Latest news with #BrentCrudeOil
The Independent
21-07-2025
- Business
- The Independent
Business news live: FTSE 100 near record levels and latest gold, bitcoin and oil price updates
The new week brings with it fresh attempts for several markets to hit new highs, with the FTSE 100 pushing around the 9,000 points threshold, bitcoin seeks support above $120,000 and Brent Crude Oil ended last week above $70. In the domestic mortgages market, lenders continue to battle for the hundreds of thousands of homeowners expected to seek new terms on their deals this year, with Barclays lowering more rates into the sub-4 per cent range and Lloyds announcing their plans to make the most of changed regulations allowing more than 4.5 times income to be lent to prospective buyers. Meanwhile, two investment banks - Bank of America and Goldman Sachs - have differing views on how fast the Bank of England will reduce interest rates for the rest of 2025, though both expect a cut in August.
The Citizen
01-07-2025
- Business
- The Citizen
Motorists warned to brace for hefty petrol price hike from midnight
Geopolitical tensions between Israel and Iran are the key driver. South African motorists have been dealt a blow and will have to fork out more for petrol and diesel at the pumps this week. Petrol and diesel prices are expected to increase from midnight on Tuesday. Petrol and diesel prices The Department of Mineral Resources and Energy (DMRE) announced that the price of 93-octane petrol will increase by 55 cents per litre, while 95-octane petrol will increase by 52 cents per litre. The price of diesel with 0.05% sulphur increases by 82 cents per litre, and 0.005% sulphur goes up by 84 cents per litre. Meanwhile, illuminating paraffin will cost 65 cents more per litre, while the price of LP gas decreases by 57 cents per kg country-wide, except in the Western Cape, where it'll increase by R1.90 per kilogram ALSO READ: F1 in SA will be 'catalyst' for uplifting motorsport, McKenzie says How much will fuel cost you? When the fuel price adjustment kicks in, a litre of 93 unleaded petrol will cost R21.95 per litre, while 95 unleaded will be R22.03 The wholesale price of 0.05% diesel will decrease to R19.50 per litre, and 0.005% will cost R19.57 Reasons for the increase DMRE spokesperson Robert Maake stated that several factors, including international petroleum product prices and the rand-US dollar exchange rate, contributed to the decrease in petrol and diesel prices. Brent Crude Oil price Maake said the average Brent Crude Oil price increased from 63.95 US Dollars (USD) to 69.36 USD during the period under review. 'The main contributing factor is the recent geopolitical tension in the Middle East, between Israel and Iran, which raised fears of potential crude oil supply disruptions.' ALSO READ: New Subaru Forester coming to South Africa Rand/US dollar exchange Maake said the Rand appreciated on average against the US Dollar (USD) (from 18.11 to 17.84 Rand per USD) during the period under review compared to the previous one. 'This led to lower contributions to the Basic Fuel Prices of petrol by more than 15.00 c/l, diesel and illuminating paraffin by over 16.00 cents per litre'. Slate levy Maake said the cumulative slate amounted to a positive balance of R5.213 billion for petrol and diesel of at the end of May 2025. 'In line with the provisions of the Self-Adjusting Slate Levy Mechanism, the slate levy remains unchanged at zero cents per litre in the price structures of petrol and diesel with effect from the 2nd of July 2025'. Supply cost recovery Maake said there is also an implementation of a supply cost recovery on the maximum refinery gate price (MRGP) for LPGas imported through the Port of Saldanha Bay in the Western Cape province. 'The Minister has approved a 14% increase in Supply Cost Recovery on the MRGP of LPGas that is imported through the Port of Saldanha Bay (Western Cape) as an interim measure, for a period of twenty-four (24) months,' Maake said ALSO READ: Cape Town F1 Grand Prix proposal aims to build on World Cup legacy
Yahoo
24-06-2025
- Business
- Yahoo
Oil prices drop sharply following announcement of Iran-Israel ceasefire
The announcement of a ceasefire between Israel and Iran, which Donald Trump said 'is now in effect', has resulted in an immediate pullback in oil prices. Brent Crude Oil, seen as a global benchmark of prices, has dropped 4.95 per cent, sitting back under $68 a barrel having been $77-78 for much of Monday and as high as high as $80 over the weekend. The drop back to March price levels is a notable falloff, not just in actual price but in fears of further escalation, with some analysts estimating this week that oil prices could have soared beyond $100 in the event of Iran partially or temporarily closing off the Strait of Hormuz. That narrow sea passageway is the route taken by 20 million barrels of oil a day, with around fifth of the world's supply estimated to pass through it. Iran had voted to close it, before agreeing to the ceasefire. Raising oil prices by $10 can contribute 0.1 per cent to an economy's inflation levels, which can move closer to 0.2 per cent over prolonged periods. It also makes energy, production and transport more costly, as well as fuel. Prior to a two-month spell from April to June when Brent dropped to the mid-to-low $60s, late 2021 was the last time oil was this price. As oil prices dropped, global stock markets reacted in opposite fashion, with investors sending Asian indices higher overnight and European markets opening higher on Tuesday. The FTSE 100 was up 0.6 per cent minutes after trading began, with France's CAC 40 and Germany's DAX both more than 1.8 per cent higher by the same point. The UK's benchmark had not dropped as much in recent days as its European counterparts, in part due to the oil giants BP and Shell, which saw their share prices rise when oil prices went up. In turn, both are lower once more on Tuesday, Shell down 4.25 per cent and Shell dropping 6 per cent in early trading.
Mint
23-06-2025
- Business
- Mint
Oil price today: MCX crude price hits Jan 2025 high post escalation in Israel-Iran war, fear of Hormuz Strait closure
Oil price today: Crude oil prices rose on the Multi Commodity Exchange (MCX) on Monday following the US's alignment with Israel in military actions targeting Iran's nuclear facilities, which heightened tensions in the Middle East. Worries are increasing regarding possible disruptions in supply, especially the potential closure of the Strait of Hormuz, a vital passage for worldwide crude transportation. MCX crude oil futures for July contract opened higher at ₹ 6,475 per barrel as against its previous close of ₹ 6,404 level. MCX crude oil prices rallied 2.28% to a high of ₹ 6,550, and were last trading 1.80% higher at ₹ 6,519 per barrel. In the global market, prices for Brent Crude Oil surged on Monday to their highest level since January as the U.S. decided to support Israel in military actions against Iran's nuclear facilities, raising concerns about supply. Brent crude futures increased by $1.88, or 2.44%, reaching $78.89 a barrel at 1122 GMT. Meanwhile, U.S. West Texas Intermediate crude rose by $1.87, or 2.53%, to $75.71, according to a report from Reuters. Since the conflict started on June 13, Brent has climbed 13%, while WTI has seen an increase of approximately 10%. Prices increased after U.S. President Donald Trump claimed he had "obliterated" Iran's main nuclear facilities during strikes over the weekend, in coordination with an Israeli attack, escalating the tensions in the Middle East as Tehran pledged to protect itself. Iran ranks as the third-largest crude oil producer within OPEC. Market observers anticipate further price increases due to growing concerns that retaliation from Iran could involve closing the Strait of Hormuz, a key passageway for approximately one-fifth of the global crude oil supply. 'Even though the possibility of the closure of Hormuz Strait is a threat, it is important to understand that this has always been only a threat and the Strait had never been closed. The fact is that the closure of Hormuz Strait will harm Iran and Iran's friend China more than anyone else,' said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments. According to Kotak Institutional Equities, the recent oil price spike is primarily driven by market worries about the Iran-Israel conflict. While risks have increased on shipping in Strait of Hormuz (SOH), so far there is no impact on supplies. Prior to the conflict, oil markets were well-supplied. Rather, OPEC+'s planned reversal of voluntary cuts was an overhang. 'In our view, due to the conflict, some of Iranian oil production is impacted (current production ~3.5 mb/d, exports ~1.7 mb/d); there is significant OPEC+ spare capacity of ~6 mb/d. Also, at higher than US$70/bbl, the US could see further increases in production. We do not expect oil prices to remain elevated for long and maintain our oil price assumption of US$70/bbl for FY2026/27E and LT,' said the brokerage in its report.
Mint
23-06-2025
- Business
- Mint
Oil price today: MCX crude price hits Jan 2025 high post escalation in Israel-Iran war, fear of Hormuz Straight closure
Oil price today: Crude oil prices rose on the Multi Commodity Exchange (MCX) on Monday following the US's alignment with Israel in military actions targeting Iran's nuclear facilities, which heightened tensions in the Middle East. Worries are increasing regarding possible disruptions in supply, especially the potential closure of the Strait of Hormuz, a vital passage for worldwide crude transportation. MCX crude oil futures for July contract opened higher at ₹ 6,475 per barrel as against its previous close of ₹ 6,404 level. MCX crude oil prices rallied 2.28% to a high of ₹ 6,550, and were last trading 1.80% higher at ₹ 6,519 per barrel. In the global market, prices for Brent Crude Oil surged on Monday to their highest level since January as the U.S. decided to support Israel in military actions against Iran's nuclear facilities, raising concerns about supply. Brent crude futures increased by $1.88, or 2.44%, reaching $78.89 a barrel at 1122 GMT. Meanwhile, U.S. West Texas Intermediate crude rose by $1.87, or 2.53%, to $75.71, according to a report from Reuters. Since the conflict started on June 13, Brent has climbed 13%, while WTI has seen an increase of approximately 10%.
