US EditionOil Set for 16% Weekly Gain on Middle East Disruption
The U.S. Treasury issued 30-day waivers for Russian oil sales to alleviate supply shortages caused by disruptions in the Strait of Hormuz, with crude prices rising over 16% this week.
6 Articles
6 Articles
Middle East war sparks global economic, energy disruption
The Iran war is driving energy prices up and hurting economies worldwide. Qatar’s energy minister told the Financial Times regional exporters may have to shut down oil and gas production within days, that oil prices could nearly double from their current level, and the war might “bring down the economies of the world.” The US, meanwhile, agreed a 30-day waiver allowing India — heavily dependent on oil from the Middle East — to buy Russian oil. C…
Oil Set for 16% Weekly Gain on Middle East Disruption
Crude oil prices were on course to end the week with gains of over 16% despite a Thursday dip following a signal from the U.S. about intervention in the futures market to calm prices down. Brent crude was trading at $84.66 per barrel at the time of writing and West Texas Intermediate was changing hands for $79.94 per barrel, after on Thursday the U.S. Treasury Department said it would issue sanction waivers for commodity trading companies to sta…
Oil set for biggest weekly jump in 4 years as US mulls intervention
The oil market is set for its biggest weekly gain in four years after the crisis in the Middle East sent ripples through the energy markets. The price of Brent crude has risen by around 18 per cent in the last week, tipping over $85 a barrel. Should the gains hold up, it would mark the biggest week since the week to 4 March 2022, when Russia launched its invasion of Ukraine sparking a global energy crisis. Spikes have been driven by activity in …
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