US EditionBrent crude oil tops $100 a barrel as Iran attacks on shipping worsen supply concerns
Iran’s attacks on at least 16 vessels disrupted Strait of Hormuz shipping, pushing Brent crude above $100 despite a coordinated 400 million barrel oil reserve release by IEA members.
- On Wednesday the International Energy Agency said its 32 member countries would release 400 million barrels, while Brent crude traded around $99.1.
- Traders noted the release covers only part of the shortfall, closing up to a quarter of the 20 million barrels per day supply gap caused by Strait of Hormuz disruptions, signaling the war may not end soon.
- Pavel Molchanov estimated it could take 60 days for oil to reach the market, citing delays due to separate national stockpiles and logistical constraints, with shipments possibly beginning next week.
- Traders remain skeptical that announced releases will calm markets as prices rise, reflecting doubts that releases will bridge the gap if Strait of Hormuz flows stay disrupted, with one-fifth of global oil supply at risk.
- The United States announced a 172 million-barrel SPR release starting next week, with shipments taking roughly 120 days and delays expected from separate stockpiles and logistics.
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Thailand denounces Iranian attack on ship
Ambassador summoned in Bangkok as efforts continue to rescue three trapped sailors.Thailand on Thursday denounced the attack on a Thai-flagged cargo vessel in the Strait of Hormuz and summoned Iran’s ambassador, as authorities race to rescue three crew members feared trapped aboard the damaged ship.The bulk carrier Mayuree Naree was struck on Wednesday by Iranian projectiles while transiting the strategic waterway without cargo. Of the 23 crew m…
Iran’s unrelenting attacks on Mideast shipping and energy infrastructure send oil prices up again
Iranian Supreme Leader Ayatollah Mojtaba Khamenei hasn't yet made a statement or been seen since being chosen to succeed his father Ayatollah Ali Khamenei, who was killed in the opening
Hastings Tribune
Iran's unrelenting attacks on Mideast shipping and energy infrastructure send oil prices up again
Iran’s unrelenting attacks on shipping traffic and energy infrastructure in the Persian Gulf have pushed oil back above $100. American and Israeli strikes pounded the Islamic Republic with no sign of an end to the war in sight. Iran is…
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