Crude oil prices surged over 3% after the U.S. military destroyed five Iranian vessels, pushing the Brent benchmark above $100 per barrel. The escalation has prompted a warning from Goldman Sachs that prices could reach $120 if shipping disruptions continue.
The Organization of the Petroleum Exporting Countries lowered its 2026 global oil demand growth forecast to 380,000 bpd, its fifth consecutive monthly reduction, though its outlook remains more optimistic than the IEA's.
The price premium for delivering copper to the U.S. has evaporated following reports that the White House is reconsidering import tariffs, triggering a sharp sell-off in futures markets and unwinding a major arbitrage trade.
Diesel stockpiles in the key ARA European oil hub climbed 4% to 1.68 million metric tons this week, driven by increased imports from the United States, according to data from consultancy Insights Global.
Wholesale natural gas prices in Europe and the UK remained near multi-year highs on Thursday, driven by escalating military conflict in the Persian Gulf and critically low storage levels ahead of winter.
Iran is assembling ballistic missiles in limited quantities from existing components in underground facilities, according to a Wall Street Journal report citing U.S. and Middle East officials.
Gasoil and diesel stocks in the key Amsterdam-Rotterdam-Antwerp hub rose to 1.68 million metric tons, while jet fuel inventories fell to a seven-year low, according to new industry data.
The Bab el-Mandeb Strait, a vital maritime artery for about 7% of global oil shipments, faces severe disruption from Houthi militant attacks, forcing costly rerouting of vessels and threatening global supply chains.
The Organization of the Petroleum Exporting Countries has once again lowered its outlook for global oil demand growth in 2026, marking the fifth straight monthly reduction, according to its latest report.
