Oil prices jump more than $4 after Israel strikes Iran
June 13 (Reuters) - Oil prices jumped more than $4 a barrel on Friday after Israel said it struck Iran, raising concerns of escalating tensions in the Middle East that may affect oil supplies.
Brent crude futures were up $4.02, or 5.8%, at $73.38 a barrel. U.S. West Texas Intermediate crude was up $4.35, or 6.39%, at $72.39 a barrel at 0029 GMT.
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BBC News
2 hours ago
- BBC News
How di Israel-Iran conflict fit affect energy prices
Israel attacks on Iran, and Iran response, bin cause fear on global financial markets on Friday, 13 June. Di price of oil bin go high, up to 7% by mid-afternoon on Friday. Dis dey make pipo worry say we fit dey face anoda period wey di price of energy go rise, and dat automatically go make di price of evritin from petrol and food to holidays to go up. Dis na wetin happun afta Russia invade Ukraine three years ago, and e affect pipo lives around di world. How much oil price don rise? Di attacks bin lead to an instant reaction on di markets. Brent Crude - di main international benchmark – rise more dan 10% bifor e fall back to around $75 a barrel. Di price of oil dey rise and fall all di time in response to big geopolitical events, plus di state of di global economy, so no be surprise to see say oil prices dey react to di attacks. However, di Brent crude price still dey about 10% lower pass dat of 2023. E also dey below di peaks we see for 2022 afta Russia attack Ukraine, wen e spike to nearly $130. Di price of petrol plus oda prices don go up? Wen di price of oil for wholesale go up, many pipo no dey quick notice am until di price of petrol go up. But more expensive energy go lead to higher prices for almost evritin, from farming to manufacturing. Wen e come to food, higher energy costs fit make food dey very expensive. Rise in di price of oil go make am dey more expensive to run farm machinery, to transport produce, and to process and package food. However, dat go only happun if energy prices stay high for a sustained period. Even wit petrol and diesel, rising crude prices only get limited impact. "One rough rule of thumb na $10 rise for di price of oil go add about 7p to di price for di pump," David Oxley for Capital Economics tok. Many pipo go remember how di price of energy and everytin go up for di beginning of di Ukraine conflict. Dat na big response to higher gas prices, Oga Oxley tok. Many of us heat our homes wit gas, and for UK, dem dey set di price of electricity in relation to di price of gas. Gas prices don also rise afta Thursday night attacks. But households go feel di impact slowly, if di regulator try fix di price, Oga Oxley tok. Price of oil fit go high? Di current situation dey "very significant and concerning" Richard Bronze di head of geopolitics for consultancy and research firm Energy Aspects, tok. But e no mean say e go get big impact like di Ukraine conflict, or even previous troubles for di Middle East. Di main questions now na how long Israel and Iran go remain for dis conflict, weda oda kontris for di region go join, and if di US go step in to try solve di situation. Above all, e depend on weda we go see actual disruption to shipping for di Strait of Hormuz, di waterway off Iran southern coast, wey be di route to global markets for about a fifth of di world oil production. "Na narrow choke point so na important weak spot for global oil markets," Oga Bronze tok. Without interruption to shipping, oil prices no go remain high. For 2022, afta Russian invade Ukraine, growing demand bin dey for energy as di global economy reopen afta Covid. Now di global economy dey face tougher times, and oil producers from Saudi Arabia to Brazil get di capacity to increase oil supply wey go help lower prices. Wetin dis mean for di global economy? Di scale of any energy price rise, plus di wider impact, go depend on di magnitude of wetin go happun next for di conflict between Israel and Iran. But e get di potential to be "a bad shock for di global economy at a bad time" Mohammed El-Erian, chief economic adviser for asset manager Allianz, tok. "Whichever way you look am, im negative short-term, im negative longer-term. "Na anoda shock to di stability of di US-led global economic order for time wen plenty questions already dey ground." Capital Economics calculate if oil prices go back to ova $100 a barrel dat fit add 1% to inflation for advanced economies, wey make life difficult for central banks wey dey hope to bring down interest rates. But dat no be di most likely scenario for David Oxley view. "Instability for di Middle East no be new thing, we don see am happun ova and ova again," he says. "In a week time everytin go blow up."
FF News
2 hours ago
- FF News
QCF Appoints Rashed Al-noaimi as the New Director of Human Capital
Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, has announced the appointment of Rashed Al-Noaimi as Director of Human Capital, effective 1 June 2025. With over 15 years of leadership experience in human capital management, Rashed brings a wealth of expertise in shaping organisational strategy and fostering workplace excellence. Rashed began his professional career as an Employee Supervisor at QatarEnergy (formerly RasGas/ Qatargas). He later assumed the role of Director of Human Resources at the Ministry of Finance. Before joining the QFC, Rashed served in multiple senior leadership capacities at Malomatia. His expertise spans career and succession planning, governance and policy development, employee engagement, talent management, and learning and development. He is also recognised for leveraging advanced HR technologies to drive operational efficiency and impact. In his capacity at the QFC, Rashed will lead the human capital strategies that foster a high-performance culture, drive employee engagement, and support the implementation of QFC's values and its strategic objectives. Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said: 'We are pleased to welcome Rashed to the QFC. His deep expertise and leadership in human capital management will be instrumental in building a dynamic and inclusive workplace. I'm confident that his experience will enrich our culture of excellence and significantly contribute to fostering an environment where our people can thrive.' Rashed Al-Noaimi holds a bachelor's degree in business management from the University of Colorado, USA, and a master's degree in public policy from Hamad Bin Khalifa University, Qatar.
Reuters
2 hours ago
- Reuters
US drillers cut oil/gas rigs for 7th week to lowest since 2021, Baker Hughes says
June 13 (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating for a seventh week in a row to the lowest since November 2021, energy services firm Baker Hughes (BKR.O), opens new tab said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by four to 555 in the week to June 13. , , Baker Hughes said this week's decline puts the total count down by 35 rigs or 6% below this time last year. The oil rig count fell by three to 439 this week, its lowest since October 2021, while gas rigs slipped by one to 113. Total rig counts in the Permian in West Texas and eastern New Mexico, and in the state of Texas fell this week to their lowest levels since November 2021. In New Mexico, meanwhile, the rig count fell this week to its lowest since December 2021. The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output. The independent exploration and production (E&P) companies tracked by U.S. financial services firm TD Cowen said they planned to cut capital expenditures by around 3% in 2025 from levels seen in 2024. That compares with roughly flat year-over-year spending in 2024, and increases of 27% in 2023, 40% in 2022 and 4% in 2021. Even though analysts forecast U.S. spot crude prices would decline for a third year in a row in 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.4 million bpd in 2025. On the gas side, the EIA projected an 84% increase in spot gas prices in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time since the COVID-19 pandemic reduced demand for the fuel in 2020. The EIA projected gas output would rise to 105.9 billion cubic feet per day (bcfd) in 2025, up from 103.2 bcfd in 2024 and a record 103.6 bcfd in 2023.
