Latest news with #StraitOfHormuz
Bloomberg
3 hours ago
- Business
- Bloomberg
Oil Could Spike to $90 If Strait of Hormuz Shut, Citigroup Says
Brent crude could jump to around $90 a barrel if the Strait of Hormuz is closed, according to Citigroup Inc., which added that a prolonged halt to shipping through the crucial waterway would be unlikely. 'Any closure of the Strait could lead to a sharp price spike,' analysts including Anthony Yuen and Eric Lee wrote in a note, citing the bank's current bullish case scenario. 'But we think the duration should be short, as all efforts would focus on a reopening, so that it should not be a multi-month closure.'
Yahoo
5 hours ago
- Business
- Yahoo
Oil set to rise for third week on escalating Israel-Iran conflict
SINGAPORE (Reuters) -Oil prices were on track to rise for the third straight week despite slipping on Friday, with investors on edge as the week-old war between Israel and Iran showed no signs of either side backing down. Brent crude futures fell $1.57 cents, or 2%, to $77.28 a barrel by 0030 GMT. On a weekly basis, it was up 3.9%. The U.S. West Texas Intermediate crude for July - which did not settle on Thursday as it was a U.S. holiday and expires on Friday - was up 86 cents, or 1.1%, to $76. The more liquid WTI for August rose 0.7%, or 50 cents to $74. Prices jumped almost 3% on Thursday as Israel bombed nuclear targets in Iran, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight. "Oil prices remain high due to doubled tanker rates and ships avoiding the Strait of Hormuz," said Phil Flynn, analyst at The Price Futures Group. "The risk to supply is keeping them on edge while there have been no major disruptions of Iranian exports," Flynn said. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day of crude oil. About 18 million to 21 million bpd of oil and oil products move through the Strait of Hormuz along Iran's southern coast, and there is widespread concern the fighting could disrupt trade flows in a blow to supplies. There was no sign of an exit strategy from either side, as Israeli Prime Minister Benjamin Netanyahu said Tehran's "tyrants" would pay the "full price" and Iran warned against a "third party" joining the attacks. The White House said on Thursday that President Donald Trump will decide whether the U.S. will get involved in the Israel-Iran conflict in the next two weeks. "The "two-week deadline" is a tactic Trump has used in other key decisions. Often these deadlines expire without concrete action,.. which would see the crude oil price remain elevated and potentially build on recent gains," said Tony Sycamore, analyst at IG. Sign in to access your portfolio
Reuters
5 hours ago
- Business
- Reuters
Oil set to rise for third week on escalating Israel-Iran conflict
SINGAPORE, June 20 (Reuters) - Oil prices were on track to rise for the third straight week despite slipping on Friday, with investors on edge as the week-old war between Israel and Iran showed no signs of either side backing down. Brent crude futures fell $1.57 cents, or 2%, to $77.28 a barrel by 0030 GMT. On a weekly basis, it was up 3.9%. The U.S. West Texas Intermediate crude for July - which did not settle on Thursday as it was a U.S. holiday and expires on Friday - was up 86 cents, or 1.1%, to $76. The more liquid WTI for August rose 0.7%, or 50 cents to $74. Prices jumped almost 3% on Thursday as Israel bombed nuclear targets in Iran, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight. "Oil prices remain high due to doubled tanker rates and ships avoiding the Strait of Hormuz," said Phil Flynn, analyst at The Price Futures Group. "The risk to supply is keeping them on edge while there have been no major disruptions of Iranian exports," Flynn said. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day of crude oil. About 18 million to 21 million bpd of oil and oil products move through the Strait of Hormuz along Iran's southern coast, and there is widespread concern the fighting could disrupt trade flows in a blow to supplies. There was no sign of an exit strategy from either side, as Israeli Prime Minister Benjamin Netanyahu said Tehran's "tyrants" would pay the "full price" and Iran warned against a "third party" joining the attacks. The White House said on Thursday that President Donald Trump will decide whether the U.S. will get involved in the Israel-Iran conflict in the next two weeks. "The "two-week deadline" is a tactic Trump has used in other key decisions. Often these deadlines expire without concrete action,.. which would see the crude oil price remain elevated and potentially build on recent gains," said Tony Sycamore, analyst at IG.
Yahoo
5 hours ago
- Business
- Yahoo
Oil set to rise for third week on escalating Israel-Iran conflict
SINGAPORE (Reuters) -Oil prices were on track to rise for the third straight week despite slipping on Friday, with investors on edge as the week-old war between Israel and Iran showed no signs of either side backing down. Brent crude futures fell $1.57 cents, or 2%, to $77.28 a barrel by 0030 GMT. On a weekly basis, it was up 3.9%. The U.S. West Texas Intermediate crude for July - which did not settle on Thursday as it was a U.S. holiday and expires on Friday - was up 86 cents, or 1.1%, to $76. The more liquid WTI for August rose 0.7%, or 50 cents to $74. Prices jumped almost 3% on Thursday as Israel bombed nuclear targets in Iran, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight. "Oil prices remain high due to doubled tanker rates and ships avoiding the Strait of Hormuz," said Phil Flynn, analyst at The Price Futures Group. "The risk to supply is keeping them on edge while there have been no major disruptions of Iranian exports," Flynn said. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day of crude oil. About 18 million to 21 million bpd of oil and oil products move through the Strait of Hormuz along Iran's southern coast, and there is widespread concern the fighting could disrupt trade flows in a blow to supplies. There was no sign of an exit strategy from either side, as Israeli Prime Minister Benjamin Netanyahu said Tehran's "tyrants" would pay the "full price" and Iran warned against a "third party" joining the attacks. The White House said on Thursday that President Donald Trump will decide whether the U.S. will get involved in the Israel-Iran conflict in the next two weeks. "The "two-week deadline" is a tactic Trump has used in other key decisions. Often these deadlines expire without concrete action,.. which would see the crude oil price remain elevated and potentially build on recent gains," said Tony Sycamore, analyst at IG. Sign in to access your portfolio
Times
6 hours ago
- Business
- Times
War bunker or CEO summit? Iran looms over The Times's annual gathering
For a moment, this year's Times CEO summit felt more like a command bunker on war alert than a conventional meeting of business leaders. It began with Sir Niall Ferguson, the historian and geopolitics expert, estimating there was a 70 per cent chance of American B2s taking off from Missouri to bomb Iran's underground uranium enrichment facility within hours, or days at most. It ended with Rachel Reeves, the chancellor, calling for de-escalation while admitting that 'assets' including British Typhoon jets had been moved to the region. With the oil price rising fast and speculation rampant about possible disruption to trade through the Strait of Hormuz, chief executives were alive to the way politics more than ever impedes on their decision-making.
