Latest news with #NationalIranianOilRefiningandDistributionCompany
Qatar Tribune
14-06-2025
- Business
- Qatar Tribune
Oil settles up as Israel, Iran trade air strikes
Oil prices jumped on Friday and settled 7% higher as Israel and Iran traded air strikes, feeding investor worries that the combat could widely disrupt oil exports from the Middle East. Brent crude futures settled at $74.23 a barrel, up $4.87 after earlier soaring over 13% to an intraday high of $78.50. Brent was 12.5% higher than a week ago. U.S. West Texas Intermediate crude finished at $72.98 a barrel, up $4.94. During the session, WTI jumped over 13% to $77.62. WTI climbed 13% to its level a week ago. Both benchmarks had their largest intraday moves since 2022 when Russia's invasion of Ukraine caused a spike in energy prices. Israel said it had targeted Iran's nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. Iran has promised a harsh response. Shortly after trading ended on Friday, Iranian missiles hit buildings in Tel Aviv, Israel, according to multiple media reports. Explosions were also heard in southern Israel. The National Iranian Oil Refining and Distribution Company said oil refining and storage facilities had not been damaged and continued to operate. The latest developments have also stoked concerns about disruptions to the Strait of Hormuz, a vital shipping passage. About a fifth of the world's total oil consumption passes through the strait, or some 18 to 19 million bpd of oil, condensate and fuel. Asian Spot Prices Gain on Geopolitical Tensions, Rising Temperatures Asian spot liquefied natural gas (LNG) prices saw gains last week as rising temperatures in the northeast part of the region led to some pick-up in demand, and as escalating geopolitical tensions in the Middle East raised concerns about supply disruptions. The average LNG price for July delivery into north-east Asia was at $12.60 per million British thermal units (mmBtu), up from $12.30 per mmBtu last week and its highest levels since early April, industry sources estimated. Following Israel's attack on Iranian military and nuclear targets, Iran showed interest in taking revenge to these assaults, expanding the geopolitical premium, analysts said. For gas and LNG, the real risk would be to disrupt LNG exports via the Strait of Hormuz. Given earlier military threats, this still seems far away, at least for now, according to analysts. Meanwhile, increased South Korean appetite helped to lift prices, as well as incremental demand from Taiwan and China ahead of the cooling demand season. Many parts of China are experiencing above-seasonal average temperatures, which may increase gas-for-power demand through to end-June, while Japan is expecting a 70% probability for above-average temperatures until the end of the month. In Europe, gas price at the Dutch TTF hub settled at $12.83 per mmBtu, about 6% higher than a week ago. In the U.S., gas climbed about 3% on Friday on worries the conflict could disrupt Middle Eastern oil and gas supplies. — By The Al-Attiyah Foundation
Time of India
14-06-2025
- Business
- Time of India
Crude jitters, not crisis: Oil firms eye margin hit, but rule out supply shock amid Israel-Iran tensions
Indian oil companies expect their profit margins to shrink due to rising crude prices but do not anticipate a major supply crisis after the Israel-Iran military conflict caused a sharp 9% spike in oil prices on Friday, reported TOI. Benchmark Brent crude briefly surged to $78.50 a barrel before settling at $75.55- $6.19 above the previous close- marking the sharpest single-day swing since Russia's invasion of Ukraine in February 2022. After holding a review meeting with petroleum secretary Pankaj Jain and top officials of state-run oil refiners and retailers, Union Minister Hardeep Singh Puri said India has sufficient energy reserves. 'India's energy strategy is shaped by successfully navigating the trilemma of energy availability, affordability and sustainability under the dynamic leadership of PM Narendra Modi,' he posted on X. India consumes between 4.5 and 5 million barrels of oil per day. The country has emergency reserves of 5 million tonnes- about 37 million barrels- while refiners and oil firms hold additional stocks for 40–45 days. A significant volume of crude is also in transit, and fuel is stored across refineries and depots nationwide. Despite this preparedness, India relies on imports for over 80% of its oil and half of its gas requirements. Around 50% of these imports pass through the Hormuz Strait , a vital chokepoint handling nearly 20% of global seaborne oil flows. 'India doesn't buy any oil from Iran. So there's no worry on that count,' a senior oil company executive said, speaking on condition of anonymity. 'As far as blocking Hormuz Strait is concerned, it is extremely unlikely. It has never happened before, even during earlier wars. Blocking Hormuz will draw in others in the region as both outbound crude and inbound refined products will halt. Iran itself will suffer.' According to a statement by the Iranian government, the country's refineries and fuel depots under the National Iranian Oil Refining and Distribution Company have not sustained any damage and are operating normally. The primary concern for oil companies is declining profitability. 'We are sure to end up taking a hit on profitability as under-recoveries return if oil remains elevated for an extended period,' another executive said. While some believe the market has already absorbed the geopolitical risk—as evident from the fallback in crude prices—most agree that insurance premiums will rise due to increased threat perception and the likelihood of vessels avoiding conflict-prone waters. 'Iran may not block Hormuz. But Teheran-backed rebels could target vessels. Even in such cases, interruptions of a cargo or two can easily be bridged from elsewhere as India has a diversified pallate,' the first executive added. Industry insiders said that margins on petrol and diesel sales are in single digits, while under-recoveries on domestic LPG cylinders have reached Rs 160–170. If crude remains costly, imported LNG- priced against Brent- will also see a rise in cost.
Business Recorder
14-06-2025
- Business
- Business Recorder
Oil up 6pc after Israel's strikes on Iran
HOUSTON: Oil prices fell off multi-month highs hit earlier on Friday as Israeli air strikes avoided Iranian oil sites, but prices still up about 6% as investors worried that the tensions could disrupt Middle East oil supplies. Brent crude futures were up $4.11, or 5.9%, to $73.47 a barrel by 11:12 a.m. EDT (1712 GMT), after earlier soaring over 13% to an intraday high of $78.50, the strongest level since January 27. US West Texas Intermediate crude was up $4.38, or 6.4%, at $72.42, after earlier jumping over 14% to its highest since January 21 at $77.62. Friday's gains were the largest intraday moves for both contracts since 2022 when Russia's invasion of Ukraine caused a spike in energy prices. Israel said it had targeted Iran's nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. Iran has promised a harsh response. US President Donald Trump urged Iran to make a deal over its nuclear programme, to put an end to the 'next already planned attacks.' The National Iranian Oil Refining and Distribution Company said oil refining and storage facilities had not been damaged and continued to operate. 'Almost every time you get that big fear response, but then it's almost always not as bad as first thought,' said Phil Flynn, senior analyst at Price Futures Group. 'The Israelis haven't targeted oil refineries and oil pipelines. They haven't targeted oil ships.' One primary concern, according to analysts, was whether the latest developments would affect the Strait of Hormuz, said Nikos Tzabouras, senior market analyst at 'Sustained upside would require actual disruptions to physical flows - such as damage to Iran's oil infrastructure or a blockade of the Strait of Hormuz, a key global chokepoint,' Tzabouras said in a note on Friday morning.
Express Tribune
13-06-2025
- Business
- Express Tribune
Oil up 6% as Israel strikes avoid oil sites
Listen to article Oil prices fell off multi-month highs hit earlier on Friday as Israeli air strikes avoided Iranian oil sites, but prices still up about 6% as investors worried that the tensions could disrupt Middle East oil supplies. Brent crude futures were up $4.11, or 5.9%, to $73.47 a barrel by 1712 GMT, after earlier soaring over 13% to an intraday high of $78.50, the strongest level since January 27. US West Texas Intermediate crude was up $4.38, or 6.4%, at $72.42, after earlier jumping over 14% to its highest since January 21 at $77.62. Friday's gains were the largest intraday moves for both contracts since 2022. The National Iranian Oil Refining and Distribution Company said oil refining and storage facilities had not been damaged and continued to operate. One primary concern, according to analysts, was whether the latest developments would affect the Strait of Hormuz, said Nikos Tzabouras, senior market analyst at In other markets, stocks dived and there was a rush to safe havens such as gold and the US dollar and Swiss franc. REUTERS
Shafaq News
13-06-2025
- Business
- Shafaq News
Oil jumps over 7% after Israel strikes Iran
Shafaq news/ Oil prices jumped over 7% on Friday to multi-month highs after Israel launched air strikes against Iran, sparking Iranian retaliation and raising worries about a disruption in Middle East oil supplies. Brent crude futures were up $4.94, or 7.12%, to $74.30 a barrel at 1442 GMT, after hitting an intraday high of $78.50, the strongest level since January 27. U.S. West Texas Intermediate crude was up $4.72, or 6.94%, at $72.75, touching its highest since January 21 at $77.62 earlier in the session. Friday's gains were the largest intraday moves for both contracts since 2022, after Russia's invasion of Ukraine caused a spike in energy prices. Israel said it had targeted Iran's nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. Iran has promised a harsh response. U.S. President Donald Trump urged Iran to make a deal over its nuclear programme, to put an end to the "next already planned attacks." The National Iranian Oil Refining and Distribution Company said oil refining and storage facilities had not been damaged and continued to operate. The primary concern was whether the latest developments would affect the Strait of Hormuz, said Nikos Tzabouras, senior market analyst at "Sustained upside would require actual disruptions to physical flows - such as damage to Iran's oil infrastructure or a blockade of the Strait of Hormuz, a key global chokepoint," Tzabouras said in a note on Friday morning. About a fifth of the world's total oil consumption passes through the strait, or some 18 to 19 million barrels per day (bpd) of oil, condensate and fuel. So far, no impact to oil flow in the region has been seen, Saxo Bank analyst Ole Hansen said. "No energy installations have been impacted by the Israeli strikes, so unless Iran decides to drag other nations, especially the U.S. into the conflict, the risk of a supply disruption remains low and should over time reduce the risk premium," Hansen said. Iran could pay a heavy price for blockage of the Strait of Hormuz, which it and its neighbors rely on to ship oil to Asian markets, analysts said on Friday. "Iran's economy heavily relies on the free passage of goods and vessels through the seaway, as its oil exports are entirely sea-based. Finally, cutting off the Strait of Hormuz would be counterproductive to Iran's relationship with its sole oil customer, China, said Natasha Kaneva, Prateek Kedia, Lyuba Savinova, analysts with JP Morgan. In other markets, stocks dived and there was a rush to safe havens such as gold and the U.S. dollar and Swiss franc.
