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Articles82

Global energy security at risk if Strait of Hormuz does not open in weeks, IEA chief says

If the U.S. and Iran do not increase oil flowing through the Strait of Hormuz soon, the world should worry about energy security, International Energy Agency Executive Director Fatih Birol said on Thursday. “Oil security is still a critical issue,” Birol told a Council on Foreign Relations event. “We should be worried, and I am [Read more]

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BOE Report4h ago

US refiner margins hit new records as fuel shortage concerns grow

U.S. refiner margins registered a fresh record high for the third consecutive session on Thursday, as low stockpiles and worsening tensions in the Middle East threaten potential supply shortfalls in the world’s largest fuel consuming nation. U.S. refiners have been the biggest beneficiaries of the Iran war as international buyers have clamored for their supp

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BOE Report8h ago

US EIA reviews crude storage limits after Iran war drains Cushing inventories

The U.S. Energy Information Administration said on Thursday it was reviewing the results of a pilot study to better understand minimum working crude oil inventory for some storage hubs at Cushing, Oklahoma, after stocks reached levels that may constrain normal operations. Cushing, the delivery point for U.S. West Texas Intermediate (WTI) crude futures, is on

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BOE Report13h ago

Houthi leader threatens Saudi oil facilities if Riyadh escalates in Yemen

Yemen’s Houthi leader Abdul Malik al-Houthi said on Thursday that all Saudi oil and other vital facilities would be targets for the group’s missiles and drones if Riyadh escalated its involvement in the conflict. The warning came after the Houthis fired missiles at Saudi Arabia, accusing the kingdom of bombing an airport under their control [Read more]

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BOE Report13h ago

Pakistan worries about being drawn into US-Iran conflict after Houthis attack Saudi Arabia

Attacks on Saudi Arabia by Yemen’s Iran-aligned Houthis this week have frustrated Pakistan and threaten to draw Islamabad into the conflict, complicating any future role it may have as a mediator between the United States and Iran. Nuclear-armed Pakistan, which helped broker an interim deal last month in the war between Washington and Tehran, signed [Read mo

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BOE Report12h ago

LNG exports set to add $1.4 trillion to US GDP through 2040, S&P Global Energy study says

Liquefied natural gas is poised to become the United States’ second-largest net export industry within five years, adding nearly $1.4 trillion to its gross domestic product through 2040, according to an S&P Global Energy study. In 2025, the country became the first to export more than 100 million metric tons of LNG in one year, [Read more]

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BOE Report12h ago

Oil prices rise for 4th day as US strikes on Iran raise fears of wider conflict

Oil prices rose for a fourth straight day on Thursday after a new wave of U.S. strikes on Iranian military installations fuelled fears of renewed full-scale conflict and supply disruptions in the Strait of Hormuz. The United States struck Iran’s coastal defences and missile sites on Wednesday after reimposing a naval blockade of its ports, [Read more]

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BOE Report21h ago

First U.S. LNG cargo since tariff dispute reaches China, may be re-exported

A cargo of U.S. liquefied natural gas has arrived at a Chinese terminal for the first time since trade tensions between Washington and Beijing effectively halted direct shipments, vessel-tracking data showed, though it may never enter China as the terminal’s bonded storage facilities allow re-exports without import duties. Carrying a cargo loaded in early Ju

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BOE Report21h ago

China’s oil fortress will reshape the global order: Bousso

China caught the oil industry by surprise during the Iran war, pulling powerful levers to shield itself from the biggest energy shock in decades. In the process, it established itself as a new force in global energy markets – an independent, opaque, massive power. The measures China used to offset the energy supply shock — [Read more]

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BOE Report18h ago

Iran tells Houthis to close Red Sea gateway if US hits power network, sources say

Iran has asked Yemen’s Houthi movement to stand ready to close the Red Sea oil route if the United States strikes Iranian power infrastructure, three sources told Reuters on Thursday, posing a potent new threat to global energy supplies. The idea has been discussed within the Islamic Republic’s leadership, and the message has been conveyed [Read more]

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BOE Report15h ago

Discount on Western Canada Select narrows

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Wednesday. WCS for August delivery in Hardisty, Alberta, settled at $13.15 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $13.40 on Tuesday. * The discount remains significantly wider than it was in [Read

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BOE Report1d ago

Discount on Western Canada Select narrows

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed in Tuesday’s trading session, according to data from brokerage CalRock on Wednesday. WCS for August delivery in Hardisty, Alberta, settled at $13.40 a barrel below the U.S. benchmark WTI, CalRock said, compared to $13.65 on Monday. * The [Read

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BOE Report1d ago

Some ships refusing US-military guided Hormuz transits after attacks, sources say

Shipping companies are avoiding using a U.S. military-guided transit scheme through the Strait of Hormuz after a wave of Iranian attacks on vessels sparked safety concerns, seven maritime security and shipping industry sources said. For decades ships sailed into and out of the Gulf using a safe set of lanes down the middle of the [Read more]

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BOE Report1d ago

Iran’s Qalibaf says Tehran has no reason to honour U.S. MoU without benefits

Iran’s top negotiator Mohammad Baqer Qalibaf said on Wednesday that if Iran did not benefit from its memorandum of understanding with the U.S., “we have no reason to adhere to such an understanding”. Iran’s national security depends on maintaining “Iranian arrangements” in the Strait of Hormuz, Qalibaf added in a statement posted on Telegram. He [Read more]

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BOE Report1d ago

Why Iranian, Houthi threats to Red Sea shipping matter more for oil now

Iran has warned that its campaign to throttle global energy markets could be expanded from the Strait of Hormuz to the vital Red Sea route if U.S. attacks continue, a threat that depends on its Houthi allies in Yemen. This is why it matters and what it means for the Iran war and the global [Read more]

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BOE Report1d ago

US crude stocks fall as refiners step up processing, EIA says

U.S. oil and gasoline stocks fell last week, the U.S. Energy Information Administration said on Wednesday, as refiners stepped up their crude processing and gasoline demand remained sturdy in the summer driving season. Crude inventories fell by 1.7 million barrels to 409.7 million barrels in the week to July 10, the EIA said, compared with [Read more]

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BOE Report1d ago

Oil prices rise as hostilities worsen in the Middle East

Oil extended gains on Wednesday as President Donald Trump reimposed a naval blockade on all Iranian ports and Tehran launched strikes on U.S. infrastructure in the region. Brent futures climbed 99 cents, or 1.2%, to $85.72 a barrel at 0400 GMT. West Texas Intermediate futures gained 64 cents, or 0.8%, to $79.98 a barrel. Oil [Read more]

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BOE Report2d ago

Goldman Sachs says Gulf oil flow recovery uncertain amid renewed attacks

Renewed disruptions to Persian Gulf oil exports could keep upward pressure on prices in the near term, Goldman Sachs said in a note on Tuesday, adding that the next phase of recovery in flows remains uncertain and could be slower than the initial rebound even after geopolitical de-escalation. * Goldman estimates that Gulf exports recovered [Read more]

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BOE Report1d ago

Iran threatens to block more vital seaways as Trump orders renewed Iran blockade

Iran’s Islamic Revolutionary Guard Corps has threatened to close “all other export corridors that benefit the U.S. and its allies”, Iranian media reported, after Iran shut the Strait of Hormuz and the U.S. reimposed a naval blockade of Iranian ports. “Regional energy exports are either shared by all, or denied to all,” the IRGC said [Read more]

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BOE Report1d ago

Asian refiners snap up US crude as Hormuz risks mount, trade sources say

Asian refiners snapped up U.S. crude cargoes overnight as they sought to secure alternative supplies amid escalating tensions in the Middle East, trade sources said on Wednesday. Two South Korean refiners purchased at least 5 million barrels of West Texas Intermediate (WTI) crude, the people said. The cargoes for loading in July and August were [Read more]

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BOE Report1d ago