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Articles by C. Gorrivan
Oil Prices Swing on Conflicting Iran Signals
Oil prices swung in a choppy session as traders parsed conflicting signs on the trajectory of peace talks between the US and Iran. The global benchmark Brent settled below $104 a barrel after swinging in a more than $6 range. European gas futures also fell. Traders are keenly focused on the status of peace talks between the US and Iran, after both parties expressed openness to diplomacy earlier this week.
Oil Rises with Iran Attack Report, Israeli Election in Focus
Oil rose as traders weighed whether the US could resume military strikes on Iran after next week’s midterms and tracked a tight Israeli election. Brent rose 1.3% to settle above $115 a barrel after a two-day drop, while West Texas Intermediate closed near $103. The US has told several Persian Gulf nations to be prepared for a short, intense campaign, the Wall Street Journal reported, citing unidentified people.
Oil Gains as Global Supply Risks Mount
Oil gained as hostilities intensified from Russia to the Middle East, threatening supply flows that only recently recovered to near pre-war levels. Brent settled above $106 a barrel after Iran-backed Houthi rebels launched missile and drone strikes across Saudi Arabia, including a hit that damaged Saudi Aramco's headquarters. That added to an escalation in Iranian attacks on tankers in the Strait of Hormuz that's threatening a rebound in Gulf supply. West Texas Intermediate closed 1% higher.
Brent Tops $106 as Supply Risks Intensify
Oil rose as Ukraine cast doubt on an "energy ceasefire" touted by US President Donald Trump and Saudi Arabia faced a fresh round of attacks following the deadliest strikes since the start of the Iran war. Brent crude advanced about 1.8% to settle near $107 a barrel. Ukraine will carry on with strikes against Russia, President Volodymyr Zelenskyy said, since Moscow continues to hit its energy infrastructure. He said he'd learned of the energy truce announced by Trump on social media.
Oil Advances Amid War and Hurricane Risks
Oil ticked higher as the prospect of a wave of Russian diesel hitting global markets competed with mounting supply risks, from fresh tanker attacks in the Strait of Hormuz to a hurricane in the US. Brent advanced about 0.4% to settle near $105 a barrel after surging more than 4% on Thursday. US President Donald Trump said in a social media post Russian counterpart Vladimir Putin had agreed to immediately supply more than 300,000 tons of diesel to global markets.
Oil Advances Amid War and Hurricane Risks
Oil ticked higher as the prospect of a wave of Russian diesel hitting global markets competed with mounting supply risks, from fresh tanker attacks in the Strait of Hormuz to a hurricane in the US. Brent advanced about 0.4% to settle near $105 a barrel after surging more than 4% on Thursday. US President Donald Trump said in a social media post Russian counterpart Vladimir Putin had agreed to immediately supply more than 300,000 tons of diesel to global markets.
Oil Surges as Iran Tanker Attacks Escalate
Oil surged by the most in a month as fresh tanker attacks by Iran threaten to curtail a recent uptick in flows from the Middle East, adding to worries over rising inflation around the world. Brent climbed 4.1% to settle above $104 a barrel, the highest since September. While shipments through the Strait of Hormuz have risen in recent weeks, the pace of Iranian strikes on ships in the waterway has increased.
Oil Dips as Middle East Flows Recover
Oil fell in choppy trading as traders weighed a pickup in Iranian attacks on vessels in the Strait of Hormuz against resilient flows from the Middle East. Brent settled slightly lower, near $100 a barrel, while West Texas Intermediate dipped 1.3% to close around $88. While shipments through Hormuz have risen in recent weeks, UK Maritime Trade Operations has reported at least nine attacks in the waterway so far this month.
Aramco CEO Says Oil Supply Buffer Is ‘Scarily Thin’
The oil stockpiles that cushion the world from supply shocks have become “scarily thin,” putting markets at risk of worsening unless the Strait of Hormuz reopens, according to the head of Saudi Arabia’s state producer. The head of the world’s single biggest crude exporting company was speaking just days after governments in the world’s biggest economies announced plans to release as much as 100 million barrels of emergency oil and diesel stocks to ease rising fuel costs.
Oil Futures Rise Despite Increasing Flows
Wall Street analysts and traders said oil flows through the Strait of Hormuz were closing in on pre-war levels, adding much-needed supply to a global market where crude swings around $100 a barrel. Brent futures for December settled above $98 on Wednesday, while the expiring November contract exceeded $103. While that's far below the peak of the Iran conflict, it's higher than prices averaged over the summer.
Oil Slides on Saudi Supply Relief
Oil fell as top exporter Saudi Arabia boosted flows through a key pipeline, overshadowing concerns over a US-Iran stalemate. Brent futures slid to settle below $103 a barrel. The kingdom was said to have restored about half the capacity of its East-West pipeline following drone attacks. The conduit has been a crucial route bypassing the Strait of Hormuz, providing a lifeline to global markets as the world's most important energy chokepoint was disrupted by the Middle East conflict.
Oil Edges Higher as Supply Tightens
Oil ticked higher as strong demand for physical barrels collided with easing supply disruptions in the Middle East and progress toward reopening the Strait of Hormuz, though repeated false starts have left traders skeptical. West Texas Intermediate futures settled below $93 a barrel on a day of choppy trading, after rising by as much as 4.5% during the session.
Oil Edges Higher as Supply Tightens
Oil ticked higher as strong demand for physical barrels collided with easing supply disruptions in the Middle East and progress toward reopening the Strait of Hormuz, though repeated false starts have left traders skeptical. West Texas Intermediate futures settled below $93 a barrel on a day of choppy trading, after rising by as much as 4.5% during the session.
Oil Falls on Signs of Iran Progress
Oil fell on tentative signs that talks between the US and Iran to reopen the world's most important energy shipping route were progressing. West Texas Intermediate futures fell about 2.3% to settle near $92 a barrel, notching its first weekly drop since late August, as traders increasingly expect that the negotiations will be productive. The two countries were said to be pushing for a breakthrough that would see Tehran reopen the Strait of Hormuz and Washington lift its blockade of Iranian ports.
Oil Dips as Saudi Pipeline Restarts
Oil dipped as Saudi Arabia sought to resume flows on a vital pipeline, while traders parsed clues on the trajectory of the US-Iran war and progress toward reopening the Strait of Hormuz. Brent edged 1.1% lower to settle near $99 a barrel. The kingdom was in the early stages of starting up the East-West oil pipeline that was halted following drone attacks earlier this month.
Oil Falls as Mideast Flows Improve
Oil dipped on signs that war-driven market tightness may still persist even as some supply disruptions in the Middle East ease. Global benchmark Brent fell 1% to settle under $105 a barrel, while West Texas Intermediate dipped 0.5% to settle near $102. Saudi Arabia is seeking to return about half the capacity of its key East-West pipeline within days after shutting it last week following drone strikes, easing some concerns about lost crude oil cargoes stemming from the Iran conflict.
Oil Falls as Saudi Supply Outlook Improves
Oil retreated on indications that some of the recent supply outages in the Middle East are beginning to resolve and traders adjust positions after a blistering rally over recent sessions. Brent slipped to settle near $106 a barrel, and West Texas Intermediate fell more than 3%, as Saudi Arabia seeks to return about half the capacity of its East-West pipeline within days after shutting the conduit last week because of drone strikes.
Oil Jumps on Saudi and Libya Outages Original
Oil jumped, as outages at a key Saudi Arabia pipeline and Libyan oil fields added supply risks to a market already feeling the pinch from barrels lost to the Iran war. Global benchmark Brent settled up nearly 3% around $109 a barrel. West Texas Intermediate rose over 4% in a choppy session with prices highly sensitive to headlines from the Middle East and the Russia-Ukraine conflicts. Diesel futures settled at their highest on record.
Oil Climbs Amid Saudi Pipeline Halt
Oil rose, with fears of a tightening market after Saudi Arabia closed a major crude pipeline pitted against signs that the US may still be seeking a diplomatic resolution with Iran. Brent edged 1% higher to settle below $106 a barrel, after earlier rising as much as 5%, while West Texas Intermediate was around $101.
Oil Surges as Attacks Escalate
Brent oil topped $101 a barrel for the first time since July, as escalating attacks across the Middle East heightened concerns about further disruptions to energy flows out of the crude-rich region. The global crude benchmark settled more than 3% higher in New York, while West Texas Intermediate traded near $96.
Oil Holds Gains
Oil swung in thin holiday trading as renewed fighting between the US and Iran heightened supply concerns, while rare signs of progress toward ending the Russia-Ukraine war chipped away at the geopolitical risk premium. West Texas Intermediate edged up 0.2% to settle near $91.50 a barrel on Friday after a relative lull in hostilities in the Middle East bookended days of relentless tit-for-tat strikes.
Iran Strikes Keep Oil Near $91
Oil crept higher as Iran claimed fresh strikes on US bases, while Saudi Arabia's smaller-than-expected hike to its flagship crude prices offset some concerns about market tightness. West Texas Intermediate futures swung between gains and losses to settle near $91 a barrel. Brent edged marginally lower to close near $95.50, snapping a three-day winning streak.
Oil Holds Above $90 as Fighting Flares
Oil steadied near the highest closing level in five weeks as fighting again raged between the US and Iran, renewing the threat to energy exports from the Middle East. West Texas Intermediate edged up marginally to settle above $90 a barrel, notching a three-session winning streak, while Brent ended the day over $95 for the first time since late July.
Oil Surges 5% on Renewed Tensions
US oil prices topped $90 a barrel for the first time since late July as fresh American strikes on Iran raised concerns about prolonged disruptions to energy flows through the Strait of Hormuz. West Texas Intermediate rose 5.2% on the renewed fighting. US President Donald Trump said the attacks were in retaliation for Iran trying to put mines in the strait and for Tehran's earlier targeting off a military base in Jordan.
Oil Rallies on Fresh US-Iran Fighting
Oil rose the most in three weeks as tensions spiked in the Middle East, with the US and Iran exchanging strikes for the first time in about a month and fighting appearing poised to continue. West Texas Intermediate futures rose 2.8% to settle near $86 a barrel after American forces hit an island in the Strait of Hormuz and the Islamic Republic responded by launching attacks on the United Arab Emirates and Jordan.
Oil Rises as Iran Deal Hopes Fade
Oil rose after a report said US President Donald Trump has told mediators he's uninterested in returning to terms of a June ceasefire deal signed with Iran, casting doubt on a sustainable increase in energy flows through the Strait of Hormuz. West Texas Intermediate rose about 1.7% to trade near $84 a barrel and Brent, the global benchmark was trading up about 2.1%.
Oil Rises as Iran Deal Hopes Fade
Oil rose after a report said US President Donald Trump has told mediators he's uninterested in returning to terms of a June ceasefire deal signed with Iran, casting doubt on a sustainable increase in energy flows through the Strait of Hormuz. West Texas Intermediate rose about 1.7% to trade near $84 a barrel and Brent, the global benchmark was trading up about 2.1%.
Oil Futures Fall
Oil eased in a choppy session as traders weighed progress on diplomatic efforts to resume shipping through the Strait of Hormuz against fresh risks of a global supply squeeze. Brent slipped to settle below $88 a barrel after fluctuating between losses and gains. West Texas Intermediate was little changed at around $82, as Oman and Iran pushed for a wider deal on the management of the Strait of Hormuz.
Oil Drops as Iran Diplomacy Gains
Oil extended declines as fresh diplomatic efforts helped renew optimism the Iran war would not escalate, while a US plan to ramp up economic pressure on Tehran spared the country's trading partners from harsher measures for now. Brent dropped nearly 4% to settle below $89 a barrel, the lowest level in over a week.
Oil Rises as US Targets Iran's Economy
Oil capped a weekly gain as traders awaited details of a US campaign to isolate Iran's economy, with no apparent end in sight to a conflict that has slashed Middle East exports. Treasury Secretary Scott Bessent said Thursday the administration would give details of the initiative next Monday after President Donald Trump described the push as an "economic D-day." The measures will target Tehran, and could also ensnare countries that deal with the Islamic Republic, possibly including China.
Iran Tensions Push Oil Near $94
Oil climbed to the highest in almost a month, as Donald Trump's threat to crush the Iranian economy further clouded the prospect of ending a war that has upended energy markets. Brent futures rose about 2% to settle under $94 a barrel. Measures announced by Trump could mean that any country allowing financial institutions, businesses, airports or government entities to aid Iran would face economic consequences.
Oil Advances as Iran Tensions Persist
Oil climbed as indications that the Middle East conflict is long from settled dampened optimism that shipments through the Strait of Hormuz will expand to pre-war levels in the near future. Brent crude rose to settle near $91 a barrel, after gaining 6% last week. In the latest development, Energy Secretary Chris Wright said in an interview with Fox News that the US is playing the long game with Iran, implying Washington has no imminent plans for de-escalation.
Oil Rises as US Threatens Iran
Oil edged higher as traders weighed a US threat to impose unprecedented economic measures on Iran, with the war that snarled the Strait of Hormuz in its sixth month. Brent settled above $88 a barrel, notching a roughly 6% gain for the week. Treasury Secretary Scott Bessent told Newsmax the US will apply economic pressure on Iran "like the world has never seen," with more to be announced next week.
Oil Falls as Iran Talks Remain Stalled
Oil snapped its run of recent gains, as limited progress over a deal to end the Iran war left traders parsing how much oil is crossing the Strait of Hormuz. West Texas Intermediate settled around $81 a barrel, after rising about 10% over the prior five sessions. Futures have grown increasingly desensitized to White House rhetoric on the waterway, while signs of profit-taking emerged on Thursday after the recent run-up in prices.
Oil Extends Gains on Hormuz Uncertainty
Oil edged up in a choppy session as traders expressed skepticism over the potential for a deal that would imminently restore flows through the Strait of Hormuz, even as officials tout progress. West Texas Intermediate rose 1.3% to settle near $83 a barrel, marking a fourth straight session of gains. Futures have been highly sensitive to headlines about negotiations between the US and Iran to reopen the vital energy chokepoint.
Oil Climbs as Hormuz Deal Remains Elusive
Oil embarked on a steady climb higher as Iran and Oman remained short of a deal to reopen the Strait of Hormuz, while European diesel prices surged following an attack on a Saudi Arabian refinery near the Red Sea. Brent futures settled near $87 a barrel, after climbing more than 5% over the previous three sessions.
Oil Steadies as Hormuz Tensions Flare
Oil steadied as tensions in the Middle East flared while traders monitored progress toward a deal between Iran and Oman to restore shipping through the Strait of Hormuz. Brent settled above $83 a barrel, though still notched a third straight weekly loss. Futures have been highly sensitive to headlines around the terms and timing of a potential pact on the waterway that could restore millions of barrels of Middle Eastern supply.
Oil Rises as Iran Deal Optimism Fades
Oil rose in a choppy session as signs mounted that a potential Iran-Oman deal wouldn't lead to a full-fledged resumption of shipments through the Strait of Hormuz, tempering some optimism that had built in previous days. Brent climbed 3.8% to settle above $82 a barrel, after swinging between small gains and losses. Futures have been highly sensitive to headlines around progress toward a deal.
Oil Extends Losses on Hormuz Talks
Oil fell for a third straight session on signs that the US and Iran are nearing a deal to reopen the Strait of Hormuz and restore millions of barrels of daily shipments disrupted by months of war. West Texas Intermediate edged 0.7% lower to close near $75 a barrel, the lowest in almost a month. Iran said it reached an agreement with Oman on a proposed route for shipping through the waterway and hasn't yet reached a decision on second-stage talks with the US.
Brent Settles At Three-Week Low
Oil slid to the lowest in over three weeks as optimism grew that the US and Iran are moving closer to an agreement that would reopen the vital Strait of Hormuz chokepoint. Brent fell 5.3% to settle around $79 a barrel, the lowest since July 10, on signs that an interim deal between Washington and Tehran could help normalize commercial shipping in the strait and stop further fighting.
Crude Sinks as Tensions Ease
Oil fell after both the US and Iran signaled that discussions to restore shipping through the Strait of Hormuz are ongoing, raising hopes for a pickup in supply from the Middle East. West Texas Intermediate lost about 5% to settle at around $80 a barrel. The specifics of the talks remain murky: Iran suggested negotiations with Oman to create a "temporary" route through Hormuz are making progress but it was not in discussions with the US.
Oil Gains as Supply Risks Persist
Oil rose to the highest level since just before a ceasefire deal between the US and Iran, as traders await Washington’s response to a proposal from Tehran to end the war and potentially reopen the Strait of Hormuz. Brent crude closed above $111 a barrel while West Texas Intermediate settled up 3.7% at just under $100 a barrel.
Crude Rises On Iran-US Standoff
Oil rose as peace negotiations between the US and Iran stalled, with both sides using blockades of the vital Strait of Hormuz to try and gain leverage in a seven-week war that has upended global energy markets. Brent futures settled above $101 a barrel in New York, the highest in two weeks, amid conflicting reports about plans to reschedule peace talks which have ultimately failed to materialize.
Crude Climbs as Hormuz Disruptions Persist
Oil climbed in choppy trading as a tenuous ceasefire between the US and Iran failed to allay fears of further disruptions to Middle Eastern flows, while shipping through the Strait of Hormuz remains largely blocked. West Texas Intermediate’s May contract swung in a more than $7 range before settling higher near $98 a barrel. Brent for June edged up to end the day just below $96. Both benchmarks lifted by roughly $2 in post-settlement trading.
Crude Jumps as Iran Risks Mount
Oil rallied as traders braced for any escalation to US-Iran tensions heading into the weekend after President Donald Trump signaled he was "not happy" with negotiations aimed at averting an imminent US attack. West Texas Intermediate jumped 2.8% to close above $67 a barrel, its highest settlement since August.
Crude Volatile Ahead Of Iran Talks
Oil wavered as traders balanced expectations of modest OPEC production hikes in April and bearish US government data against increasing pressure on Iran over its nuclear program. West Texas Intermediate swung in a roughly $1.50 range, settling down 0.3% at above $65 a barrel. Brent closed above $71 a barrel. Traders have been parsing signals over whether Iran’s concessions over its nuclear ambitions will be enough to achieve a detente with the US.
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