Latest news with #BjarneSchieldrop
IOL News
24-06-2025
- Automotive
- IOL News
Increases in petrol and diesel prices are expected in July as Middle East tensions ignite
With tensions escalating the Middle East, motorists must brace themselves for increases in fuel prices Image: REUTERS/Ian Hodgson Bad news awaits motorists as fuel prices are set to spike next week. The recent escalation of conflict in the Middle East, particularly following US and Israeli strikes on Iranian nuclear facilities, has reignited fears of a broader regional conflict, pushing petrol and diesel prices to the brink of significant increases. Data released by the Central Energy Fund (CEF) indicates under-recoveries ranging from 43 to 46 cents for petrol and 69 to 71 cents for diesel. These figures are alarming indicators of what could be a challenging month ahead for South African consumers. The under-recoveries illustrate the cost pressures facing fuel retailers based on fluctuating international oil prices, which have shown a volatile trajectory this month. Should the current trends in oil prices prevail throughout the week, experts predict that petrol prices could surge beyond 60 cents, while diesel could witness hikes exceeding 80 cents. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad Loading This instability creates an environment of uncertainty, making accurate predictions for next month challenging. Oil prices have seen substantial fluctuations, escalating from $62.94 at the beginning of June to a peak of $74 a barrel on June 20, before settling back to $69.10 on June 23. However, geopolitical tensions could easily trigger further fluctuations, keeping consumers on high alert. Recent military strikes, including an Iranian air strike against a US air base in Qatar, have raised the stakes significantly. Analysts are pondering critical questions about the potential for Iran to disrupt the strategically vital Strait of Hormuz. Bjarne Schieldrop, chief commodities analyst at SEB Bank, emphasised the importance of this narrow passage through which a significant portion of the world's oil passes. "Will Iran choose to choke off the Strait of Hormuz or not? That is the big question," he remarked, yet he indicated that the current oil market sees limited likelihood of such drastic measures. According to the AFP, Iran stands as the ninth-largest oil producer globally, exporting close to half of its 3.3 million barrels per day. While the prevailing sentiment amongst investors hints at a belief that US military involvement will be limited but strategically aimed at curbing Iran's nuclear ambitions, there remains skepticism regarding Iran's responsiveness to such tactics. David Morrison, a senior market analyst at Trade Nation, noted: "The prevailing view appears to be that the US involvement will prove limited militarily, yet effective, by seriously undermining Iran's nuclear ambitions." He added that speculation around Iran's capacity for retaliation has also likely been curtailed. As consumers await the official announcement of fuel price increases, the broader economic implications loom large, affecting everything from personal budgets to the cost of goods and services across South Africa. The volatility in the oil market, coupled with geopolitical instability, will continue to shape the economic landscape in the coming weeks, leaving many to wonder how high fuel prices can go before they impact daily life. DAILY NEWS
Daily Tribune
23-06-2025
- Business
- Daily Tribune
Oil prices seesaw as investors await Iran response to US strikes
Oil prices wobbled and stock markets wavered Monday as traders awaited Tehran's response to US strikes on Iranian nuclear facilities over the weekend. European stocks mostly retreated while Asian equities were mixed, with markets keeping a close eye on whether Iran will block the crucial Strait of Hormuz, which carries one-fifth of global oil output. When trading opened on Monday, international benchmark crude contract Brent and US equivalent WTI both jumped more than four percent to hit their highest price since January. They later dipped briefly into the red before recovering to trade slightly higher in midday trading. "Will Iran choose to choke off the Strait of Hormuz or not? That is the big question," said Bjarne Schieldrop, chief commodities analyst at SEB bank. But, "looking at the oil price this morning it is clear that the oil market doesn't assign a very high probability of it happening," he added. Iran is the world's ninth-biggest oil-producing country, exporting just under half of the 3.3 million barrels it produces per day. Tensions remained elevated as Iran and Israel intensified attacks on each other on the war's 11th day. "The markets are not yet reacting with any degree of panic to the US airstrike on Iran's nuclear facilities as they await to see how Tehran responds," said AJ Bell investment director Russ Mould. In Europe, Paris and Frankfurt stock markets both fell. A closely watched survey showed Monday that eurozone business activity was almost stagnant again in June. London's stock exchange was flat, with the rise in crude prices boosting shares in British energy majors BP and Shell. But airlines, including EasyJet and British Airways-owner IAG, suffered losses on fears of rising energy costs and disruptions in travel to the Middle East. In Asia, Tokyo was lower while Hong Kong and Shanghai gained. "So far, satellite images reportedly suggest that oil continues to flow through the Strait, which may explain the muted market reaction to the news," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. She added that there is optimism that Iran will avoid full-blown retaliation "to prevent its own oil facilities from becoming targets and to avoid a widening conflict that could hurt China -- its biggest oil customer." But "if things get uglier" the price of US crude could even spike beyond $100 per barrel, she said. Brent was trading at almost $78 per barrel on Monday while WTI was close to $75. The dollar rose against other currencies but analysts questioned to what extent this would hold out. - Key figures at around 1045 GMT -
Al-Ahram Weekly
23-06-2025
- Business
- Al-Ahram Weekly
Oil prices seesaw as investors await Iran response to US strikes - Economy
Oil prices wobbled and stock markets wavered Monday as traders awaited Tehran's response to US strikes on Iranian nuclear facilities over the weekend. US and European stocks retreated while Asian equities were mixed, with markets keeping a close eye on whether Iran will block the crucial Strait of Hormuz, which carries one-fifth of global oil output. When trading opened on Monday, international benchmark crude contract Brent and US equivalent WTI both jumped more than four percent to hit their highest price since January. They later dipped briefly into the red and then wobbled, standing up 0.3 percent as Wall Street opened for trading. "Will Iran choose to choke off the Strait of Hormuz or not? That is the big question," said Bjarne Schieldrop, chief commodities analyst at SEB bank. But, "looking at the oil price this morning it is clear that the oil market doesn't assign a very high probability of it happening," he added. Iran is the world's ninth-biggest oil-producing country, exporting just under half of the 3.3 million barrels it produces per day. "The prevailing view appears to be that the US involvement will prove limited militarily, yet effective, by seriously undermining Iran's nuclear ambitions," said David Morrison, senior market analyst at Trade Nation. "Investors are also speculating that Iran's ability to retaliate has been severely restricted," he added. Tensions remained elevated however as Iran and Israel intensified attacks on each other on the war's 11th day. "The markets are not yet reacting with any degree of panic to the US airstrike on Iran's nuclear facilities as they await to see how Tehran responds," said AJ Bell investment director Russ Mould. Wall Street stocks opened slightly lower, with the S&P 500 index slipping 0.1 percent. In Europe, sentiment on the Paris and Frankfurt stock markets was also hit by a closely watched survey that showed eurozone business activity was almost stagnant again in June. London's stock exchange was lower with shares in airlines, including EasyJet and British Airways-owner IAG, suffering losses on fears of rising energy costs and disruptions in travel to the Middle East. In Asia, Tokyo was lower while Hong Kong and Shanghai gained. "So far, satellite images reportedly suggest that oil continues to flow through the Strait, which may explain the muted market reaction to the news," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. She added that there is optimism that Iran will avoid full-blown retaliation "to prevent its own oil facilities from becoming targets and to avoid a widening conflict that could hurt China -- its biggest oil customer." But "if things get uglier" the price of US crude could even spike beyond $100 per barrel, she said. Brent was trading at above $77 per barrel on Monday while WTI was around $74. The dollar rose against other currencies but analysts questioned to what extent this would hold out. Follow us on: Facebook Instagram Whatsapp Short link:
Time of India
23-06-2025
- Business
- Time of India
Oil prices seesaw as investors await Iran response to US strikes
London: Oil prices wobbled and stock markets wavered Monday as traders awaited Tehran's response to US strikes on Iranian nuclear facilities over the weekend. European stocks mostly retreated while Asian equities were mixed, with markets keeping a close eye on whether Iran will block the crucial Strait of Hormuz , which carries one-fifth of global oil output. When trading opened on Monday, international benchmark crude contract Brent and US equivalent WTI both jumped more than four percent to hit their highest price since January. They later dipped briefly into the red before recovering to trade slightly higher in midday trading. "Will Iran choose to choke off the Strait of Hormuz or not? That is the big question," said Bjarne Schieldrop, chief commodities analyst at SEB bank. But, "looking at the oil price this morning it is clear that the oil market doesn't assign a very high probability of it happening," he added. Iran is the world's ninth-biggest oil-producing country, exporting just under half of the 3.3 million barrels it produces per day. Tensions remained elevated as Iran and Israel intensified attacks on each other on the war's 11th day. "The markets are not yet reacting with any degree of panic to the US airstrike on Iran's nuclear facilities as they await to see how Tehran responds," said AJ Bell investment director Russ Mould. In Europe, Paris and Frankfurt stock markets both fell. A closely watched survey showed Monday that eurozone business activity was almost stagnant again in June. London's stock exchange was flat, with the rise in crude prices boosting shares in British energy majors BP and Shell. But airlines, including EasyJet and British Airways-owner IAG, suffered losses on fears of rising energy costs and disruptions in travel to the Middle East. In Asia, Tokyo was lower while Hong Kong and Shanghai gained. "So far, satellite images reportedly suggest that oil continues to flow through the Strait, which may explain the muted market reaction to the news," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. She added that there is optimism that Iran will avoid full-blown retaliation "to prevent its own oil facilities from becoming targets and to avoid a widening conflict that could hurt China -- its biggest oil customer." But "if things get uglier" the price of US crude could even spike beyond $100 per barrel, she said. Brent was trading at almost $78 per barrel on Monday while WTI was close to $75. The dollar rose against other currencies but analysts questioned to what extent this would hold out.
Yahoo
09-06-2025
- Business
- Yahoo
Oil Holds Ground Ahead of Fresh Round of US-China Trade Talks
(Bloomberg) -- Oil held onto a weekly gain as a renewed round of US-China trade talks offered the potential for reduced global tensions. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. ICE Moves to DNA-Test Families Targeted for Deportation with New Contract US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Brent traded above $66 a barrel after adding 4% last week. Negotiators from the US and China were set to hold talks in London on Monday, raising the possibility the two largest economies can make progress on disputes that have rattled markets this year. Though crude has retreated by 11% in London this year on concern that escalating trade tensions could hinder global growth and energy demand, prices have become stuck in a narrow band over the last month. Traders are weighing signs of progress in trade talks and the looming peak summer demand season against the announcement of bumper output hikes by the OPEC+ alliance. While a gauge of volatility is near the lowest since early April, the futures curve is still in a bullish pattern. The nearest US crude futures are trading close to $1 above the next month, which indicates tight short-term supplies. 'It is hard to hold on to a bearish outlook conviction when spot market signals are relentlessly bullish,' said Bjarne Schieldrop, chief commodities analyst at SEB AB. 'Summer peak oil demand may disguise emerging oil market weakness.' The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? Cuts to US Aid Imperil the World's Largest HIV Treatment Program ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
