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GLOBAL oil markets are on edge after Iran warned Wednesday that crude prices could spike to $200 per barrel if ongoing conflict involving the U.S. and Israel continues to destabilise Middle East energy corridors. Spokesperson for Iran’s Khatam al-Anbiya military command headquarters, Ebrahim Zolfaqari, said the world should “get ready for oil to be $200 […]
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TENSIONS in global energy markets are intensifying after Iran reportedly began laying naval mines in the strategically critical Strait of Hormuz, a move that analysts say could deepen disruptions to global oil supplies and effectively tighten the blockade around the world’s most important energy shipping lane. According to two people familiar with U.S. intelligence assessments, […]
MAJOR oil-producing nations in the Middle East Gulf have significantly reduced crude output, with total cuts now exceeding 5 million barrels per day (bpd). The reductions come as tanker movements through the Strait of Hormuz remain effectively halted, limiting the ability of producers to export crude and forcing upstream production adjustments, according to Oilprice.com. With […]
CRUDE oil prices are set to close the week with gains of more than 21 percent, even after a slight pullback on Thursday triggered by signals from the United States about possible intervention in the futures market to cool rising prices. At the time of reporting, Brent crude traded at $88.93 per barrel, while West […]