Tag: oil prices

The geopolitical shock following the U.S. airstrikes against Iran's nuclear facilities, has sent oil to new highs as tensions in the Strait of Hormuz rattle global supply chains.

In a major escalation following U.S. airstrikes on Iranian nuclear facilities, Iran’s parliament has reportedly supported a proposal to close the Strait of Hormuz, a critical global chokepoint.

According to Xclusiv Shipbrokers, VLCC insurance has jumped to 0.70-0.80 dollars, with freight rates escalating sharply too due to the Israel-Iran conflict. 

According to Gibson, long-standing tensions between Israel and Iran escalated sharply overnight, with tanker markets potentially affected.

Brent crude rose from $69 to $74 highlighting the global energy significance of the Strait of Hormuz amid the Iran-Israel tensions, the U.S. Energy Information Administration (EIA) pointed out.

BIMCO's Chief Shipping Analyst, Niels Rasmussen, looks at the recent 24% jump in crude tanker loadings by OPEC countries.

According to American Club, in response to evolving geopolitical dynamics and efforts to constrain Russian revenues amid ongoing conflicts, changes to the Oil Price Cap (OPC) scheme have been implemented, impacting the transport and insurance of specific Russian cargoes. 

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced its second price cap enforcement action of 2024, imposing sanctions on four entities and designating one vessel as blocked property.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking its first oil price cap enforcement action of 2024, targeting a shipping company linked to a price cap violation.

World Bank has published a new report Commodity Markets Outlook, in which it discusses that, although the global economy is in a much better position than it was in the 1970s to cope with a major oil-price shock, an escalation of the latest conflict in the Middle East, could push global commodity markets into uncharted waters.