The oil price has dipped slightly this morning, as the Israel-Iran conflict continues to drive markets.
Brent crude has dropped by 0.75% to $72.73 per barrel.
That wipes out some of the oil price’s 7% surge on Friday; it dropped by 1.35% on Monday.
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Fuel tanker rates surge as Middle East crisis worries markets – business live | Business Key events Introduction: Fuel tanker rates surge as Middle East crisis worries marketsGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy. The Israel-Iran conflict is pushing up the costs of chartering oil tankers from the Middle East, as geopolitical fears weigh on markets again. Tanker rates for vessels carrying refined oil products from the Middle East have surged in the last few days, amid concern that travelling through the Strait of Hormuz is now more risky. The cost to ship fuels from the Middle East to East Asia climbed almost 20% in three sessions to Monday, according to data from the Baltic Exchange. Bloomberg, which reported the data, explains:
LSEG data shows that the global benchmark rate for a very large crude carrier moving oil from the Middle East Gulf to Japan rose over 20% on Friday after the tensions broke out, and gained another 16% on Monday. Prices jumped amid worries that Iran could potentially target energy facilities or shipping routes, or even close the Strait of Hormuz, if the current conflict – which began on Friday morning when Israel attacked Iranian nuclear facilities and missile sites – escalates. Lazard Geopolitical Advisory (LGA) has warned:
Naval forces have warned that electronic interference with commercial ship navigation systems has surged in recent days around the Strait of Hormuz and the wider Gulf, which is having an impact on vessels sailing through the region. Lloyd’s List Intelligence, which monitors maritime traffic, said that loadings of vessels in the Gulf continued over the weekend but tankers waiting to load in Iran were keeping a greater distance from the port. Shares rallied yesterday in Europe, and in the US, following reports that Iran was seeking an end to hostilities and the resumption of talks over its nuclear programs. But stocks are likely to fall back today, as hopes of peace talks fade, after Israel issued an evacuation order to residents of a large part of Tehran. Donald Trump, who left the G7 leaders summit early last night, has denied that he cut short his appearance at the meeting to broker a truce between Israel and Iran. The agenda
Source link Posted: 2025-06-17 08:05:05 |
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