Hormuz Attacks Push Oil Toward $100 Despite US Crude Build
South Africa’s Top Court Blocks Shell Wild Coast Exploration Tom majored in International Business at Amsterdam’s Higher School of Economics and later completed an Executive MBA in Energy Transition at the University of Groningen.… Brent heads toward a 5% weekly gain as stalled US-Iran talks and Hormuz attacks push oil prices toward $100.
Crude oil prices are set to post a 5% weekly gain after this week quashed hopes (for the umpteenth time) of a negotiated US-Iran settlement, with Tehran ratcheting up its strikes on ships attempting to transit the Strait of Hormuz, whilst the White House doubled down on its maritime blockade of Iranian crude.
The unusually high, 17-million-barrel build in US crude inventories has offset a little part of the overall bullishness; however, if the pace of naval attacks is to continue into the second half of August, ICE Brent would jump from its current $88 per barrel closer to the $100 per barrel threshold.
OPEC Keeps Trimming Its Oil-Demand Outlook.OPECslashedits outlook for 2026 global oil demand growth to 580,000 b/d, a stark contrast to the IEA’s 1.6 million b/d decline, marking the fourth straight month when the Vienna-based organization was forced to curb its forecast amidst the Hormuz crisis.
IEA Sees Oil Deficit Deepening Despite Demand Collapse.In its monthly report, the International Energy Agencypredictedthat global supply will fall by 4.3 million b/d in 2026, pushing the Q3 deficit to 1.8 million b/d even as record fuel prices lead to an unprecedented 1.6 million b/d demand destruction.Saudi Crude Allocations Go Off Script.Saudi national oil firm Saudi Aramco (TADAWUL:2222) isnegotiatingSeptember supplies with Asian buyers individually as shipowners shun both Hormuz and the Red Sea, leaving even confirmed volumes uncertain despite its formula prices falling to a six-year low.
Ukraine Offers Russia a Black Sea Shipping Truce.Kyiv hasreportedlyproposed halting attacks on civilian vessels and ports as escalating strikes cripple its agriculture exports, sending Ukrainian grain shipments down 76% year-on-year so far in August, reviving fears of another global food-supply shock.
Alaska LNG Hits Another Political Roadblock.A tax bill needed to advance the $50 billion Alaska LNG export projectstalledin the state legislature, unsettling investors as developer Glenfarne struggles to secure enough binding contracts to finance the planned 20 mtpa and start liquefaction by 2031.
US and Iran Both Claim the Keys to Hormuz.The Iranian government insists no vessel can transit the Hormuz without its permission, directly challenging President Trump’s claim of “total control” of the strategic waterway as Tehran ties the reopening of the strait to political concessions from the US.Drone Strikes Gut Russia’s Fuel Exports.Russia’s seaborne refined product exportsplungedby a third month-over-month in July to 3.93 million tonnes, halving from levels seen a year ago, as lower refinery runs and a ban on diesel exports hampered ref.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment