Oil futures gave up early gains that followed U.S. strikes on Iranian targets, slipping into the red amid optimism about diplomatic efforts to bring the U.S. and Iran to a conflict settlement.
The dollar rose on Election Day in the US, buoyed by climbing Treasury yields and solid economic data, while traders monitored developments in the Middle East for a sense of the greenback’s direction.
Rebounding oil flows from the Persian Gulf are sending the cost of physical cargoes around the world tumbling, hitting key grades from the Middle East to the North Sea and Africa.
YPF Chairman and CEO Horacio Marin says the company is working with Eni and XRG and aims to sign an agreement by the end of November. Marin spoke to Bloomberg’s Abeer Abu Omar about the project and the need for more energy supply amid conflicts in the Middle East and the Russia-Ukraine war. (Source: Bloomberg)
PIMCO CEO Emmanuel Roman says the ongoing crisis in the Middle East is driving high interest rates. Roman spoke to Yvonne Man and David Ingles on the sidelines of the HKMA Global Financial Leaders’ Investment Summit. (Source: Bloomberg)
Middle East oil markets are indicating near-term supply is outpacing demand for the first time since July — when global prices plummeted after a temporary ceasefire between the US and Iran allowed tankers to exit the Persian Gulf through the Strait of Hormuz.
Oil steadied after its biggest slump in more than three months, with the US and Iran signaling a willingness to pursue peace talks as the war in the Middle East enters its ninth month.
Its share of world oil production is enough that disruptions still come as a shock.
Snyder told actor Terry Crews in an interview on the company’s website that the chain’s Texas supply route to Tennessee could make all three states a natural next step.
The Middle East’s leading Arab oil producing nations are shipping crude at about the same rate as before the war, bringing a tide of supply to the global market that’s helped to temper prices.
Prices dropped as renewed diplomatic efforts to end the conflict between the U.S. and Iran eased concerns over Middle East oil supplies, reversing some of last week’s gains.
Marriott International’s quarterly revenue rose, with the hotel company pointing to broad-based demand in the U.S. and Canada as well as improving travel trends in the Middle East.
Analysts at the investment bank said Brent crude could reach $140 a barrel next year if tensions worsen in the Middle East.
Ryanair Holdings Plc will embark on a cost purge across its airline to help offset a €2 billion ($2.2 billion) increase in fuel charges next year, as the Middle East conflict continues to drive up oil prices and weighs on consumer willingness to book flights.
Emerging-market currencies fell as investors weighed lingering Middle East tensions and awaited US economic data later this week.
Goldman Sachs Group Inc. raised oil-price forecasts for the year-end and 2027 on elevated risks to supplies, joining other banks in hiking their outlooks after months of war in the Middle East.
Major OPEC+ nations are set to stick with plans to keep oil production quotas unchanged in December, two delegates said, as conflict in the Middle East continues to curb swaths of the group’s output.
Safe-haven gold fell to its lowest price in a year, despite jitters around the potential for fresh Middle East attacks following the U.S. midterm elections on Tuesday
ExxonMobil and Chevron posted massive quarterly profits as Middle East and Russia-Ukraine conflicts drove gas prices up 34.2% year over year.
The news is a blow to the German chemical company’s attempts to challenge rivals from Asia and the Middle East.
Oil climbed as traders gauged Washington’s appetite for renewed military escalation against Iran, adding fresh risk to supplies in the Middle East.
Oil prices fell as traders assessed fresh U.S. efforts to revive peace negotiations with Iran, while persistent Middle East supply risks and the possibility of renewed military escalation limited losses.
Carnival is cutting fuel use, while Royal Caribbean and Norwegian rely on "hedging" to keep fuel costs down amid conflict in the Middle East.
CPI release comes ahead of Reserve Bank decision next week as the Middle East conflict intensifies the cost-of-living crisis Follow our Australian politics live blog for latest updates Get our daily political email , free app or daily news podcast Australia’s headline inflation rate has accelerated to 4.3%, with a key gauge that strips out volatile prices also elevated, sharpening expectations of another interest rate rise next week. The Reserve Bank of Australia’s preferred measure of consumer prices, called underlying inflation, came in at an annual 3.6% to September. Continue reading...
