Oil Prices News

Oil prices fell 9% on Wednesday in volatile trading as investors awaited Washington's next move in the US-Israeli war with Iran after President Donald Trump's Republican Party lost control of Congress in midterm elections.Brent futures dropped $9.27, or 8.9%, to $94.29 a barrel, touching the lowest level since September 4, at 11:58 a.m. ET (1658 GMT). US West Texas Intermediate crude futures were down $7.44, or 7.8%, to $88.54.Brent settled in the previous session at its lowest…

Oil prices fell more than 7% on Monday as talks between Iranian and Qatari officials lifted hopes for an end to the US-Israeli war with Iran and stabilization of Middle East crude supply.Iran's president said the supreme leader had granted the government "certain authorities" regarding peace talks. The country's negotiators held days of talks with Qatari mediators aimed at ending the war. A draft proposal is being circulated with a follow-up meeting possible, an official briefed on the talks said.Brent crude futures fell $8.47, or 7.47%, to $104.96 a barrel by 12:24 p.m. EST (1724 GMT).

Oil futures fell on Tuesday as attention turned to Middle East peace talks, though prices remain near multi-month highs as the Houthi-Saudi Arabia conflict rages and the potential for fresh US-Israeli attacks hangs over the market.Brent crude futures were down $1.00, or 0.86%, at $114.81 a barrel by 1311 GMT. US West Texas Intermediate crude was down 78 cents, or 0.77%, at $100.98.Iranian Security Council chief Mohsen Rezaei on Tuesday met Supreme Leader Ayatollah Mojtaba Khamenei a day after holding talks with representatives of Saudi Arabia…

Oil prices fell $2 a barrel on Monday amid hopes of easing hostilities between the United States and Iran, but persistent attacks on key producer Saudi Arabia kept investors wary and prices near six-month highs.Brent crude futures were down $2.03, or 1.7%, at $114.70 at 10:37 a.m. ET (1437 GMT), while US West Texas Intermediate crude futures were down $2.60, or 2.5%, at $100.71 per barrel.On Friday, prices settled more than $3 higher, with Brent finishing the week up 6% and WTI ending the week 2.3% higher."With the jeopardy doubled by Houthi attacks into Saudi…

Oil prices rose on Friday, with Brent crude touching its highest since early May, after Houthi attacks in Saudi Arabia stoked concern over further disruption to energy supplies from the Middle East where UAE authorities also reported an oil spill.Brent crude futures gained $1.71, or 1.5%, to $114.99 a barrel by 1300 GMT, having earlier reached $115.16, the highest level since May 4. US West Texas Intermediate crude gained $1.80, or 1.8%, to $101.27.The Brent benchmark is on track for a 4.4% weekly rise…

Oil prices climbed about 2% to a five-month high on Thursday after Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies from the key exporting region.Brent futures rose $2.42, or 2.2%, to $111.24 a barrel at 10:45 a.m. EDT (1445 GMT), while US West Texas Intermediate (WTI) crude rose $1.14, or 1.2%, to $98.29.That drove Brent into technically overbought territory for a third time in a week and set for its highest close since May 18.Saudi Aramco has told staff to evacuate its headquarters in Dhahran on the Gulf near Bahrain…

Citi said on Thursday that near-term risks to oil prices remain skewed to the upside despite a recovery in Gulf crude exports, as shipping bottlenecks continue to keep delivered supplies tight."The normalization of Arab Gulf oil exports has been volumetric rather than logistical, with unprecedented shipping inefficiencies keeping delivered crude costs elevated," Citi saidMore than 1 million barrels per day of Gulf crude exports were moved via ship-to-ship transfers in September, equivalent to about 7.5% of regional flows, compared with virtually none before the US-Iran conflict.

Oil prices slipped after touching a five-month high during a choppy session on Tuesday as traders weighed Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf.Yemen's Iran-aligned Houthis said on Monday they launched several attacks on Saudi energy, airport and military targets, such as an Aramco site in Yanbu, the Shaybah oilfield, Riyadh's King Khalid International Airport and Abha airport.Saudi authorities did not immediately confirm the Houthi claims and Reuters could not independently verify them.Brent crude futures fell $1.11…

Oil prices gained more than 3% and were heading for weekly gains on continued uncertainty over Middle East supplies, and as investors kept assessing how much diesel Russia could supply to the global markets.Brent crude futures were up $3.41, or 3.2%, at $109.34 at 12:41 p.m. ET (1641 GMT), while US West Texas Intermediate crude futures rose $2.74, or 2.8%, to $100.67, crossing $100 for the first time since September 21.So far this week, Brent has risen 4.1% and WTI 8.6%."Conflict…

Brent crude was little changed on Thursday as investors weighed possible US steps to ease restrictions on the world’s "shadow fleet" of tankers, while conflict in the Middle East kept a geopolitical risk premium in the market.The international benchmark was up 2 cents, or 0.02%, at $106.08 at 12:14 p.m. EDT (1614GMT)US West Texas Intermediate crude futures were up $2.96, or 3.11%, to $98.05 a barrel, after a large US crude stock draw helped support prices.The shadow fleet discussions…

Oil fell on Friday as Middle East supply concerns eased after President Donald Trump said the US would not attack Iran before midterm elections next month and talked of "productive" talks to end their war that has disrupted global energy markets.Plans by China, the world's top oil importer, to resume refined fuel exports after a brief halt during its Golden Week holiday, also weighed on the market. Reuters reported the development on Friday, citing sources.Brent crude futures dropped $1.10, or 1.1%, to $103.18 a barrel by 1328 GMT.

The US Energy Information Administration raised its oil price forecast for this year and next year on Tuesday, as global stockpiles fall rapidly and diesel markets remain tight due to the ongoing Iran war.Attacks on Saudi Arabia's East-West Pipeline, a key export route for one of the world's largest oil producers, underscore the risk of further disruptions to physical oil flows and prices, the EIA said in its Short-Term Energy Outlook.At the same time, exceptionally tight diesel supplies are boosting demand for crude as refiners seek to maximize diesel production…

Oil prices declined on Tuesday as investors focused on signs of recovering crude exports from the Middle East and lingering concerns over potential supply disruptions in the region stemming from the US-Israeli war on Iran.Brent crude futures were down $1.96, or 1.86%, to $103.32 a barrel at 1306 GMT. US West Texas Intermediate crude was at $90.65, down $1.95, or 2.11%.Brent and WTI are headed for monthly gains of around 14% and 5.6%, respectively."A clearer picture is emerging of higher oil export volumes leaving the Gulf…

Oil prices fell about 1% on Friday as markets weighed the possibility of a truce between the US and Iran against concerns that increasing attacks against Saudi Arabia by Houthi fighters could disrupt supply from the Middle Eastern producer.Brent futures were down $1.14, or 1.1%, at $105.46 a barrel by 10:03 a.m. EDT (1403 GMT), while West Texas Intermediate (WTI) crude fell $1.05, also 1.1%, to $93.56.That put Brent up about 2% for the week and WTI down about 7%.US and Iranian…

Oil prices eased about 2% on Thursday to a one-week low, after reports of additional Saudi crude cargoes through Oman eased supply concerns, though prices stayed above $100 a barrel on fears the Middle East conflict could widen.Brent crude futures were down $2.67, or 2.5%, to $103.13 a barrel at 12:03 p.m. ET (1603 GMT), after touching their lowest level since September 10. US West Texas Intermediate futures were down $1.61, or 1.6%, at $100.82 a barrel, their lowest since September 11.

Oil prices jumped over 4% to a 16-week high on Monday after new strikes on Saudi Arabian energy infrastructure and attacks on ships in the Middle East compounded energy supply concerns.Brent futures rose $4.68, or 4.5%, to $109.29 per barrel at 10:15 a.m. EDT (1415 GMT), while U.S. West Texas Intermediate (WTI) crude rose $4.21, or 4.2%, to $104.26.That kept both benchmarks in technically overbought territory for more than a week and put Brent and WTI on track for their highest closes since May 19.Arab states in the Gulf called off a meeting with Iran planned for Monday…

Oil prices fell about 4% to a one-week low on Tuesday as traders shrugged off the latest U.S. sanctions campaign against Iran, viewing economic pressure as posing less risk to oil supplies than a military escalation.Brent crude futures were down $3.83, or 4.2%, to $88.34 a barrel by 11:44 a.m. EDT, while U.S. West Texas Intermediate crude futures fell $3.34, or 3.9%, to $81.67.Both benchmarks hit their lowest levels since August 17.The shift from military conflict to economic pressure in the U.S.-Israeli war with Iran has reduced some of the oil market's anxiety…

Oil prices were steady on Friday and were on track for a second straight weekly gain after the United States threatened to impose the toughest sanctions in history with no end in sight for disruptions to Middle East oil flows.Brent crude futures rose 20 cents, or 0.21%, to $93.98 a barrel by 1307 GMT. U.S. West Texas Intermediate crude was up 7 cents, or 0.08%, at $86.90.The Brent benchmark has gained more than 6.1% while WTI has risen 5.3% this week, with both touching their highest since July 24 in the previous session."The U.S.

Oil prices jumped 3% on Monday after Iran said the U.S. must lift sanctions on Tehran, pay reparations and meet a number of other conditions before the Strait of Hormuz is reopened.Brent crude futures were up $2.48, or 3%, at $86.03 a barrel by 10:44 a.m. EDT (1444 GMT). U.S. West Texas Intermediate crude futures were up $2.43, or 3.1%, at $80.61.Both benchmarks fell more than 7% last week on hopes that Iran and Oman were close to reaching a deal that would result in a reopening of the strait…

Oil prices edged lower on Thursday but held near the highest since mid-June as the Iran war escalated, with Tehran asking Yemen's Houthi movementto be prepared to close the Red Sea oil export route.Brent crude futures were down 19 cents, or 0.2%, to $84.76 a barrel by 11:25 a.m. EDT. U.S. West Texas Intermediate futures were down 17 cents, or 0.2%, to $79.43 a barrel. At their session highs, both contracts were up more than 1%.On Wednesday, Brent futures settled at their highest since June 12…

Iranian oil supplies at sea are rising after Tehran ramped up exports during the interim peace deal with the United States, but sales have been slow as China's independent refiners have turned to cheaper crude from Iraq, the UAE and Qatar.The return of U.S. sanctions this week risks leaving Tehran with more cargoes searching for buyers just as shipments arrive in Asia.In recent weeks, independent Chinese refiners based in the eastern oil hub of Shandong, known as teapots, bought 16 million to 20.5 million barrels of crude from Qatar…

Oil prices eased on Thursday after earlier gains as markets assessed the escalating conflict between the U.S. and Iran and its implications for efforts to end the war and fully reopen the Strait of Hormuz.Brent crude futures were down 11 cents, or 0.1%, to $77.91 a barrel at 1322 GMT. U.S. West Texas Intermediate crude futures dropped 38 cents, or 0.5%, to $73.14 a barrel.Brent and WTI crude futures hit their highest levels since June 22 on Wednesday.Still, New York Federal Reserve…

Oil prices jumped nearly 5% on Wednesday, hitting a two-week high after U.S. President Donald Trump warned Iran that the United States will likely engage in additional strikes on Wednesday night after attacks the previous day, adding that they might take over Kharg Island as well.Brent crude futures were up $3.81, or 5.14%, to $77.97 a barrel at 1339 GMT, while U.S. West Texas Intermediate crude climbed $3.36, or 4.77%, to $73.80 a barrel. The benchmarks hit their highest levels since June 22 earlier in the session.Both rose about 3% on Tuesday after the U.S.