Hormuz Tanker Attacks Threaten LNG Shipments Too - Bloomberg:
News of more mysterious tanker attacks, this time in the Gulf of Oman, had their predictable effect on (otherwise lifeless) oil prices Thursday morning. But there’s another fuel that plies those troubled waters: liquefied natural gas, or LNG. What might conflict, or the threat of it, mean for one of the fastest growing bits of the energy business?
The Middle East accounts for 29% of global LNG exports, centered on Qatar (the world’s largest exporter in 2018), Oman and the United Arab Emirates 1 . Exports from Qatar and the U.A.E. must transit the Strait of Hormuz, the chokepoint near where the two tankers were hit 2 .
In theory, an extended conflict along the lines of the so-called tanker war of the 1980s could have a serious impact on the LNG trade. Just over 26% of all LNG cargoes passed through the Strait of Hormuz in 2018, according to data from BP Plc, close to the roughly 30% of oil flows estimated by the Energy Information Administration. Qatar accounts for the vast majority of those – and a large proportion of the imports taken by a number of countries outside the region:
Thursday 13 June 2019
Oil Prices Jump After Tanker Attack in Gulf of Oman Near U.A.E. - Bloomberg
Oil Prices Jump After Tanker Attack in Gulf of Oman Near U.A.E. - Bloomberg:
The latest attacks could set the stage for a tense meeting when the OPEC cartel -- to which both Saudi Arabia and Iran belong -- and its allies gather in coming weeks to decide oil-production levels for the second half of the year. The group has been struggling to settle on an exact date as the Saudi-Iran dispute once again impedes its ability to make decisions.
WTI futures for July delivery closed up $1.14 at $52.28 a barrel on the New York Mercantile Exchange, after earlier climbing to $53.45. Even after Thursday’s gain, prices are still down over 3% for the week.
Brent for August settlement advanced 2.3% to 61.31 a barrel on London’s ICE Futures Europe Exchange, after reaching as high as $62.64 earlier. It fell 3.7% on Wednesday to the lowest in almost five months. The global benchmark crude traded at a premium of $8.77 to West Texas Intermediate for the same month.
The latest attacks could set the stage for a tense meeting when the OPEC cartel -- to which both Saudi Arabia and Iran belong -- and its allies gather in coming weeks to decide oil-production levels for the second half of the year. The group has been struggling to settle on an exact date as the Saudi-Iran dispute once again impedes its ability to make decisions.
WTI futures for July delivery closed up $1.14 at $52.28 a barrel on the New York Mercantile Exchange, after earlier climbing to $53.45. Even after Thursday’s gain, prices are still down over 3% for the week.
Brent for August settlement advanced 2.3% to 61.31 a barrel on London’s ICE Futures Europe Exchange, after reaching as high as $62.64 earlier. It fell 3.7% on Wednesday to the lowest in almost five months. The global benchmark crude traded at a premium of $8.77 to West Texas Intermediate for the same month.
Wall St. climbs as oil jumps after Gulf tanker attacks - Reuters
Wall St. climbs as oil jumps after Gulf tanker attacks - Reuters:
U.S. stocks rose on Thursday after two days of declines, as energy shares rebounded with oil on concerns of a supply disruption following attacks on two tankers in the Gulf of Oman.
U.S. Secretary of State Mike Pompeo said the United States has assessed that Iran is responsible for the attacks, which occurred near Iran and the Strait of Hormuz, through which a fifth of global oil consumption passes.
Oil futures settled more than 2% higher, while the S&P 500 energy index gained 1.3%, the most of the 11 major sectors.
U.S. stocks rose on Thursday after two days of declines, as energy shares rebounded with oil on concerns of a supply disruption following attacks on two tankers in the Gulf of Oman.
U.S. Secretary of State Mike Pompeo said the United States has assessed that Iran is responsible for the attacks, which occurred near Iran and the Strait of Hormuz, through which a fifth of global oil consumption passes.
Oil futures settled more than 2% higher, while the S&P 500 energy index gained 1.3%, the most of the 11 major sectors.
Mideast Oil Risk Repriced After Renewed Attacks on Tankers - Bloomberg
Mideast Oil Risk Repriced After Renewed Attacks on Tankers - Bloomberg:
The cost of insuring tankers to ship Middle East crude will increase after a second spate of attacks on vessels in the region in just over a month.
Two oil tankers were attacked in the Gulf of Oman on Thursday, just 32 days after four other carriers were targeted nearby. The region was designated as a listed area after those incidents, a classification that gives underwriters room to charge more.
DNK, the mutual insurer that covered one of the ships attacked Thursday, will increase its rates for war insurance, according to a person familiar with the matter. Rival insurer Hellenic War Risks Club will probably increase a so-called additional premium that owners pay when sailing to the Persian Gulf with immediate effect, according to a notice on its website.
The cost of insuring tankers to ship Middle East crude will increase after a second spate of attacks on vessels in the region in just over a month.
Two oil tankers were attacked in the Gulf of Oman on Thursday, just 32 days after four other carriers were targeted nearby. The region was designated as a listed area after those incidents, a classification that gives underwriters room to charge more.
DNK, the mutual insurer that covered one of the ships attacked Thursday, will increase its rates for war insurance, according to a person familiar with the matter. Rival insurer Hellenic War Risks Club will probably increase a so-called additional premium that owners pay when sailing to the Persian Gulf with immediate effect, according to a notice on its website.
#Iran Has Little to Gain From Gulf of Oman Tanker Attacks - Bloomberg
Iran Has Little to Gain From Gulf of Oman Tanker Attacks - Bloomberg:
Two oil tankers have been damaged in a suspected attack in the waters between the United Arab Emirates and Iran as they were leaving the Persian Gulf. This is the second incident in four weeks, and raises the question of who gains what from them.
Fingers will certainly be pointed at Iran as the mastermind behind these events. But the potential benefits to the Persian Gulf nation are outweighed by the risks. And even if Tehran isn’t responsible, it will still suffer the consequences.
The first tanker to report a problem was the Front Altair. It was reported to be carrying 75,000 tons of naphtha, loaded in Abu Dhabi, to Japan, although it was signaling a destination of Kaosiung in Taiwan when it was damaged. The second vessel was the Japanese-owned Kokuka Courageous, which was sailing from Saudi Arabia to Singapore with a cargo of methanol.
Two oil tankers have been damaged in a suspected attack in the waters between the United Arab Emirates and Iran as they were leaving the Persian Gulf. This is the second incident in four weeks, and raises the question of who gains what from them.
Fingers will certainly be pointed at Iran as the mastermind behind these events. But the potential benefits to the Persian Gulf nation are outweighed by the risks. And even if Tehran isn’t responsible, it will still suffer the consequences.
The first tanker to report a problem was the Front Altair. It was reported to be carrying 75,000 tons of naphtha, loaded in Abu Dhabi, to Japan, although it was signaling a destination of Kaosiung in Taiwan when it was damaged. The second vessel was the Japanese-owned Kokuka Courageous, which was sailing from Saudi Arabia to Singapore with a cargo of methanol.
Exxon, Saudis Bet on Plastics Growth in Giant Gulf Coast Plant - Bloomberg
Exxon, Saudis Bet on Plastics Growth in Giant Gulf Coast Plant - Bloomberg:
Exxon Mobil Corp. and Saudi Arabia’s state-controlled petrochemicals company formally approved construction of a new chemical complex in Texas that will process production from the Permian Basin’s booming oil and natural gas wells.
The project near Corpus Christi will be the world’s largest steam cracker and create $50 billion of “economic output” in the first six years, Exxon and Saudi Basic Industries Corp., known as Sabic, said in a joint statement on Thursday. The facility will convert hydrocarbons such as ethane and propane to ethylene, a chemical used to make everything from plastics to antifreeze.
It’s the latest in a slew of chemical and refining plants set for the Gulf Coast, gaining from ultra-cheap production from the Permian, the world’s largest shale basin. As explorers boost oil output, associated supplies of gas and liquid byproducts provide some of the cheapest chemical feedstocks in the world.
Exxon Mobil Corp. and Saudi Arabia’s state-controlled petrochemicals company formally approved construction of a new chemical complex in Texas that will process production from the Permian Basin’s booming oil and natural gas wells.
The project near Corpus Christi will be the world’s largest steam cracker and create $50 billion of “economic output” in the first six years, Exxon and Saudi Basic Industries Corp., known as Sabic, said in a joint statement on Thursday. The facility will convert hydrocarbons such as ethane and propane to ethylene, a chemical used to make everything from plastics to antifreeze.
It’s the latest in a slew of chemical and refining plants set for the Gulf Coast, gaining from ultra-cheap production from the Permian, the world’s largest shale basin. As explorers boost oil output, associated supplies of gas and liquid byproducts provide some of the cheapest chemical feedstocks in the world.
#Bahrain, #Qatar ratings most vulnerable to Strait of Hormuz strains: S&P global | ZAWYA MENA Edition
Bahrain, Qatar ratings most vulnerable to Strait of Hormuz strains: S&P global | ZAWYA MENA Edition:
Bahrain and Qatar's credit ratings are the most vulnerable in the event an escalation of U.S.-Iran tensions causes blockages in the Strait of Hormuz, one of the world's main oil shipping arteries, S&P Global said on Thursday.
Suspected attacks on two tankers off the coast of Iran saw oil markets erupt out of their recent slump on Thursday, with the incident adding to already-heightened tensions between Iran and Washington.
"Bahrain appears to be the most vulnerable Gulf sovereign," to any blockages in the Strait of Hormuz, a strait between the Persian Gulf and the Gulf of Oman, S&P said in a new report, also citing Bahrain's weak fiscal position.
Bahrain and Qatar's credit ratings are the most vulnerable in the event an escalation of U.S.-Iran tensions causes blockages in the Strait of Hormuz, one of the world's main oil shipping arteries, S&P Global said on Thursday.
Suspected attacks on two tankers off the coast of Iran saw oil markets erupt out of their recent slump on Thursday, with the incident adding to already-heightened tensions between Iran and Washington.
"Bahrain appears to be the most vulnerable Gulf sovereign," to any blockages in the Strait of Hormuz, a strait between the Persian Gulf and the Gulf of Oman, S&P said in a new report, also citing Bahrain's weak fiscal position.
#Dubai's house prices plunge 14.5% in May: report | ZAWYA MENA Edition
Dubai's house prices plunge 14.5% in May: report | ZAWYA MENA Edition:
House prices across Dubai plunged by 14.5 per cent in May when compared to same period last year, while it fell by 1.5 per cent month-on-month, according to Dubai House Price Index.
The index is produced by real estate data platform Property Monitor, a unit of Cavendish Maxwell, one of the largest and most respected property consultancies in the region.
The Dubai House Price Index has been tracking residential sales prices for the same selection of properties from September 2015.
House prices across Dubai plunged by 14.5 per cent in May when compared to same period last year, while it fell by 1.5 per cent month-on-month, according to Dubai House Price Index.
The index is produced by real estate data platform Property Monitor, a unit of Cavendish Maxwell, one of the largest and most respected property consultancies in the region.
The Dubai House Price Index has been tracking residential sales prices for the same selection of properties from September 2015.
Oil prices surge 2% after suspected tanker attack near Iran - Reuters
Oil prices surge 2% after suspected tanker attack near Iran - Reuters:
Oil prices jumped about 2% on Thursday following a suspected attack on two tankers in the Gulf of Oman near Iran and the Strait of Hormuz, through which a fifth of global oil consumption passes.
The attacks stoked fears such attacks could become more widespread and impact oil flows from the Middle East, particularly if insurance companies begin to reduce coverage for voyages through the Strait of Hormuz and more shipping companies suspended trips to the region, analysts said.
“These types of attacks have always been a concern,” said Andy Lipow, an analyst at Lipow Oil Associates in Houston. “But the impact of tanker owners not chartering their vessels and insurance companies potentially refusing to provide coverage could further exacerbate the supply problem.”
Oil prices jumped about 2% on Thursday following a suspected attack on two tankers in the Gulf of Oman near Iran and the Strait of Hormuz, through which a fifth of global oil consumption passes.
The attacks stoked fears such attacks could become more widespread and impact oil flows from the Middle East, particularly if insurance companies begin to reduce coverage for voyages through the Strait of Hormuz and more shipping companies suspended trips to the region, analysts said.
“These types of attacks have always been a concern,” said Andy Lipow, an analyst at Lipow Oil Associates in Houston. “But the impact of tanker owners not chartering their vessels and insurance companies potentially refusing to provide coverage could further exacerbate the supply problem.”
As #Iran nuclear deal flounders, France turns to #Saudi for oil - Reuters
As Iran nuclear deal flounders, France turns to Saudi for oil - Reuters:
Over the past year, France has led a European push to keep trade with Iran alive after the United States tore up the nuclear deal with Tehran and re-imposed sanctions. But over the same period, data shows France has cut purchases of Iranian oil and sharply increased imports from Iran’s arch-enemy Saudi Arabia.
In recent weeks, France has used its energy needs to justify a surge in arms sales to the kingdom, even if there is no evidence the 50 percent increase in Saudi purchases of French arms last year was conditional on France buying Saudi oil.
The surge in France’s buying of Saudi oil shows Paris is doing less business with Iran even as it publicly encourages European partners to find a way to keep trade with Tehran flowing via the Franco-German-British Instex trade system.
Over the past year, France has led a European push to keep trade with Iran alive after the United States tore up the nuclear deal with Tehran and re-imposed sanctions. But over the same period, data shows France has cut purchases of Iranian oil and sharply increased imports from Iran’s arch-enemy Saudi Arabia.
In recent weeks, France has used its energy needs to justify a surge in arms sales to the kingdom, even if there is no evidence the 50 percent increase in Saudi purchases of French arms last year was conditional on France buying Saudi oil.
The surge in France’s buying of Saudi oil shows Paris is doing less business with Iran even as it publicly encourages European partners to find a way to keep trade with Tehran flowing via the Franco-German-British Instex trade system.
COLUMN-Strait of Hormuz and the risk of uncontrolled escalation: Kemp - Reuters
COLUMN-Strait of Hormuz and the risk of uncontrolled escalation: Kemp - Reuters:
The Strait of Hormuz, the narrow shipping lane between Iran and Oman named after the fabulously wealthy ancient kingdom of Ormus, has fascinated oil traders since the Iranian revolution in 1979.
Iran has periodically threatened to close the strait to enemy shipping, while the United States and its allies have pledged to keep it open and maintain freedom of navigation, by force if necessary.
The strait has become a symbolic flashpoint in the region-wide confrontation and indirect conflict between Iran on one side and the United States and Saudi Arabia on the other.
The Strait of Hormuz, the narrow shipping lane between Iran and Oman named after the fabulously wealthy ancient kingdom of Ormus, has fascinated oil traders since the Iranian revolution in 1979.
Iran has periodically threatened to close the strait to enemy shipping, while the United States and its allies have pledged to keep it open and maintain freedom of navigation, by force if necessary.
The strait has become a symbolic flashpoint in the region-wide confrontation and indirect conflict between Iran on one side and the United States and Saudi Arabia on the other.
MIDEAST STOCKS- #Saudi leads Gulf lower after attacks on tankers - Reuters
MIDEAST STOCKS-Saudi leads Gulf lower after attacks on tankers - Reuters:
The Saudi Arabian stock market snapped a
five-day winning streak as attacks on tankers in the Gulf of
Oman dampened investor sentiment in the region, while all major
Gulf markets also declined.
Two oil tankers were attacked in the Gulf of Oman on
Thursday, leaving one ablaze and both adrift, shipping firms
said, driving oil prices as much as 4% higher over worries about
Middle East supplies.
Thursday's attacks were the second in a month near the
Strait of Hormuz, a major strategic waterway for world oil
supplies.
The Saudi Arabian stock market snapped a
five-day winning streak as attacks on tankers in the Gulf of
Oman dampened investor sentiment in the region, while all major
Gulf markets also declined.
Two oil tankers were attacked in the Gulf of Oman on
Thursday, leaving one ablaze and both adrift, shipping firms
said, driving oil prices as much as 4% higher over worries about
Middle East supplies.
Thursday's attacks were the second in a month near the
Strait of Hormuz, a major strategic waterway for world oil
supplies.
Oil Jumps After Tanker Attack in Gulf of Oman Near #UAE - Bloomberg
Oil Jumps After Tanker Attack in Gulf of Oman Near U.A.E. - Bloomberg:
Oil rebounded from the lowest in almost five months as two tankers were damaged in a suspected attack in the Gulf of Oman, just weeks after a previous incident in the region.
Brent crude soared as much as 4.5% following reports of an assault on ships near the Strait of Hormuz, a critical passage for cargoes from the Middle East. The Japanese owner of one of the vessels told local media it had been hit by a “shell.” The second tanker, owned by Norway’s Frontline, suffered three detonations, the Norway Maritime Authority said. Both ships were evacuated.
The incident comes just a month after four vessels, including two Saudi oil tankers, were sabotaged in what the U.S. said was an Iranian attack using naval mines. Tehran denied the charge, and nobody has claimed responsibility for the latest assault.
Oil rebounded from the lowest in almost five months as two tankers were damaged in a suspected attack in the Gulf of Oman, just weeks after a previous incident in the region.
Brent crude soared as much as 4.5% following reports of an assault on ships near the Strait of Hormuz, a critical passage for cargoes from the Middle East. The Japanese owner of one of the vessels told local media it had been hit by a “shell.” The second tanker, owned by Norway’s Frontline, suffered three detonations, the Norway Maritime Authority said. Both ships were evacuated.
The incident comes just a month after four vessels, including two Saudi oil tankers, were sabotaged in what the U.S. said was an Iranian attack using naval mines. Tehran denied the charge, and nobody has claimed responsibility for the latest assault.
OPEC cuts 2019 oil demand growth forecast, sees more downside risk | ZAWYA MENA Edition
OPEC cuts 2019 oil demand growth forecast, sees more downside risk | ZAWYA MENA Edition:
OPEC on Thursday cut its forecast for growth in global oil demand due to escalating trade disputes and pointed to the risk of a further reduction, building a case for prolonged supply restraint in the rest of 2019.
World oil demand will rise by 1.14 million barrels per day this year, 70,000 bpd less than previously expected, the Organization of the Petroleum Exporting Countries said in a monthly report.
"Throughout the first half of this year, ongoing global trade tensions have escalated," OPEC said in the report. "Significant downside risks from escalating trade disputes spilling over to global demand growth remain."
OPEC on Thursday cut its forecast for growth in global oil demand due to escalating trade disputes and pointed to the risk of a further reduction, building a case for prolonged supply restraint in the rest of 2019.
World oil demand will rise by 1.14 million barrels per day this year, 70,000 bpd less than previously expected, the Organization of the Petroleum Exporting Countries said in a monthly report.
"Throughout the first half of this year, ongoing global trade tensions have escalated," OPEC said in the report. "Significant downside risks from escalating trade disputes spilling over to global demand growth remain."
Opec must confront an unpalatable reality | Financial Times
Opec must confront an unpalatable reality | Financial Times:
A little over a month ago the majority of Opec members must have thought they could see some light at the end of the tunnel.
Oil prices were back to near $75 a barrel, having risen 45 per cent since the beginning of the year. US sanctions on some of their oil-producing cohorts, including Iran and Venezuela, promised to keep prices propped up. And Russia, the group’s main rival-turned-ally, was struggling with contamination of a big pipeline to Europe, providing Opec countries with an additional market, in the short term at least, for their oil.
But fast forward to today and it turns out the light was not one of salvation for the oil producers’ cartel, but the headlamps of two juggernauts: the US shale industry and a demand-sapping slowdown in the global economy.
A little over a month ago the majority of Opec members must have thought they could see some light at the end of the tunnel.
Oil prices were back to near $75 a barrel, having risen 45 per cent since the beginning of the year. US sanctions on some of their oil-producing cohorts, including Iran and Venezuela, promised to keep prices propped up. And Russia, the group’s main rival-turned-ally, was struggling with contamination of a big pipeline to Europe, providing Opec countries with an additional market, in the short term at least, for their oil.
But fast forward to today and it turns out the light was not one of salvation for the oil producers’ cartel, but the headlamps of two juggernauts: the US shale industry and a demand-sapping slowdown in the global economy.
Monthly markets review: MENA markets plunge in May; #Saudi stocks worst hit | ZAWYA MENA Edition
Monthly markets review: MENA markets plunge in May; Saudi stocks worst hit | ZAWYA MENA Edition:
Stock markets in the region dropped sharply in May as a plunge in oil prices and global markets weighed on investor sentiment. Trading activity was mainly subdued during the holy month of Ramadan.
The aggregate stock market index of the six Gulf Cooperation Council (GCC) countries + Egypt dropped 2.76 percent during the 31-day period.
Global equity markets and oil prices fell in May on escalating tensions between the United States and China, as U.S. President Donald Trump raised tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent.
Stock markets in the region dropped sharply in May as a plunge in oil prices and global markets weighed on investor sentiment. Trading activity was mainly subdued during the holy month of Ramadan.
The aggregate stock market index of the six Gulf Cooperation Council (GCC) countries + Egypt dropped 2.76 percent during the 31-day period.
Global equity markets and oil prices fell in May on escalating tensions between the United States and China, as U.S. President Donald Trump raised tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent.
GCC bonds weak on news of tankers hit in Gulf of Oman, Aramco bonds down: Eikon | ZAWYA MENA Edition
GCC bonds weak on news of tankers hit in Gulf of Oman, Aramco bonds down: Eikon | ZAWYA MENA Edition:
International bonds issued by Gulf Cooperation Council (GCC) governments were down on Thursday after two tankers were hit in suspected attacks in the Gulf of Oman, a month after a similar incident in which four tankers in the region were struck.
Saudi Arabia's bonds due in 2049 were down over 0.6 cents in early trade while $3 billion in bonds issued by state oil giant Saudi Aramco, also due in 2049, were down 1 cent on the dollar, according to Eikon Refinitiv data.
Traders said other GCC sovereign bonds were also weak on the news, and regional credit default swaps - which indicate the cost of insuring against a default - were on the rise.
International bonds issued by Gulf Cooperation Council (GCC) governments were down on Thursday after two tankers were hit in suspected attacks in the Gulf of Oman, a month after a similar incident in which four tankers in the region were struck.
Saudi Arabia's bonds due in 2049 were down over 0.6 cents in early trade while $3 billion in bonds issued by state oil giant Saudi Aramco, also due in 2049, were down 1 cent on the dollar, according to Eikon Refinitiv data.
Traders said other GCC sovereign bonds were also weak on the news, and regional credit default swaps - which indicate the cost of insuring against a default - were on the rise.
COLUMN-China buys more LNG, but can't offset the rest of Asia's losses: Russell - Reuters
COLUMN-China buys more LNG, but can't offset the rest of Asia's losses: Russell - Reuters:
Notwithstanding the achievement in shipping the first liquefied natural gas (LNG) cargo from the world’s largest vessel, Prelude owner Royal Dutch Shell probably wishes it was selling its product into better market conditions.
The Prelude floating LNG vessel - about four soccer fields long - dispatched on Monday its first cargo from its position off northwestern Australia to a customer in Asia, Shell said in a statement on Tuesday.
When Prelude was conceived more than a decade ago, Shell would have been confident that Asia was the right market to target for LNG, given the region’s strong energy demand growth and the need for cleaner fuels than coal.
Notwithstanding the achievement in shipping the first liquefied natural gas (LNG) cargo from the world’s largest vessel, Prelude owner Royal Dutch Shell probably wishes it was selling its product into better market conditions.
The Prelude floating LNG vessel - about four soccer fields long - dispatched on Monday its first cargo from its position off northwestern Australia to a customer in Asia, Shell said in a statement on Tuesday.
When Prelude was conceived more than a decade ago, Shell would have been confident that Asia was the right market to target for LNG, given the region’s strong energy demand growth and the need for cleaner fuels than coal.
US Navy assisting 2 tankers targeted in Gulf of Oman
US Navy assisting 2 tankers targeted in Gulf of Oman:
Two oil tankers in the Gulf of Oman, near the strategic Strait of Hormuz, were reportedly attacked on Thursday, the U.S. Navy said, with one adrift and on fire amid heightened tensions between Washington and Tehran and a high-stakes visit by the Japanese prime minister to Iran.
Benchmark Brent crude spiked 4% in trading following the reported attack, to over $62 a barrel, according to early market figures Thursday.
The latest incident comes after the U.S. alleged that Iran used mines to attack four oil tankers off the nearby Emirati port of Fujairah last month. Iran has denied being involved, but it comes as Iranian-backed rebels in Yemen also have launched missile and drone attacks on Saudi Arabia.
Two oil tankers in the Gulf of Oman, near the strategic Strait of Hormuz, were reportedly attacked on Thursday, the U.S. Navy said, with one adrift and on fire amid heightened tensions between Washington and Tehran and a high-stakes visit by the Japanese prime minister to Iran.
Benchmark Brent crude spiked 4% in trading following the reported attack, to over $62 a barrel, according to early market figures Thursday.
The latest incident comes after the U.S. alleged that Iran used mines to attack four oil tankers off the nearby Emirati port of Fujairah last month. Iran has denied being involved, but it comes as Iranian-backed rebels in Yemen also have launched missile and drone attacks on Saudi Arabia.
Two tankers struck in suspected attacks in Gulf of Oman: sources - Reuters
Two tankers struck in suspected attacks in Gulf of Oman: sources - Reuters:
Two tankers were hit in suspected attacks in the Gulf of Oman and the crew have been evacuated, shipping sources said on Thursday, a month after a similar incident in which four tankers in the region were struck.
The United Kingdom Maritime Trade Operations, part of the Royal Navy, earlier said it was aware of an incident in the Gulf of Oman.
“UK and its partners are currently investigating,” the group said without elaborating.
Two tankers were hit in suspected attacks in the Gulf of Oman and the crew have been evacuated, shipping sources said on Thursday, a month after a similar incident in which four tankers in the region were struck.
The United Kingdom Maritime Trade Operations, part of the Royal Navy, earlier said it was aware of an incident in the Gulf of Oman.
“UK and its partners are currently investigating,” the group said without elaborating.
Kazakhstan backs global oil pact extension - minister - Reuters
Kazakhstan backs global oil pact extension - minister - Reuters:
Kazakhstan supports extending a global output cut deal by OPEC and non-OPEC producers until the end of this year, Kazakh Energy Minister Kanat Bozumbayev told Reuters.
Bozumbayev said Central Asia’s biggest oil exporter had outperformed in terms of compliance with the pact so far this year by cutting output to 1.76 million barrels per day (bpd), well below its quota of 1.86 million bpd.
“I absolutely agree with my colleagues (from Russia and Saudi Arabia) in that the agreement needs to be extended,” Bozumbayev said in a written reply to questions from Reuters.
Kazakhstan supports extending a global output cut deal by OPEC and non-OPEC producers until the end of this year, Kazakh Energy Minister Kanat Bozumbayev told Reuters.
Bozumbayev said Central Asia’s biggest oil exporter had outperformed in terms of compliance with the pact so far this year by cutting output to 1.76 million barrels per day (bpd), well below its quota of 1.86 million bpd.
“I absolutely agree with my colleagues (from Russia and Saudi Arabia) in that the agreement needs to be extended,” Bozumbayev said in a written reply to questions from Reuters.
MIDEAST STOCKS-Major Gulf markets slide after suspected attack on tankers - Reuters
MIDEAST STOCKS-Major Gulf markets slide after suspected attack on tankers - Reuters:
All major Gulf stock markets dropped on Thursday after suspected attacks on tankers in the Gulf of Oman, with a missile strike by Yemen’s Houthi rebels on a civilian airport in southern Saudi Arabia also weighing on risk sentiment.
Two tankers were hit in the suspected attacks and their crews were evacuated, shipping sources said. Four tankers in the region were struck in a similar incident a month ago.
On Wednesday, Houthi rebels carried out a missile attack on a civilian airport in southern Saudi which wounded 26 people. The Saudi-led military coalition in Yemen said it would respond forcefully.
All major Gulf stock markets dropped on Thursday after suspected attacks on tankers in the Gulf of Oman, with a missile strike by Yemen’s Houthi rebels on a civilian airport in southern Saudi Arabia also weighing on risk sentiment.
Two tankers were hit in the suspected attacks and their crews were evacuated, shipping sources said. Four tankers in the region were struck in a similar incident a month ago.
On Wednesday, Houthi rebels carried out a missile attack on a civilian airport in southern Saudi which wounded 26 people. The Saudi-led military coalition in Yemen said it would respond forcefully.
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