The Iran War Has Put Venezuela’s Oil Back in the Spotlight
Europe Gas Prices Head for Fourth Straight Weekly Gain The U.S.
restarted major strikes on Iran this week, hitting missile, radar, and other military installations along the southern coast and on Larak Island.
positions across the Gulf and Jordan, and also continued attacking commercial shipping, with two supertankers carrying Saudi crude struck near Hormuz and two sailors killed aboard a Saudi-owned vessel.
campaign is drawing scrutiny after a strike hit a wedding in southern Iran, killing five people and injuring dozens, which Vance says is now being investigated.
The shipping losses are piling up as well, with more than 70 attacks recorded since the war began and maritime insurers now facing roughly $2 billion in war-risk claims.
Hormuz premiums have risen to as much as 40-60X prewar levels, with Lloyd’s List estimating insurance alone is adding roughly $7-$8 to the cost of a barrel.
There is no diplomatic track to offset the military escalation for now: Vance said Thursday the U.S.
will not negotiate while Iran continues attacking commercial shipping.
Chevron is putting more than $7 billion into Venezuela over the next five years in a major bet that Trump’s overhaul of the country’s oil sector will hold.
The company plans to more than double its Venezuelan production to around 600,000 bpd.
At the same time, U.S.-backed NABEP (North American Blue Energy Partners) has secured majority control of a company holding… The U.S.
restarted major strikes on Iran this week, hitting missile, radar, and other military installations along the southern coast and on Larak Island.
| 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% |
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