oil benchmark, have barely moved. Now, however, analysts say economic factors — weaker demand in countries such as China and Germany, ample oil and gas supply — are superseding concerns about violence in the Middle East. Al Drago/Bloomberg/Getty ImagesGlobal oil demand growth is expected to almost halve this year, the International Energy Agency said in a report Thursday. At the same time, global oil supply is forecast to hit an all-time high, driven by record output from countries including the United States and Canada, the IEA said. Nan said relatively modest demand was also helping to prevent spikes in gas prices.

Persons: Brent, “, Homayoun, “ It’s, ”, Hope, Al Drago, That’s, Falakshahi, Xi Nan, Kpler, Wood Mackenzie, Nan Organizations: London CNN, Hamas, West Texas Intermediate, AAA, CNN, National Bureau of Statistics, Bloomberg, Getty, International Energy Agency, Organization of, Petroleum, Rystad Energy, Gas Infrastructure, LNG “ Locations: Red, Iran, Pakistan, Gaza, Ukraine, China, Germany, South Africa, Washington , DC, United States, Canada, Russia, OPEC, Europe, wean, Gas Infrastructure Europe, Africa, Qatar, United Kingdom

☆ Oil prices edge higher on OPEC demand estimate, while cold hits U.S. output
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: +1 min

Oil prices edged higher on Thursday as OPEC forecast relatively strong growth in global oil demand over the next two years and a cold blast in the U.S. disrupted some oil production. OPEC, in a monthly report, said world oil demand will rise by a robust 1.85 million barrels per day (bpd) in 2025 to 106.21 million bpd. For 2024, OPEC saw demand growth of 2.25 million bpd, unchanged from its forecast in December. Meanwhile, in North Dakota, a top oil-producing U.S. state, below-zero degrees Fahrenheit temperatures caused oil output there to fall by 650,000 to 700,000 bpd, to less than half its typical output, the state said. Domestic crude stockpiles rose last week by 480,000 barrels, according to market sources citing American Petroleum Institute figures on Wednesday.

Persons: Fatih Birol Organizations: Brent, U.S . West Texas, American Petroleum Institute, International Energy Agency, Reuters Global Locations: U.S, North Dakota, Africa, United States, Yemen, Iran, Gaza

☆ Oil prices fall as stronger dollar offsets Red Sea disruptions risks
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell on Wednesday as a stronger U.S. dollar limited demand for greenback-denominated crude, though the rising risks of supply disruptions amid the intensifying conflict in the Red Sea curbed the losses. U.S. West Texas Intermediate crude futures , or WTI, fell 43 cents, or 0.59%, to $71.97 a barrel. The stronger dollar reduces demand for dollar-denominated oil for buyers paying in other currencies. British oil major Shell suspended shipments through the Red Sea after the U.S. and UK strikes began, but U.S. producer Chevron is maintaining its Red Sea routes. "While oil benchmarks may not reflect the Red Sea attacks, the realized price for oil and oil products for consumers has increased given the disruption to trade flows through the Red Sea and Suez Canal," Vivek Dhar, director of mining and energy commodities strategist at the Commonwealth Bank of Australia, said in a note.

Persons: Brent, WTI, Daniel Hynes, Vivek Dhar Organizations: greenback, Global, Brent, . West Texas, U.S, U.S . Federal Reserve, ANZ Bank, Shell, Chevron, Commonwealth Bank of Australia Locations: U.S, Iran, Yemen, Red, Suez

☆ Oil ticks up as Middle East crisis escalates, tankers divert
▼ + stars: | 2024-01-16 | by ( ) www.cnbc.com time to read: +1 min

An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma. Oil prices edged slightly higher on Tuesday as the Middle East crisis escalated and ship tracking data showed more tankers altering course away from the Red Sea in response to attacks in the area by Yemen's Houthi movement. U.S. West Texas Intermediate crude was down 17 cents, or 0.2%, at $72.52 per barrel after a U.S. public holiday on Monday. More oil tankers were steering clear of the southern Red Sea on Monday, due to the disruptions, increasing the cost of shipping and the time it takes to move oil from one place to another. Oil prices rose 2% last week in response to the rising conflict in the region, but the lack of direct impact on oil production could be limiting gains, according to analysts.

Persons: Yemen's, INTERTANKO Organizations: Brent, . West Texas, Combined Maritime Forces Locations: Cushing , Oklahoma, ., U.S, Iran, Yemen, Bahrain, Mandab, Hormuz

☆ Oil slips; investors eye Mideast developments
▼ + stars: | 2024-01-15 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures fell 31 cents, or 0.4%, to $77.98 a barrel by 0124 GMT after settling up 1.1% on Friday. The U.S. later said it shot down a missile fired at one of its ships from Houthi militant areas of Yemen. "As the Middle East conflict is currently not affecting oil production, the geopolitical risk premium priced in oil prices now appears modest based on the implied volatility of options," Goldman Sachs analysts said in a note. "While unlikely to materialize in our view, we estimate that oil prices would rise 20% in the first month of a Strait of Hormuz interruption, and may temporarily double in a less likely extended disruption." In Libya, people protesting against perceived corruption threatened to shut down two more oil and gas facilities after shutting the 300,000 barrel-per-day Sharara field on Jan. 7.

Persons: Joe Biden, Goldman Sachs, Martin Luther King Organizations: U.S, . West Texas, British Locations: Yemen, Red, Iran, Gaza, United States, Strait, Hormuz, Libya, U.S

☆ Oil prices rise more than 2% after US, Britain strikes in Yemen
▼ + stars: | 2024-01-12 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose more than 2% on Friday as the United States and Britain carried out strikes against Houthi military targets in Yemen in retaliation for attacks by the Iran-backed group on shipping in the Red Sea starting from late last year. The Houthi attacks in the Red Sea have disrupted international commerce on the key route between Europe and Asia, which accounts for about 15% of the world's shipping traffic. Since October, Houthis have attacked commercial vessels in the Red Sea to show support for Palestinian militant group Hamas in its fight against Israel. Shipping giant Maersk said on Thursday it will divert all vessels away from the Red Sea for the foreseeable future, warning customers of further disruptions. The Houthi attacks have been concentrated on the Bab al-Mandab Strait to the southwest of the Arabian Peninsula.

Persons: Joe Biden, Houthis Organizations: Brent, U.S, West Texas, Palestinian, Hamas, Israel . Shipping Locations: Midland , Texas, U.S, United States, Britain, Yemen, Iran, Red, Israel, Australia, Bahrain, Canada, Netherlands, Europe, Asia, Turkey, Mandab, Hormuz, Oman

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