Latest news with #DroneAttacks
Yahoo
7 days ago
- Business
- Yahoo
Oil prices little changed as Iraq outages clash with tariff worries
SINGAPORE (Reuters) -Oil prices were little changed on Friday after rising in the previous session as concerns drone attacks on northern Iraqi oil fields will cut supply vied with worries of potential demand declines amid uncertainty in U.S. tariff policy. Brent crude futures eased 4 cents, or 0.06%, to $69.48 a barrel as of 0239 GMT, U.S. West Texas Intermediate crude futures edged down 3 cents, or 0.04%, to $67.51 a barrel. Four days of drone attacks on oil fields in Iraqi Kurdistan that shut down half of the region's output have supported prices, pushing both contracts up $1 on Thursday. Additionally, seasonal travel demand has propped up the market. In the first two weeks of July, global oil demand has averaged 105.2 million barrels per day (bpd), up by 600,000 bpd from a year earlier and largely in line with forecast, JPMorgan analysts said in a research note. Still, the uncertainty around the final U.S. tariff policy, which does not appear will be settled until after August 1, is weighing on the market along with plans by major oil producers to remove their output cuts that will add to supply as the seasonal Northern Hemisphere summer demand ends. For this week, both Brent and WTI are down over 1%. "Near-term oil fundamentals remain supportive, with the market set to remain fairly tight through this quarter, before becoming better supplied from the last three months of the year," ING analysts said in a note. 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. 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. Despite the attack, Iraq's federal government said on Thursday that Iraqi Kurdistan will resume oil exports through a pipeline to Turkey after a two-year halt.
Yahoo
7 days ago
- Business
- Yahoo
Oil prices little changed as Iraq outages clash with tariff worries
SINGAPORE (Reuters) -Oil prices were little changed on Friday after rising in the previous session as concerns drone attacks on northern Iraqi oil fields will cut supply vied with worries of potential demand declines amid uncertainty in U.S. tariff policy. Brent crude futures eased 4 cents, or 0.06%, to $69.48 a barrel as of 0239 GMT, U.S. West Texas Intermediate crude futures edged down 3 cents, or 0.04%, to $67.51 a barrel. Four days of drone attacks on oil fields in Iraqi Kurdistan that shut down half of the region's output have supported prices, pushing both contracts up $1 on Thursday. Additionally, seasonal travel demand has propped up the market. In the first two weeks of July, global oil demand has averaged 105.2 million barrels per day (bpd), up by 600,000 bpd from a year earlier and largely in line with forecast, JPMorgan analysts said in a research note. Still, the uncertainty around the final U.S. tariff policy, which does not appear will be settled until after August 1, is weighing on the market along with plans by major oil producers to remove their output cuts that will add to supply as the seasonal Northern Hemisphere summer demand ends. For this week, both Brent and WTI are down over 1%. "Near-term oil fundamentals remain supportive, with the market set to remain fairly tight through this quarter, before becoming better supplied from the last three months of the year," ING analysts said in a note. 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. 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. Despite the attack, Iraq's federal government said on Thursday that Iraqi Kurdistan will resume oil exports through a pipeline to Turkey after a two-year halt. Sign in to access your portfolio
Reuters
17-07-2025
- Business
- Reuters
Oil jumps $1 after further drone attacks on Iraq oil fields
HOUSTON, July 17 (Reuters) - Oil prices rose $1 on Thursday after drones struck Iraqi Kurdistan oil fields for a fourth day, pointing to continued risk in the volatile region. 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.
Khaleej Times
17-07-2025
- Business
- Khaleej Times
Oil jumps after further drone attacks on Iraq oil fields
Oil prices rose on Thursday after drones struck Iraqi Kurdistan oil fields for a fourth day, pointing to continued risk in the volatile region. Brent crude futures gained 84 cents, or 1.23%, to $69.36 a barrel by 12:10 p.m. CDT (1710 GMT), while U.S. West Texas Intermediate crude futures jumped $1.04, or 1.57%, to $67.42 a barrel. 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 (bpd), 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. The oil market was also reacting to a tightened inventory scenario, said John Evans, analyst at PVM Oil Associates. 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. "Oil thinking has been distracted from the Middle East, and the reminders of Israel's attacks into Syria and the drone attacks on oil infrastructure in Kurdistan are timely," Evans said. 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.
Zawya
09-05-2025
- Politics
- Zawya
India and Pakistan accuse each other of attacks, tourists flee
India and Pakistan accused each other of launching drone and artillery attacks overnight into Friday morning, as tourists and villagers fled the third day of the worst fighting between the nuclear-armed neighbours in nearly three decades. Sirens rang out in cities in the conflict's Kashmir flashpoint and beyond and people were told to stay indoors. India's cricket board suspended the IPL - the sport's richest tournament - and the Pakistan Super League moved matches to the UAE. The old foes have been clashing since India struck several areas that it described as "terrorist infrastructure" in Pakistan on Wednesday in retaliation for a deadly attack on Hindu tourists in Indian Kashmir last month. Pakistan dismissed Indian accusations that it was involved. Both countries have exchanged cross-border fire and shelling and sent drones and missiles into each other's airspace, alarming world powers who have called for restraint. Around 48 people have been killed since Wednesday, according to casualty estimates on both sides of the border that have not been independently verified. The relationship between India and Pakistan has been fraught with tension since they gained independence from colonial Britain in 1947. The countries have fought three wars, two of them over Kashmir, and clashed many times. CLASHING ACCUSATIONS India's airforce said Pakistan used Turkish drones to attack 36 locations on India's west and northwest, in Kashmir and further afield in states bordering Pakistan all the way to the edge of the Arabian Sea. India responded with drones on targets in Pakistan and destroyed one air defence system, Indian Air Force officer Vyomika Singh told a media briefing. Singh said Pakistan used commercial flights as "a shield" during the drone attack, by letting airlines operate on its side of the border in a bid to deter or weaken India's response. There was no immediate comment from Pakistan. India's Border Security Force said a "major infiltration bid" was foiled in Kashmir's Samba region on Thursday night. Shells were still falling in the Uri area on Friday, according to a security official who did not want to be named. "Several houses caught fire and were damaged in the shelling in the Uri sector ... One woman was killed and three people were injured in overnight shelling," the official said. Pakistan Information Minister Attaullah Tarar dismissed earlier Indian accusations of Pakistani attacks as "baseless and misleading" and said Pakistan had not carried out any "offensive actions". In Pakistani Kashmir, officials said heavy shelling from across the border killed five civilians, including an infant, and wounded 29 others in the early hours of Friday. India's defence ministry did not immediately respond to a request for comment. The fighting is the deadliest since a limited conflict between the two countries in Kashmir's Kargil region in 1999. SIRENS IN AMRITSAR In Jammu, the winter capital of Indian Kashmir that came under drone attack on Thursday night, shops and businesses began shutting at 5 p.m. (1130 GMT) on Friday and the streets were largely empty as people rushed home. In neighbouring Punjab state, authorities told people that sirens should be taken seriously and not considered drills. "Remember: Silence, darkness and discipline – these are the things that save lives," they said in social media posts. Sirens blared for more than two hours on Friday in the Punjab city of Amritsar, which houses the Golden Temple revered by Sikhs. No attacks followed, but tourists fled the city by road as the airport was closed. "We really wanted to stay but the loud sounds, sirens, and blackouts are giving us sleepless nights. Our families back home are worried for us so we have booked a cab and are leaving," said a British national who did not want to be named. Schools and coaching centres were closed in the Bikaner region of India's desert state of Rajasthan, and residents near the Pakistan border said they were asked to move further away and consider moving in with relatives or using accommodation arranged by the government. Further south in Bhuj in Gujarat, authorities said tourist buses had been kept on standby in case they needed to evacuate people near the Pakistan border. India's Directorate General of Shipping directed all ports, terminals and shipyards to increase security, amid "growing concerns regarding potential threats". Indian shares fell for a second straight session on Friday, losing about $83 billion in market value, with both key stock indexes losing 1.1%. Pakistan's benchmark share index closed 3.52% higher with traders crediting a fall off in violence after Thursday's clashes. (Reporting by Aftab Ahmed in Jammu, Charlotte Greenfield, Gibran Naiyyar Peshimam and Asif Shahzad in Islamabad, Saurabh Sharma in Amritsar, Rupam Jain in New Delhi, Ariba Shahid in Karachi, Fayaz Bukhari in Srinagar,; Additional reporting by Nilutpal Timsina in Bengaluru; Writing by Sakshi Dayal and YP Rajesh; Editing by Jacqueline Wong and Raju Gopalakrishnan)
