Oil prices rose today, extending a multi-day rally, on media reports the US will extend its blockade of Iranian ports, likely prolonging supply disruptions from the key Middle East producing region. US President Donald Trump has instructed aides to prepare for an extended blockade of Iran, the Wall Street Journal reported last night, citing US officials. Trump will opt to continue to squeeze Iran's economy and oil exports by preventing shipping to and from its ports, the report said. Brent crude futures for June rose $1.11, or 1%, to $112.37 a barrel early this morning, climbing for an eighth day. The June contract expires tomorrow and the more active July contract was at $105.32, up 0.88%. US West Texas Intermediate (WTI) futures for June rose 51 cents, or 0.51%, to $100.44 a barrel after gaining 3.7% in the previous session, climbing for seven out of the last eight days. "The recent rise in oil prices has been driven by the Strait blockade. If Trump is prepared to extend the blockade, supply disruptions would worsen further and continue to push oil prices higher," said Yang An, an analyst at Haitong Futures. Investors were also assessing the ramifications of the United Arab Emirates' surprise decision to quit OPEC. Analysts did not expect any major near-term impact on the market by the move. There must be a resolution in the Persian Gulf that allows for uninhibited energy flows through the Strait of Hormuz once again before UAE's output increase to realise, ING analysts wrote in a note today. They said in the medium to longer term the UAE's decision means more supply for the market, which suggests that the Brent forward curve should move into deeper backwardation. Despite a ceasefire in the US-Israeli war with Iran, the conflict is deadlocked as both sides seek a formal end to the fighting. Iran has shut the Strait of Hormuz, a conduit for about 20% of global oil and LNG supplies, and the US blockaded Iranian ports. The US is pressing Iran to end what it says is a nuclear weapons programme, while Iran wants some form of reparations for the latest round of fighting, an easing of economic sanctions and some form of control over the Strait of Hormuz. The Hormuz shutdown is prompting pulls from global inventories, with market sources saying last night that the American Petroleum Institute reported US crude oil inventories fell for a second week. Crude stocks fell by 1.79 million barrels in the week ended April 24, the sources said. Gasoline inventories fell by 8.47 million barrels, while distillate inventories fell by 2.60 million barrels.
Oil prices rose today, extending a multi-day rally, on media reports the US will extend its blockade of Iranian ports, likely prolonging supply disruptions from the key Middle East producing region. US President Donald Trump has instructed aides to prepare for an extended blockad…
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U.S. diesel prices reached a reported record average of $5.85 per gallon this Friday, with officials attributing the spike to ongoing conflicts with Iran disrupting global fuel supplies. Analysts suggest these increases may lead to higher transportation and consumer costs, while regular gasoline also rose to an average of $4.
15 per gallon, up from $3.20 a year prior.
According to unverified accounts provided by a relative, Valivade served as a refuge for approximately 5,000 Polish refugees between 1942 and 1948, a period marked by the displacement of civilians following the 1939 invasion of Poland. The source claims that individual survivors, including a girl reportedly disguised to avoid danger, found temporary stability at the settlement, which is locally known as "Drugi Dom.
The United States and Israel have reportedly engaged in a regional conflict with Iran for nearly six months, during which Strait of Hormuz oil transit has remained significantly below prewar levels of 20 million barrels per day, despite U.S. officials claiming Navy escort operations.
Although the Strait typically facilitates over 20% of global energy trade, analysts suggest that the Islamic Revolutionary Guard Corps may continue to restrict normal transit even if diplomatic agreements are reached. Current tensions have escalated following the expiration of a reported 60-day ceasefire, prompting the U.
S. to announce new economic isolation measures while hostilities appear to have resumed.
Sudan’s civil war, which has persisted for nearly four years, has reportedly displaced over 13 million people and caused significant famine, with casualty estimates suggesting approximately 59,000 deaths. Recent U.S. officials have highlighted the severity of the humanitarian crisis, noting that two-thirds of the population requires aid, while reports from the UN Security Council indicate that armed drones have been responsible for the majority of recorded civilian deaths in the first half of the year.