For the second time in as many weeks, oil markets were jolted by events in the Middle East, with prices jumping on reports that Iran had shot down a US drone over the Strait of Hormuz on June 20. Crude prices continued to rise on June 21, on fears that the US and Iran could be headed towards a military confrontation. The latest incidents could affect flows of oil and products from the Persian Gulf, with traders and shipowners saying they were assessing risk premiums and freight rates. Japanese refiners have started considering alternative crude supply sources in order to avoid transit through the Strait of Hormuz. The situation is also of great concern for Iraq, which is heavily dependent on shipping through the Persian Gulf to export its oil to Asia, Europe and the US. A rocket strike on June 19, on a compound near Basrah that houses several international oil companies, has added to the tension. Earlier in the week, OPEC and its allies finally confirmed the dates for their next Vienna meeting as July 1-2, after a long period of uncertainty that unsettled markets. In Europe, gas market stakeholders were set for the start of two-way flows… continue reading
Continue reading Energy and commodities highlights: Oil market tensions, European gas flows, Mozambique’s LNG plans. This article appeared first on CTRM Center.
Source: CTRM Center