Energy disruptions from the Iran war strain Gulf oil and gas exporters, while importers like Egypt and Jordan face higher commodity prices and reduced remittances from Gulf workers, worsening economic pressures across the region, said the International Monetary Fund (IMF).
A convoy of eight tankers - comprising one very large crude oil carrier (VLCC) and chemical tankers - was crossing the Strait of Hormuz on Saturday, data showed, as some ship owners said they hoped Tehran would allow them to leave the Gulf during a short ceasefire window in the Iran war.
There will be clear winners and losers across global stock markets should the US and Iran reach a peace deal this weekend, affirms Nigel Green, the CEO of deVere Group, one of the world’s largest independent financial advisory organisations.
Iran has announced that commercial shipping through the strategically vital Strait of Hormuz will remain fully open for the duration of the current ceasefire, signalling a potential easing of tensions in one of the world’s most critical energy corridors.
Oil prices extended their decline on Wednesday, as cautious optimism over a possible resumption of US-Iran talks eased immediate supply fears, even as underlying risks from the ongoing conflict continued to cap losses.
Oil prices fell below $100 a barrel this morning (April 14) over signs of new US-Iran dialogue to end their war. Brent crude was at $97.8 in early trade, while US WTI crude was at $96.83.
bp has agreed to acquire a 60 per cent interest in three offshore exploration blocks in Namibia from Eco Atlantic Oil & Gas as part of bp’s strategy to grow its upstream portfolio.
Gas and oil sites are among the most vital and high-risk pieces of critical infrastructure. This is especially true for the Mena region, which produces 30 per cent of the global oil supply and 17 per cent of the global gas supply, while having to account for active security risks and vulnerabilities that most of the world never considers.
Opec lowered its forecast for world oil demand in the second quarter by 500,000 barrels per day, the producer group's monthly oil report showed in its first public assessment of the Iran war's impact on the market.
Oil prices jumped above $100 a barrel again on Monday as the US Central Command said it will block ships from entering and exiting Iran ports via the Strait of Hormuz.
