Oil jumps $1 after further drone attacks on Iraq oil fields
Brent crude futures settled at $69.52 a barrel, up $1.00, or 1.46%. U.S. West Texas Intermediate crude futures finished at $67.54 a barrel, up $1.16, or 1.75%.
Officials pointed to Iran-backed militias as the likely source of attacks this week on the oilfields in Iraqi Kurdistan, although no group has claimed responsibility.
Oil output in the semi-autonomous Kurdistan region has been slashed by between 140,000 and 150,000 barrels per day, two energy officials said, more than half the region's normal output of about 280,000 bpd.
"Some of the gains are reaction to drone attacks in Iraq," said Andrew Lipow, president of Lipow Oil Associates. "It shows how vulnerable oil supplies are to attacks using low technology."
Markets have also been jittery while waiting for the imposition of tariffs by U.S. President Donald Trump, which could shift oil supplies from the United States to India and China, Lipow said.
Trump has said letters notifying smaller countries of their U.S. tariff rates would go out soon, and has also alluded to prospects of a deal with Beijing on illicit drugs and a possible agreement with the European Union.
"Near-term prices (are) set to remain volatile due to the uncertainty over the final scale of U.S. tariffs and the resultant impact on global growth," said Ashley Kelty, an analyst at Panmure Liberum.
U.S. crude inventories fell by 3.9 million barrels last week, government data on Wednesday showed, compared with analysts' expectations in a Reuters poll for a 552,000-barrel draw.
Last week, the International Energy Agency said that oil output increases were not leading to higher inventories, which showed markets were thirsty for more oil.
Markets were continuing to look for signals of tighter supply or higher demand, said Phil Flynn, senior analyst for Price Futures Group.
Meanwhile, a tropical disturbance in the northern Gulf of Mexico was not expected to develop into a named storm as it makes its way west before moving onshore in Louisiana later on Thursday.
Rainfall totals in Southeast Louisiana are forecast to be about four inches (10 cm), according to the U.S. National Hurricane Center.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BreakingNews.ie
32 minutes ago
- BreakingNews.ie
Christian patriarchs in rare visit to Gaza after deadly Israeli strike on church
Top church leaders have visited Gaza a day after its only Catholic church was struck by an Israeli shell. The attack killed three people and wounded 10, including a priest who had developed a close friendship with the late Pope Francis. Advertisement The strike drew condemnation from the Pope and US President Donald Trump, and prompted a statement of regret from Israel, which said it was a mistake. Since ending a ceasefire in March, Israel has regularly launched far deadlier strikes across Gaza against what it says are Hamas militants, frequently killing women and children. Strikes killed 18 people overnight, health officials said on Friday. Benjamin Netanyahu released a statement saying Israel 'deeply regrets that a stray ammunition hit Gaza's Holy Family Church' (Manuel Balce Ceneta/AP) Pope Leo meanwhile renewed his call for negotiations to bring an end to the 21-month war in a phone call on Friday with Israeli Prime Minister Benjamin Netanyahu, the Vatican said. The religious delegation to Gaza included two patriarchs from Jerusalem — Latin Patriarch Cardinal Pierbattista Pizzaballa and Greek Orthodox Patriarch Theophilos III. The rare visit aimed to express the 'shared pastoral solicitude of the churches of the Holy Land', a statement said. Advertisement Israel has heavily restricted access to Gaza since the start of the war, though church leaders have entered on previous occasions, usually to mark major holidays. They visited the Holy Family Catholic Church, whose compound was damaged in the shelling. They were also organising convoys carrying hundreds of tons of food, medical supplies and other equipment to the territory — which experts say has been pushed to the brink of famine by Israel's war and military offensive — and the evacuation of those wounded in the church strike. In his call with Mr Netanyahu, Pope Leo 'expressed again his concern over the dramatic humanitarian situation for the population in Gaza, with children, the elderly and the sick paying the most heartbreaking price', the Vatican said in a statement. An Israeli official confirmed that Mr Netanyahu had placed the call and said that the Vatican's account was accurate. Advertisement Pope Leo expressed his concern over 'the dramatic humanitarian situation' (AP) In an earlier statement, the Pope had 'repeated his intentions to do everything possible to stop the useless slaughter of innocent people', and condemned 'the unjustifiable attack' on the church. The Vatican said the Pope had also received an update on the condition of Rev Gabriel Romanelli, the resident priest at the church, who was lightly wounded. The priest had regularly spoken by phone with Pope Francis, who died in April, telling the pontiff about the struggles faced by civilians in Gaza. Mr Netanyahu released a statement on Thursday saying Israel 'deeply regrets that a stray ammunition hit Gaza's Holy Family Church'. The Israeli military said it was still investigating. Israel has repeatedly struck schools, shelters, hospitals and other civilian buildings, accusing Hamas militants of sheltering inside and blaming them for civilian deaths. Palestinians say nowhere has felt safe since Israel launched its offensive in response to Hamas's attack on October 7 2023. Advertisement Israeli strikes killed at least 18 Palestinians overnight and into Friday, including a strike on a home in the southern city of Khan Younis that killed four members of the same family, according to morgue records at Nasser Hospital, which received the bodies. Associated Press footage of the aftermath of the strike showed people digging through the rubble in search of remains. Palestinians say nowhere has felt safe since Israel launched its offensive in response to Hamas's attack in 2023 (Ohad Zwigenberg/AP) Israel's military said it was 'operating to dismantle Hamas military capabilities' and that it takes 'feasible precautions to mitigate civilian harm'. Nasser Hospital said another three people were killed while heading towards an aid site run by the Gaza Humanitarian Foundation (GHF), an Israeli-backed American contractor. A spokesperson for the foundation said there was no violence at its sites overnight and that crowds were 'docile'. Advertisement Since the group's operations began in late May, hundreds of Palestinians have been killed in shootings by Israeli soldiers while on roads heading to the sites, according to witnesses and health officials. GHF's four sites are all in military-controlled zones, and the Israeli military has said its troops have only fired warning shots to control crowds. There was no comment from the military on the latest deaths. Hamas-led militants killed some 1,200 people, mostly civilians, in the October 7 attack and abducted 251 people, most of whom have since been released in ceasefire agreements or other deals. Fifty hostages are still being held, less than half of them believed to be alive. Israel's retaliatory offensive has killed more than 58,600 Palestinians, according to Gaza's Health Ministry, which has said women and children make up more than half of the dead. It does not distinguish between civilians and militants in its tally. The ministry is part of the Hamas-run government but is led by medical professionals. The United Nations and other international organisations consider its figures to be the most reliable count of war casualties.
Daily Mail
2 hours ago
- Daily Mail
Air India to resume some flights after deadly crash
Air India will begin flying select international routes again from August, just weeks after a horrific crash killed 260 people in Ahmedabad. The airline grounded several services following the tragic incident on 12 June, when flight AI171 – a Boeing 787 Dreamliner bound for London – went down shortly after take-off from Ahmedabad airport in Gujarat, western India. In a statement issued Tuesday (15 July), Air India said a 'safety pause' had been implemented to allow precautionary inspections on its Dreamliner fleet and to manage disruptions caused by airspace closures over the Middle East. The airline has now announced a 'partial restoration' of international services. However, not all services are back just yet. Flights between Amritsar and Goa to Gatwick remain suspended until at least 30 September. Routes from Bengaluru and Pune to Singapore are also off the cards until further notice. Routes to Birmingham, Sydney, New York, Copenhagen and Chicago are still operating with fewer flights or adjusted schedules. Air India apologised to customers caught in the disruption and said it is 'proactively contacting' affected passengers to offer rebooking options or full refunds. Despite the tragedy and ongoing challenges, the airline will be operating over 525 international flights a week across 63 routes by August.
Reuters
3 hours ago
- Reuters
Israeli settlers accused of killing 117 sheep in West Bank attack
JORDAN VALLEY, West Bank, July 18 (Reuters) - Palestinian Bedouins accused Israeli settlers on Friday of killing 117 sheep in an overnight attack and stealing hundreds of others in an apparent effort to chase farmers off their land in the occupied West Bank. The incident comes amid what the United Nations described this week as intensifying attacks by Jewish settlers and security forces against Palestinians in the West Bank and record mass displacements. The Israeli army did not respond to a request for comment about the mass slaughter of the animals belonging to the Arab al-Kaabaneh Bedouin community, in the Jordan Valley. Veterinarians were called in to treat a handful of sheep which had survived the knife and gun attack, some of the animals shaking uncontrollably and in apparent shock. Salem Salman Mujahed, a resident of Arab al-Kaabaneh, said multiple groups of settlers working in coordination had orchestrated the assault, and accused the army of standing by. "(Settlers) came near the houses. I asked them what are you doing here then we started fighting with each other," he said. "The army detained me, and they handcuffed me." He said other groups of settlers then attacked the sheep, which are vital to his community's survival. Reuters was unable to independently verify who was responsible for the attack. Palestinian Minister Moayad Shaaban condemned the incident, calling it part of a broader strategy to displace Palestinians from the region. "These sheep and animals were slaughtered and shot at," he told Reuters. "They are using these tools to terrify these people to leave these areas, which have been inhabited for dozens of years." The attack prompted at least one family to begin relocating. Bedouin Tareq Kaabaneh said he could no longer withstand what he called settler intimidation. "They were armed, they steal donkeys and sheep. In the night they come here and start shooting toward us," Kaabaneh said. "I am moving now from here, I want to protect my kids and my sheep, my livelihood ... yesterday I was safe, but I don't know what will happen to me tomorrow," he added. The United Nations reported this week that mass displacements in the West Bank had reached levels unprecedented since Israel first took military control of the territory nearly six decades ago. The U.N. Office of the High Commissioner for Human Rights in Geneva also said there had been 757 settler attacks on Palestinians or their properties since January - a 13% increase from the same period last year. At least 964 Palestinians have been killed by Israeli forces and settlers in the West Bank, including East Jerusalem, since the start of the war in Gaza in October 2023. Over the same period, 53 Israelis have been killed in attacks by Palestinians or in armed clashes. The U.S. Ambassador to Israel Mike Huckabee demanded this week a full investigation into the killing of a Palestinian American who was beaten to death by settlers in the West Bank on July 11, describing it as a "criminal and terrorist act". The United Nations' highest court said last year that Israel's occupation of Palestinian territories, including the West Bank, was illegal and should end as soon as possible. Israel disputes this, citing security needs as well as historical and biblical ties to the land, which it captured in the 1967 Middle East war. The West Bank is among the territories Palestinians seek for an independent state.
