Tag: oil prices

Trump claims victory as Iran resists, sending oil prices soaring and global economy into tailspin

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oil prices

WASHINGTON: Former US President Donald Trump has claimed victory in a conflict with Iran, but Tehran continues to resist, a situation that has sent oil prices through the roof and pushed the global economy into a tailspin, according to reports. An unplanned war with unintended consequences The escalating standoff between the United States and Iran has produced far-reaching and largely unintended consequences for the global economy. What has been described as an unplanned war has spiralled into a crisis with ramifications well beyond the Middle East, affecting energy markets and international…

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Oil prices steady as Iran-US tensions and US data eyed

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Oil prices

NEW YORK: Oil prices were little changed on Tuesday as the market waited for direction from news on Iran and Russia and data on the U.S. economy and U.S. oil inventories. Brent futures rose 27 cents, or 0.4%, to $69.31 a barrel at 9:58 a.m. EST (1458 GMT), while U.S. West Texas Intermediate (WTI) crude rose 12 cents, or 0.2%, to $64.48. “The market is still focused on the tensions between Iran and the U.S.,” said Tamas Varga, oil analyst at brokerage PVM. “But unless there are concrete signs of…

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Oil prices ease on surprise build in US crude stockpiles

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oil

NEW YORK: Oil prices eased about 1percent to a two-week low on Thursday on a surprise build in US crude inventories last week and expectations that OPEC+ producers will increase output targets at a meeting this weekend. Brent crude futures fell 67 cents, or 1.0percent, to USD66.93 a barrel at 12:05 p.m. EDT (1603 GMT), while US West Texas Intermediate (WTI) crude fell 59 cents, or 0.9percent, to USD63.38. That put Brent on track for its lowest close since August 20. The US Energy Information Administration said energy firms added…

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Oil rises on weaker dollar and Russian supply disruptions

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LONDON: Oil rose by more than 1% on Monday on concern over supply disruptions stemming from intensified Russia-Ukraine airstrikes as well as a weaker dollar. Brent crude was up 80 cents, or 1.2%, at $68.28 a barrel at 1335 GMT. U.S. West Texas Intermediate crude also rose 80 cents, or 1.3%, to $64.81. Trading is expected to be muted because of a U.S. public holiday. Brent and WTI crude registered their first monthly declines in four months in August, losing 6% or more on increased supply from the OPEC+ producer…

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Oil prices edge up as traders weigh supply risks

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Oil falls

LONDON: Oil prices climbed on Monday as traders weighed concerns that Russian supply could be disrupted by more U.S. sanctions and Ukrainian attacks targeting energy infrastructure in Russia. Brent crude futures rose 40 cents, or 0.6%, to $68.13 by 1200 GMT, and West Texas Intermediate (WTI) crude futures gained 44 cents, or 0.7%, to $64.10. “The market is somewhat concerned that these peace negotiations are going nowhere,” said Ole Hansen, head of commodity strategy at Saxo Bank. “The market is looking for supply to exceed demand in the autumn months, but in…

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