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Saudi Arabia announces maritime defence alliance to protect Red Sea
Saudi Arabia and 13 other countries announced the creation of an international coalition to safeguard freedom of navigation through the Bab al-Mandeb Strait, the Red Sea and the Gulf of Aden, Reuters reported on Thursday.Â
Oil: Key driver of UK inflation scenarios â Rabobank
RaboResearch highlights Oil as the dominant input for UK monetary policy. The Bank of Englandâs central forecast assumes Oil prices fall from $76 to around $71, with inflation peaking near 3.2%, but Brent already trades above $90.
Crude Oil is pricing a Hormuz deal, not a peace deal
Crude Oil is lower on Thursday even as the war that sets its price reached a country it had spared for five months. WTI trades just above the $82.00 handle, down more than 1.5%, and Brent holds just above $86.50 with a near-identical loss after both gave back a chunk of Wednesday's rally.
Natural Gas: Fragile supply risks keep prices elevated â Rabobank
Rabobankâs Florence Schmit highlights that TTF Natural Gas remains exposed to Strait of Hormuz disruptions and QatarEnergyâs extended force majeure.
Germany: War-driven energy shock shapes outlook â Commerzbank
Commerzbankâs Dr. Ralph Solveen analyzes German inflation after the July national Consumer Price Index (CPI) rose from 2.3% to 2.8%, driven mainly by higher energy prices linked to conflict in the Persian Gulf and the end of fuel tax rebates.
WTI Oil extends gains beyond $84.00 as US resumes strikes in Iran
Oil prices have risen about 7% over the last two days, pushing the price of the US benchmark West Texas Intermediate (WTI) barrel to levels above $84.00 on Thursday, up from the $77.16 lows seen earlier in the week.
US resumes strikes against Iran, targeting Qeshm Island
The US Central Command (CENTCOM) began launching strikes against Iran late Wednesday, retaliating against Iranian missile attacks on American forces in the region, the Guardian reported.
WTI falls below $83.00 despite hostilities in the Middle East
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.80 during the early Asian trading hours on Thursday. WTI falls amid some profit-taking despite escalating conflicts in the Middle East.Â
Yemen's Houthis reportedly considering fees for ships sailing through Red Sea
Yemenâs Iran-backed Houthi rebels are considering imposing fees on commercial ships sailing through the southern Red Sea, Reuters reported on Wednesday. This development came a week after the Houthi declared a naval blockade on Saudi Arabia.
US President Donald Trump says US will strike Iran hardÂ
US President Donald Trump said that he will order heavy strikes on Iran in retaliation for its âsurprise attackâ on US forces overnight, Bloomberg reported on Wednesday.
WTI remains muted after Fed hold
West Texas Intermediate (WTI) Oil stayed muted near $83 per barrel following the Federal Reserve's (Fed) decision to hold interest rates constant on Wednesday afternoon. The price consolidation comes after recovering sharply from an intraday low near $78.90.
WTI Oil surges 7% as Middle East war and supply risks fuel rally
West Texas Intermediate (WTI) Oil jumps nearly 7% on Wednesday as the war in the Middle East keeps geopolitical risks firmly priced into the market. At the time of writing, WTI trades around $84 per barrel, snapping a three-day losing streak.
United States EIA Crude Oil Stocks Change came in at -7.167M, below expectations (-2.5M) in July 24
United States EIA Crude Oil Stocks Change came in at -7.167M, below expectations (-2.5M) in July 24