Houthi threats to Saudi oil shipments via Bab al-Mandab have pushed Brent crude above $100 a barrel and raised fears of a further spike. The disruption is also tightening global diesel, petrol and gas markets.
US President Donald Trump threatened to destroy Iranian infrastructure, including bridges or power plants in or near Tehran, for any attack on ships in the Strait of Hormuz, amid escalating US strikes on Iran and the strait's closure impacting global oil trade.
Market forecasts indicate a doubled likelihood of a Reserve Bank interest rate hike as escalating Middle East tensions drive fuel prices higher. Brent crude surged 23% to near $US90/barrel, impacting Australian motorists and raising stagflation concerns for the economy.
The escalating Middle East crisis has driven Brent crude prices up 23% to near $US90/barrel, doubling market forecasts for an Australian Reserve Bank interest rate hike. Australian motorists face rising fuel costs as experts warn of a critical juncture for global energy markets.
China's crude oil demand is expected to peak in 2023, driven by renewable energy development and EV adoption, according to CNPC executives. This shift, coupled with refining overcapacity, will reshape the global energy market.
US-Iran indirect talks in Qatar led to a memorandum of understanding, facilitating the reopening of the Strait of Hormuz and causing global oil prices to fall. Concerns about an oil glut are rising due to China's reduced imports and increased global production, despite the fragile truce and upcoming US sanctions expiry.
An explosion and fire at Qatar's Barzan gas supply facility in Ras Laffan injured 54 people and left 18 missing. The incident occurred as workers tried to resume operations after an earlier bombing by Iran, which had disrupted shipments.
An explosion at Qatar's Ras Laffan industrial area, a key natural gas export terminal, injured at least 54 people and left 18 missing. The blast occurred as workers attempted to resume operations after a previous bombing by Iran, potentially disrupting global energy markets.
The UK's energy price cap will increase by 13% to £1,862/year from July to September, driven by soaring global energy prices amid the war in Iran, affecting average households with a £221 annual rise.
Iran's Embassy in India rejected US Secretary of State Marco Rubio's accusations, blaming US sanctions for global energy market disruptions and calling Rubio's remarks an attempt to distort regional realities.
US Secretary of State Marco Rubio visited India to discuss energy security, stressing US exports to diversify India's supply and prevent geopolitical disruptions. He met PM Modi, inviting him to the White House and discussing Middle East, critical supply chains, and emerging technologies.
BNEF'in raporuna göre, küresel batarya depolama kapasitesi 2050'ye kadar 17 kat artacak. Güneş enerjisi 2032'de lider kaynak olacakken, yapay zeka veri merkezleri talebi artıracak ve petrol talebi 2029'da zirve yapacak.
US President Donald Trump and Chinese President Xi Jinping agreed on the need to reopen the Strait of Hormuz to stabilize global energy supplies, amid discussions on the Iran conflict and its economic impacts during their meeting in Beijing.
Russian Foreign Minister Sergey Lavrov assures India that Russia will fulfill all energy supply agreements despite unfair external competition, highlighting global energy market challenges and Western aggression.
US aims to dominate global energy markets, pushing Russian companies like Lukoil and Rosneft out of international business, including Africa and the Balkans
The Indian government has assured citizens of uninterrupted fuel supplies, citing adequate reserves and fiscal measures to mitigate the impact of rising global crude prices caused by the ongoing Middle East conflict.
Pakistan’s bid to mediate between the US and Iran has put Islamabad near the centre of efforts to defuse the Middle East conflict, but with no lasting peace yet in sight, its fragile economy is becoming increasingly exposed to the fallout from the war. While soaring oil prices and disrupted flows through the Strait of Hormuz have led to turmoil in global energy markets, analysts said Pakistan has especially limited room to absorb the blow because of its thin foreign exchange reserves, dependence...
The United Arab Emirates has announced its departure from OPEC, citing weeks of Iranian missile and drone strikes disrupting exports through the Strait of Hormuz. Analysts warn this could trigger other members to exit, with Kazakhstan, Nigeria and Venezuela flagged as potential 'flight risks' due to frustration with production quotas. The UAE pumped 2.37 million bpd in March against capacity of 4.3 million bpd, with the country increasingly unwilling to be constrained by quotas designed to support prices.
The United Arab Emirates will exit OPEC on May 1, Energy Minister Suhail Al Mazrouei told CNBC, citing desire for more freedom to reach their goal of 5 million barrels per day of capacity by 2027. The shock decision is reverberating across global energy markets, with analysts warning it could expose fractures in the cartel and prompt other members to exit. Oil prices traded flat while Asian stocks and European futures were muted. Meanwhile, all eyes are on the Federal Reserve for what is likely Chairman Powell's final decision, with Kevin Warsh's nomination advancing in the Senate.
The UAE has left OPEC following weeks of Iranian missile and drone strikes that disrupted exports through the Strait of Hormuz, putting pressure on its economy. Analysts warn that countries frustrated with production quotas could follow, with Kazakhstan, Nigeria and Venezuela flagged as potential 'flight risks'. The exit highlights deepening fractures in the cartel as members with excess capacity resist quota constraints.
The UAE has announced its departure from OPEC, citing weeks of Iranian missile and drone strikes that disrupted exports through the Strait of Hormuz. The exit exposes fractures in the oil cartel as production quotas increasingly frustrate members with excess capacity. Analysts warn Kazakhstan, Nigeria, and Venezuela could be next to leave, potentially rendering OPEC irrelevant as a coordinating body.
The UAE has announced it will leave both OPEC and OPEC+ at the end of the month, citing its long-term strategic and economic vision. The exit will give the UAE freedom to set its own production limits and escape Saudi Arabia's influence. Experts warn the departure could signal 'the beginning of the end of OPEC', with the UAE accounting for about 15% of the cartel's capacity and taking its market share below 30%. The move comes amid US-Iran tensions, with the Strait of Hormuz closed and Gulf states targeted by Iran.
The UAE has announced it will quit Opec and Opec+ from 1 May, marking a pivotal moment for global energy markets. While analysts say the near-term implications are limited due to the Strait of Hormuz blockade preventing oil shipments, the move could allow the UAE to increase production once the conflict ends and push down prices long-term. The UAE has been dissatisfied with Opec quotas it considers unfair constraints on its infrastructure investments.
Kremlin Spokesman Dmitry Peskov accused the Kiev regime of destabilizing global energy markets by striking oil depots in Tuapse, claiming the attacks disrupt export obligations and worsen global oil deficits.
