Petrol

Oil prices continued to climb in early Asian trade on Thursday, with traders pricing in a prolonged disruption to Middle East supply flows as inventories continue to shrink. Brent crude for July delivery climbed to $113.09, up 2.65%, while West Texas Intermediate rose 2.28% to trade at $109.30. Nota

USD/CAD edges lower after remaining flat in the previous day, trading around 1.3680 during the Asian hours on Thursday.

Failed peace talks and the ongoing disruption at the Strait of Hormuz reminded the world what a chokepoint looks like. Oil spiked. The Dow dropped. Investors scrambled for safe havens. Then, just as quickly, the tension eased again. This kind of week forces a question: what other chokepoints are hid

California is one of the places where fuel prices have long traded above global averages, but the current crisis is pushing that premium into uncharted territory. A steadily shrinking refining base and declining domestic oil production had already tightened the system. However, the disruption in the

Oil prices extended their rally on Wednesday after reports emerged that the U.S. will tighten its blockade on Iranian ports, prolonging fears of reduced oil supply from the region, and as the UAE hit markets with its OPEC-exit announcement. Brent crude for June delivery jumped 6.45% to trade at $118

The blockage of the Strait of Hormuz is causing a much larger problem than just a global energy crisis. While oil and gas are critical to energy security for nearly every country on Earth, petroleum is also at the heart of global food systems. A crude oil shortage is also a fertilizer shortage, with

Oil tanker traffic through the Panama Canal has jumped in recent weeks as Asia scrambles to buy U.S. crude amid choked supply from the Middle East. The Panama Canal, the fastest route for American energy exports to Asia on smaller vessels, is at its busiest for U.S. crude exports in four years as th

EUR/CAD trades on the back foot on Wednesday as the Canadian Dollar (CAD) strengthens broadly following the Bank of Canada (BoC) monetary policy announcement, while rising Oil prices add further support to the commodity-linked Loonie.

In an earnings season highlighted by a Middle East conflict that has sent oil prices soaring, Texas oil refiner Phillips 66 (NYSE:PSX) has reported first quarter adjusted earnings of $0.49 per share, easily beating Wall Street's consensus of a loss of $0.39 while net income came in at $207 million t

Scotiabank strategists Shaun Osborne and Eric Theoret observe that the US Dollar (USD) is firm but rangebound as higher Oil and mixed US-Iran headlines drive risk sentiment.

ING’s Deepali Bhargava and Francesco Pesole argue that rising energy-driven inflation and firm underlying price pressures strengthen the case for a 25bp Reserve Bank of Australia (RBA) hike on 5 May.

West Texas Intermediate (WTI) Oil is currently trading near $102 per barrel, its highest level in roughly three weeks.

Crude oil inventories in the United States decreased by 6.2 million barrels during the week ending April 24, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 459.5 million barrels according to government d

After quitting OPEC and OPEC+, the United Arab Emirates (UAE) is set to grow its oil production faster when the current Hormuz crisis is over, according to analysts at Barclays. In a surprise announcement on Tuesday, the UAE said it is quitting OPEC and the wider OPEC+ alliance effective May 1, to p

ING analysts Warren Patterson and Ewa Manthey say the United Arab Emirates' (UAE) departure from OPEC (Organization of Petroleum Exporting Countries) from 1 May is a significant blow to the group but has limited short-term impact on the Oil market due to existing Persian Gulf disruptions.