17 h. ago Oil prices rebound after Trump hints at new Russia sanctions

Oil prices rose by around 1 per cent on Friday as investors weighed a tight prompt market against a potential large surplus this year forecast by the IEA, while US tariffs and possible further sanctions on Russia were also in focus. Brent crude futures were up 76 cents, or 1.11 per cent, at $69.40 a […]

Politics

1 week ago Oil prices steady as market eyes OPEC+ output hike in August

Oil prices steadied on Tuesday after sliding earlier in the session, with the market weighing expectations of an OPEC+ output hike in August in an upcoming meeting. Brent crude rose 10 cents, or 0.2 per cent, to $66.84 a barrel by 0635 GMT, while US West Texas Intermediate crude inched up 9 cents, or 0.1 […]

Economics

1 week ago Oil steady as Middle East risks ease, OPEC+ weighs output hike

Oil prices held steady on Monday as Middle East risks eased while a possible OPEC+ output increase in August and uncertainty over the global demand outlook weighed on the market. Brent crude futures were flat at $67.76 a barrel at 0918 GMT, ahead of the August contract’s expiry later on Monday. The more active September […]

Events

2 w. ago Geopolitical tensions ease, lifting oil prices over 1 per cent

Oil prices climbed more than 1 per cent on Wednesday as investors assessed the stability of a ceasefire between Iran and Israel, while support also came from data that showed US demand was relatively strong. Brent crude futures were up 99 cents, or 1.5 per cent, at $68.13 a barrel at 0902 GMT, while US […]

Politics

2 w. ago Goldman Sachs warns of oil price surge on Strait of Hormuz risks

Goldman Sachs flagged risks to global energy supply amid concerns over a potential disruption in the Strait of Hormuz that would lead to significant spikes in oil and natural gas prices, the bank said in a note dated Sunday. The bank estimated Brent crude could briefly peak at $110 per barrel if oil flows through […]

Events

3 w. ago UK inflation slows but oil price jump creates new problem for Bank of England

British inflation cooled in May as expected by the Bank of England, which is set to keep interest rates on hold this week while it assesses international energy markets rocked by escalating conflict in the Middle East. Consumer prices rose in annual terms by 3.4 per cent in May, the Office for National Statistics said […]

Economics

3 w. ago Oil falls after 4 per cent surge on Middle East tension fears

Oil prices fell on Wednesday, after a gain of 4 per cent in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct US involvement. Brent crude futures fell 93 cents, or 1.2 per cent, to $75.52 a barrel by 0918 GMT. US […]

Politics

3 w. ago Energy ministry calls on oil traders to show ‘maximum responsibility’

The energy ministry on Sunday called on oil traders to demonstrate the “maximum responsibility” as the conflict in the Middle East sent oil prices soaring over the weekend. Meanwhile, the ministry’s consumer protection service said it is “monitoring wholesale and retail fuel prices on a daily basis”. The ministry said that in the event that […]

Politics

4 w. ago Fuel prices to go through the roof, petrol station owners say

Fuel prices are expected to rise sharply as a result of escalating tensions in the Middle East, chairman of the association of petrol station owners Savvas Prokopiou said on Friday. “Unfortunately, an increase is expected [ ] and this time it will be steeper, as the price of crude oil rose by $10 per barrel within […]

Politics