Citi: Oil Prices Remain Unstable Despite Recovering Gulf Exports
Citi said shipping bottlenecks and higher freight costs are keeping delivered supplies tight, with war-risk insurance rising to 10% of a vessel's value.
- Oil exports from the Gulf exceeded prewar averages, reaching more than 24 million barrels per day in the week ending October 18, according to ship-tracking firm Kpler, surpassing the prewar level of 23.3 million.
- Alternative routes accounted for around 40% of non-Iranian crude shipments in September, compared with 17% before the war, as Saudi Arabia and the United Arab Emirates increased pipeline usage to bypass the Strait of Hormuz.
- Traders can earn around $20 more per barrel reselling Iraqi crude, while crew members receive large bonuses up to $25,000 for dangerous voyages. The Tanzania-flagged supertanker Loyalty was struck by a rocket-propelled grenade on October 16 while carrying two million barrels.
- Around 30 vessel attacks in October account for about 20% of all wartime attacks, according to maritime intelligence firm Windward. War-risk insurance premiums have surged to as much as 10% of a vessel's value, up from less than 3% prewar.
- JPMorgan commodities strategist Natasha Kaneva stated that Brent crude remained around $108 per barrel as traders question whether the recovery can be sustained if fighting intensifies. The Trump administration earlier explored allowing sanctioned shadow-fleet tankers to return to legitimate trade.
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79 Articles
United States Treasury Secretary Scott Biscent said on Saturday: oil exports from the Arabian Gulf exceeded pre-war levels with Iran, despite recent attempts to disrupt energy shipments.
The global oil market situation has improved, but uncertainties remain high.
The Gulf states export more oil from the Persian Gulf than they did before the Iran war. Nevertheless, fuelling remains expensive.
Oil exports from Persian Gulf surpassed pre-conflict levels, claims US Treasury Secy Bessent - The Tribune
US Treasury Secretary Scott Bessent on Friday (local time) said oil exports from the Persian Gulf had surpassed pre-conflict levels despite Iran's efforts to disrupt energy shipments, asserting that Tehran's threats had failed to halt the flow of energy to global markets.
Expert explains why oil prices are still above $100 a barrel.
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INTELLINEWSThe U.S. Navy offers air and naval protection to a fleet of more than 400 'phantom oilers' crossing the Strait of Ormuz at night and with all its identification systems off Read
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