Brent Crude Oil Prices Rise Above $100/Barrel
Brent crude futures breached $100 a barrel on Wednesday for the first time since late July after Iran and the U.S. struck tankers in the biggest wave of attacks on shipping since the war began, threatening to worsen the ongoing impairment of energy supplies from the Middle East.Front-month Brent crude futures were up $3.04, or 3.1%, at $100.95 a barrel as of 1:39 p.m. EDT (1739 GMT), after touching a high of $101.58. U.S.
WTO: Global Goods Trade Strengthens Despite Uneasy Politics
Global trade in goods has strengthened from June despite geopolitical and policy-related uncertainties, the World Trade Organization said on Wednesday, signaling resilience in merchandise flows even as risks remain elevated.The September reading of the WTO's barometer tracking merchandise trade growth was 102, an improvement from the June barometer of 101.7, with growth remaining above trend.The WTO publishes its Goods Trade Barometer four times a year.
US Court Reverses NJ permit for Williams NESE Natural Gas Pipeline
The U.S. Third Circuit Court of Appeals reversed a key New Jersey water permit for U.S. energy company Williams Cos' long-delayed Northeast Supply Enhancement (NESE) natural gas pipeline project in Pennsylvania, New Jersey and New York.The court said in a ruling on Tuesday that it granted petitions by environmental groups, vacated the Water Quality Certification and remanded the case to the New Jersey Department of Environmental Protection (NJDEP).“Following the Third Circuit's decision…
Iraqi Oil Tanker Hit Amidst US-Iran Attacks
A tanker carrying about 2 million barrels of Iraqi fuel oil was struck by a drone in Iraqi territorial waters on Wednesday, port officials said, and British navy-affiliated UKMTO reported that several merchant vessels in the Gulf had been hit by disabling fire overnight.A fire broke out aboard the Panama-flagged oil tanker New Andros after it was hit in Iraqi waters at around 6 a.m. (0300 GMT) on Wednesday…
US, Iran Strike Oil Tankers in Biggest Attack Wave Since War's Start
Iran said on Wednesday it had attacked 10 ships near the Strait of Hormuz after the U.S. sank five Iranian oil tankers, in the biggest declared wave of tit-for-tat attacks on shipping by both sides since the start of the six-month-old war.The attacks sent the price of oil surging, with benchmark Brent crude LCOc1 futures breaching $100 a barrel for the first time since July. At least one seafarer aboard…
Iran Strikes Back After US Military Destroys Five Oil Tankers
The Middle East war intensified on Tuesday with Iranian-backed Houthis in Yemen launching strikes on several Saudi cities, further embroiling a U.S. ally in the conflict, while U.S. forces hit multiple Iranian oil tankers and Iran targeted a U.S. base in Jordan.The Houthis attacked four cities in the south of Saudi Arabia, wounding 73 people and setting oil installations ablaze in what appeared to…
