Amin Nasser, President and CEO of Aramco, warned that ongoing disruptions to oil exports through the Strait of Hormuz could postpone the global oil market’s recovery until 2027, according to a report by Reuters.
Jeju Air, Jin Air and other Korean budget airlines cut 900 round-trip flights and introduced emergency measures as Middle East tensions pushed jet fuel prices sharply higher, with further flight reductions expected in coming months.
Oil giant Saudi Aramco reported a sharp rise in first-quarter profit on Sunday, citing strong operational resilience and the ability to maintain exports despite disruptions to shipping through the Strait of Hormuz.
Oil prices extended their rally on Friday as geopolitical tensions around Strait of Hormuz remained unresolved, with both Iran and the United States showing no signs of de-escalation.
For ADNOC’s portfolio of listed companies, the UAE’s decision to conclude its membership of OPEC and OPEC+ removes a constraint that has historically limited how investment in capacity translates into activity and earnings, said a WAM news agency report.
Oil prices rose on Thursday after Iran’s Islamic Revolutionary Guard Corps claimed that shipping through the Strait of Hormuz was stopped following what it said was an Israeli ceasefire violation in Lebanon.
Oil prices have dropped sharply and stock markets have jumped after the US and Iran agreed a two-week ceasefire deal that includes the reopening of the Strait of Hormuz waterway.
The US-Iran face-off is the single biggest variable across every asset class - from oil to equities - meaning investors should be bracing for a volatile few days ahead, said an expert. Oil remains at the centre of every market move right now with both crude and brent up over 80% YTD.
Oil prices rose on April 7 as a US deadline pressured Iran to reopen the Strait of Hormuz, with President Trump threatening attacks. Brent hit $111.21, WTI reached $114.73, reflecting heightened Middle East tensions.
Oil prices climbed on Monday as markets reacted to US President Donald Trump's threat of further action against Iran and set a Tuesday evening deadline linked to the reopening of the Strait of Hormuz.
