US Moves to Break Iran’s Chokehold on Hormuz
- Brent crude prices held near $114 per barrel on Tuesday following fresh hostilities in the Middle East, as investors monitored the US-Israeli conflict with Iran. The US and Iran launched maritime attacks in the Gulf on Monday, wrestling for control over the Strait of Hormuz.
- Tensions surged after the US Navy-led operation 'Project Freedom' shattered a four-week ceasefire aimed at clearing shipping lanes. Iran responded by launching attacks in the Gulf to counter US moves for control over the Strait of Hormuz.
- Following an Iranian strike on a key oil port in the United Arab Emirates, several commercial vessels were struck Monday. Phillip Nova senior market analyst Priyanka Sachdeva noted prices trade in a volatile range, "driven largely by ongoing tensions in the Strait of Hormuz."
- Chevron CEO Mike Wirth is seeking to re-route crude from offshore platforms recently restarted by Sable Offshore to its 285,000 b/d El Segundo refinery to boost local imports. This shift aims to mitigate disruptions to Middle Eastern supply.
- With 11 million b/d of production shut across the Middle East, Wood Mackenzie Iraq projects the country would need at least 9 months to return to pre-war capacity. Market participants worry about the viability of Gulf exports even if the current blockade ends.
11 Articles
11 Articles
US Moves to Break Iran’s Chokehold on Hormuz
Oil Shockwave: Middle East Crisis Sends 2027 Prices Into Orbit - The deteriorating oil crisis in the Middle East is gradually pushing up oil price expectations not only for this year but also for 2027 ahead, with market participants worried about the viability of Gulf exports even if the current double blockade ends. - Some 11 million b/d of production is currently shut across the Middle East, with most oil producers reaching tank-tops and unab…
Oil prices are down on Tuesday (5), despite the escalation of tensions in the Middle East, but remain above US$ 100 per barrel. Around 1:40 p.m., by Brasília's time, Brent oil, the global reference, of July, fell more than 3.6%, to about US$ 110.3 per barrel. WTI (West Texas Intermediate), the US reference, of June, fell more than 4%, to approximately US$ 102 per barrel. Brent closed to US$ 114.4 per barrel on the second (5), the highest closing…
US stock futures rise as oil dips, Middle East tensions linger
The Dow E-minis added 0.35%, the S&P 500 E-minis gained 0.4%, and the Nasdaq 100 E-minis rose 0.62%. (EPA Images pic) NEW YORK: US stock index futures rose on Tuesday, signaling a rebound in equities as oil prices ticked lower even though renewed tensions threatened to upend a fragile Middle East truce after the US and Iran exchanged fire in the Gulf. Markets are being pulled in opposite directions by the conflict and the rapidly shifting situa…
Brent retreated this Tuesday, but remained close to US$ 114 per barrel after further hostilities between the United States and Iran in the Gulf. Asian stock exchanges closed low and concerns about the impact on energy, inflation and activity are growing. Read more
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