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Calgary Herald
10 hours ago
- Business
- Calgary Herald
Oil spikes as Trump's attack on Iran ramps up risks to supplies
(Bloomberg) — Oil surged after the US struck Iran's three main nuclear sites and threatened further attacks, exacerbating a crisis in the Middle East and stoking concerns that energy supplies from the region could be disrupted. Article content Global benchmark Brent rallied as much as 5.7% to $81.40 a barrel, before paring some of that gain in heavy trading. Timespreads widened. US President Donald Trump said air attacks had 'obliterated' the trio of targets, and threatened more military action if Iran didn't make peace. In its initial reply, Tehran warned the strikes would trigger 'everlasting consequences.' Article content Article content Article content Brent's prompt spread — the difference between its two nearest contracts, and a closely followed metric — widened to as much as $1.99 a barrel in backwardation, from $1.53 on Friday. That's a bullish pattern indicating concern about tight prompt supplies. Article content Article content The US assault — which targeted sites at Fordow, Natanz, and Isfahan — dramatically raises the stakes in the confrontation and increases the premium that traders are pricing into the global energy market. Still, the extent of the gains will depend on how Tehran opts to respond to the US moves. Article content The oil market has been gripped by the crisis since Israel attacked Iran more than a week ago, with futures pushing higher, options volumes spiking along with freight rates, and the futures curve shifting to reflect tensions about tighter near-term supplies. The Middle East accounts for about a third of global crude output, and a sustained increase in prices would boost inflationary pressures worldwide. Article content Article content 'The market will closely watch Iran's response — particularly whether it will move to disrupt Middle Eastern oil flows, directly or indirectly through its regional proxies,' said Muyu Xu, a senior crude analyst at Kpler Ltd. 'If Iran blocks the Strait of Hormuz, even for one day, oil can temporarily hit $120 or even $150.' Article content There are multiple, overlapping risks for physical crude flows. The biggest centers on the Strait of Hormuz, should Tehran seek to retaliate by attempting to close the chokepoint. About a fifth of the world's crude output passes through the waterway at the entrance to the Persian Gulf. Article content Iran's parliament has called for the closure of the strait, according to state-run TV. Such a move, however, could not proceed without the explicit approval of Supreme Leader Ayatollah Ali Khamenei.
Time of India
29-04-2025
- Business
- Time of India
Indian refiners purchase more US crude before trade talks in May
Indian refiners have been boosting US oil purchases before trade talks between the two nations next month. Around 11.2 million barrels of crude are set to arrive in India from the US in June, the highest volume since last August, according to provisional data from analytics firm Kpler Ltd. That comes after a drop in prices in the West Texas Intermediate benchmark as the result of lower demand because of a refinery overhaul in Singapore, along with reduced appetite in China — the world's biggest oil importer. 'WTI has to discount significantly more than usual to incentivize the rest of Asia to take in the barrels,' said June Goh, a senior oil market analyst at Sparta Commodities. 'There is also a geopolitical element, where Asian buyers may seek more WTI as a negotiating tool with the US to reduce the reciprocal tariffs, per what we are observing with Indonesia and India.' India's trade deficit widened more than expected in March, as oil imports jumped more than 60 per cent from a month earlier. The nation's exporters have been urging New Delhi officials to seal a bilateral trade deal with the US as soon as possible, with in-person negotiations set to start in the second half of May, after President Donald Trump paused a proposed 26 per cent tariff on the Asian nation this month. State refiners including Indian Oil Corp. and Bharat Petroleum Corp. have purchased at least 6 million barrels of June-arrival crude from the US across various tenders held this month, according to Bloomberg calculations. Bharat Petroleum — which is also seeking spot supplies including grades from the US — bought 1 million barrels for the four months through September. Indian Oil has also started buying crude for July, including 3 million barrels from the US. Indian Oil and Bharat Petroleum didn't respond to requests for comments due to the release of their earnings this week. Private refiner Reliance Industries Ltd. is also a regular buyer of US crude , although it isn't yet clear how much they have procured for the coming months. The stronger American sales to India are displacing purchases from West Africa, which is typically one of India's main sources of lighter oil imports, according to traders.
Time of India
29-04-2025
- Business
- Time of India
Indian refiners purchase more US crude before trade talks in May
Indian refiners have been boosting US oil purchases before trade talks between the two nations next month. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" Around 11.2 million barrels of crude are set to arrive in India from the US in June, the highest volume since last August, according to provisional data from analytics firm Kpler Ltd. That comes after a drop in prices in the West Texas Intermediate benchmark as the result of lower demand because of a refinery overhaul in Singapore, along with reduced appetite in China — the world's biggest oil importer. 'WTI has to discount significantly more than usual to incentivize the rest of Asia to take in the barrels,' said June Goh, a senior oil market analyst at Sparta Commodities. 'There is also a geopolitical element, where Asian buyers may seek more WTI as a negotiating tool with the US to reduce the reciprocal tariffs, per what we are observing with Indonesia and India.' Play Video Play Skip Backward Skip Forward Mute Current Time 0:00 / Duration 0:00 Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions and subtitles off , selected Audio Track Picture-in-Picture Fullscreen 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 Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow 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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like "Earn Up to 1 LAKH" by Learning This Simple Strategy TradeWise Learn More India's trade deficit widened more than expected in March, as oil imports jumped more than 60% from a month earlier. The nation's exporters have been urging New Delhi officials to seal a bilateral trade deal with the US as soon as possible, with in-person negotiations set to start in the second half of May, after President Donald Trump paused a proposed 26% tariff on the Asian nation this month. State refiners including Indian Oil Corp. and Bharat Petroleum Corp. have purchased at least 6 million barrels of June-arrival crude from the US across various tenders held this month, according to Bloomberg calculations. Live Events Bharat Petroleum — which is also seeking spot supplies including grades from the US — bought 1 million barrels for the four months through September. Indian Oil has also started buying crude for July, including 3 million barrels from the US. Indian Oil and Bharat Petroleum didn't respond to requests for comments due to the release of their earnings this week. Private refiner Reliance Industries Ltd. is also a regular buyer of US crude , although it isn't yet clear how much they have procured for the coming months. The stronger American sales to India are displacing purchases from West Africa, which is typically one of India's main sources of lighter oil imports, according to traders.
