Topic
Commodities Energy
Commodities India's renewable energy boom could make Germany a customer for green hydrogen
German ambassador Philipp Ackermann said Germany could become a buyer of Indian green hydrogen, highlighting the renewable energy partnership. The collaboration includes an MoU between ThyssenKrupp and BHEL for electrolyzer localization and a focus on AI and the India-EU FTA.
Commodities India's Russian crude imports may hit 3 mbd record on Red Sea disruptions, Kpler says
India's crude oil imports from Russia could reach a new record of 3 million barrels per day (mbd) if disruptions through the Strait of Hormuz and Red Sea persist, according to Kpler. Current imports stand at about 2.6 mbd, accounting for roughly 55% of total crude imports, as Russian crude remains India's strongest supply hedge.
Commodities China pulls ahead of Europe in green shipping fuels with faster project execution
China has three operational green shipping fuel plants producing 10 times the combined output of six European sites, according to Transport & Environment. Europe has 69 projects but 80% have not reached final investment decisions. Chinese shipowners are already securing large supply deals with Chinese producers like Goldwind and China Energy Engineering Corporation.
Commodities Shell Profits Double as Oil Prices Rise Due to Iran War
Shell reported a doubling of second-quarter profits to $9.84bn, driven by soaring oil prices following the outbreak of the US-Israel war with Iran. The conflict caused major disruption to global oil and LNG supplies through the Strait of Hormuz. Shell's first-half earnings surged 70% to $16.76bn.
Commodities Crude Oil Futures Fall Despite Intensified US-Iran Strikes in West Asia
Crude oil futures fell on Thursday despite ongoing US-Iran military strikes. October Brent dropped to $87.27, while WTI slipped to $83.72. The EIA reported a 7.2 million barrel decline in US crude inventories.
Commodities From Hurricane Wasteland to World's Largest LNG Hub: Louisiana Parish Booms
Cameron Parish, Louisiana, transformed from a community destroyed by Hurricane Rita in 2005 into a global LNG powerhouse. The world's largest LNG terminal, Sabine Pass, operates there, processing 29.5 million tonnes annually. Two more terminals exist, and a $13bn fourth is under construction. The county projects over $4bn in tax revenues from LNG over the next decade, as US exports surge to supply European demand following Russia's invasion of Ukraine.
Commodities Oil Prices Jump Over 7% as Middle East Chaos Flares Up, Brent Crude Back at $90
Brent crude jumped 7.47% to $90.37/bbl and WTI rose 7.15% to $84.93/bbl after fresh US-Saudi strikes on Iran-backed groups in Iraq and Iranian attacks in the Strait of Hormuz. Industry data showed a 3.3 million barrel draw in US crude inventories, adding to bullish sentiment. Analysts expect volatile trade with Brent in the $80-$100 range.
Commodities Allseas Wins Canadian LNG Pipeline Installation Deal for Ksi Lisims Project
Swiss marine contractor Allseas has been awarded a contract by Western LNG to install the subsea section of the Prince Rupert Gas Transmission pipeline in British Columbia. The ~50 km pipeline will connect Canadian natural gas to the planned Ksi Lisims LNG export facility on Pearse Island, with offshore installation set for 2029 using vessels Solitaire and Sandpiper.
Commodities Taiwan Charts Offshore Wind Growth to 18 GW by 2039 in New Energy Roadmap
Taiwan's Ministry of Economic Affairs released its 2026–2039 Offshore Wind Power Medium- and Long-Term Promotion Plan, targeting total installed capacity between 24.7 GW and 27.9 GW by 2039, up from around 4.9 GW today. The roadmap calls for adding 15-18 GW of new capacity through auctions held every four years, with around 8 GW per round. Installed capacity is projected to reach 18.3-19.9 GW by 2035 and a nearer-term goal of 10.9 GW by 2030. The expansion is driven by rising electricity demand from semiconductor and AI sectors and aims to cut exposure to volatile imported fuel prices.
Commodities Zanskar Revives Failing Geothermal Well, Sets US Productivity Record
Geothermal company Zanskar has turned around the failing Lightning Dock power plant in New Mexico by drilling a new 8,000-foot well, making it the most productive pumped geothermal well in the US. The achievement, reported exclusively to WIRED, was enabled by AI modeling and oil-and-gas drilling technology, and it challenges assumptions about declining geothermal fields.
Commodities ADNOC sells 12 million barrels of crude at premiums to Asian refiners in seventh tender amid Iran tensions
ADNOC sold at least 12 million barrels of spot crude to Asian refiners at premiums in its seventh tender since June, as renewed U.S.-Iran hostilities disrupted Strait of Hormuz flows. Chinese majors Unipec, PetroChina, and Sinochem bought Upper Zakum at $3-$4/bbl premiums, while Indian Oil Corp and Idemitsu Kosan secured cargoes at smaller premiums. Total sales via the seven tenders exceed 86 million barrels.
Commodities Oil prices surge nearly 4% on West Asia tensions and lower US crude inventories
Oil prices surged nearly 4% on Wednesday after joint US-Saudi strikes in Iraq and interception of Iranian missiles, while US crude inventories fell by 3.3 million barrels. Brent rose to $87.39 and WTI to $82.31, with OPEC+ reportedly set to halt output increases. The geopolitical escalation dampens expectations for de-escalation in the Persian Gulf.
Commodities Crude Oil Futures Jump After US-Saudi Strikes on Iran-Backed Targets in Iraq
Crude oil futures rallied on Wednesday following joint US-Saudi military strikes against Iran-aligned targets in Iraq. Brent and WTI prices jumped over 3.5% as supply risks escalated, with the Jazan refinery shutdown and Strait of Hormuz traffic halted.
Commodities Crude Prices Climb Over 4% as Renewed Middle East Tensions and Inventory Draw Fuel Supply Fears
Oil prices rebounded sharply on Wednesday, with Brent crude climbing 4.41% to $87.80 per barrel and WTI gaining 4.23% to $82.61. Renewed Middle East tensions, particularly around the Strait of Hormuz, and a 3.3 million barrel draw in US crude inventories reversed the previous session's steep decline.
Commodities Benchmark Diesel Price Rises Third Week as Futures Plunge; Spread Hits Record
The DOE/EIA average weekly retail diesel price rose for a third consecutive week, gaining 17.9 cents to $5.313/gallon. Meanwhile, crude futures plummeted, with Brent settling at $88.36/b on Monday. The spread between ULSD and Brent reached a historic high above $2/gallon, driven by supply disruptions including Ukrainian drone attacks on Russian refineries and low Rhine River water levels.
Commodities TruAlt Bioenergy Q1 Net Zooms to ₹59.27 Crore on Higher Revenues, Capacity Expansion
TruAlt Bioenergy, India’s largest ethanol producer, posted a 12-fold jump in Q1 net profit to ₹59.27 crore as revenues surged 96% to ₹641.41 crore. Installed ethanol capacity grew 43% to 2,000 KLPD, with 65% now on dual-feed feedstock technology enabling year-round operations.
Commodities Guernsey Energy Prices Rise by 19% in a Year - Report
Energy prices in Guernsey rose 19% over the year ending June 2026, the highest among all categories, pushing overall RPI inflation to 4.3%. Retired households saw a 5.2% increase in their cost of living, according to a new report.
Commodities Eni and TotalEnergies Fast-Track Cronos Gas Project Offshore Cyprus for First Gas in 2028
Eni and TotalEnergies have taken the final investment decision to develop the Cronos gas field offshore Cyprus, with first gas expected in 2028. The project will transport gas to Egypt for liquefaction and export to Europe, supporting energy security and Eni's LNG portfolio expansion.
Commodities India Plans to Source Up to Quarter of 2027 LPG Imports From United States, Sources Say
India plans to buy up to a quarter of its liquefied petroleum gas (LPG) imports from the United States in 2027, according to three sources. The move would reduce dependence on the Middle East and help secure a trade deal with Washington. State refiners Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum are expected to issue tenders within one to two months for US LPG supplies.
Commodities Romania Maps Out 11.5GW Offshore Wind Pipeline in Black Sea Draft Decision
Romania has published a draft decision identifying 11 offshore wind concession areas in the Black Sea, with a combined potential capacity of 11.5GW. The plan is divided into three phases, including fixed-bottom and floating wind sites. The government estimates the sector could add €16bn to €27bn to the economy, and feedback is due by July 31.
Commodities Noble Reports $37M Net Loss on Rig Suspensions in Brazil and Black Sea Exit
Offshore driller Noble posted a $37m net loss in Q2 2026 as revenue fell to $679m, driven by the suspension of the Noble Faye Kozack and Noble Courage in Brazil and the end of the Noble Globetrotter I contract in the Black Sea. CEO Robert Eifler noted a $43m adverse impact from the Brazilian suspensions. Despite the weak quarter, Noble added $200m in new contract value and maintained a $6.8bn backlog.
Commodities L&T and Hitachi Energy consortium secures North Sea offshore wind transmission programme
Larsen & Toubro (L&T), in consortium with Hitachi Energy, has secured a framework cooperation agreement with TenneT for a 2GW offshore wind transmission programme. The deal covers six projects, including two ongoing and two new ones in the Netherlands and Germany, with cumulative capacity of 8GW at 525 kV. L&T will handle offshore converter platforms, while Hitachi Energy provides HVDC Light technology.
Commodities Saudi Aramco Considers New Asia Crude Pricing as Red Sea Disruption Raises Shipping Costs
Saudi Aramco is evaluating a new pricing mechanism for crude loaded from Egypt's Sidi Kerir port for Asian buyers to account for higher shipping costs after Houthi-imposed disruptions in the Red Sea. The diversion via the Suez-Mediterranean Pipeline and around the Cape of Good Hope could add about $5 per barrel to costs. Three sources with knowledge of the matter confirmed the consideration.
Commodities TGS Secures 100-Day Ocean Bottom Node Seismic Contract for AMME Region
Oslo-listed seismic specialist TGS has won a new 100-day ocean bottom node (OBN) contract from an undisclosed client in the Africa, Mediterranean, and Middle East (AMME) region. The project, mobilizing in Q4 2026, extends into 2027 and highlights TGS's integrated business model. Separately, TGS announced multi-client reprocessing work in Norway, Canada, and a new 2D-cubed project in Ghana.
Commodities Oil Prices Fall to One-Week Low as Hopes of US-Iran Breakthrough Ease Supply Concerns
Oil prices declined to a one-week low as expectations of a diplomatic breakthrough between the United States and Iran reduced supply worries. The development highlights the sensitivity of crude markets to geopolitical shifts in the Middle East. No specific price levels or volume data were provided in the report.
Commodities Crude oil futures fall on Trump’s ‘good talks’ comment on Iran
Crude oil futures declined on Tuesday after US President Donald Trump said the US was engaged in 'good talks' with Iran. October Brent fell 1.08% to $84.94, and September WTI dropped 1.14% to $81.67. Meanwhile, the Caspian Pipeline Consortium resumed oil lifting at its Marine Terminal.
Commodities Australia considers first new oil refinery in over 60 years to boost energy security
Australia will consider building its first new oil refinery in more than 60 years, Prime Minister Anthony Albanese announced, with A$4 million funding for a feasibility study by Perdaman. The move aims to reduce reliance on fuel imports, which cover 80% of domestic needs, amid Middle East war supply disruptions.
Commodities Global crude oil prices plunge around 7% after US and Iran pause military strikes over weekend
Global crude oil prices plunged around 7% on July 27, 2026, after the United States and Iran paused military strikes over the weekend. Brent crude traded 7.2% lower at $89.74 per barrel, while West Texas Intermediate fell 6.6% to $83.36 per barrel, according to News on AIR.
Commodities India's average crude oil basket price plunges to $77.6/bbl in July from $114.5 in April
India's average crude oil basket price declined to $77.6 per barrel in July (up to July 22) from $114.5 per barrel in April 2026, according to the government. The drop, driven by easing geopolitical tensions in West Asia, is expected to support India's external sector and mitigate current account deficit pressures. The RBI has projected GDP growth of 6.6% and CPI inflation of 5.1% for 2026-27.
Commodities Oil price dives over 9% as US and Iran pause attacks, Brent drops below $88
The price of oil sank more than 9% on Monday, with Brent crude dipping below $88 a barrel, after the US and Iran paused attacks to give talks space. The fall follows last week's spike above $100 amid fears over the Strait of Hormuz and Houthi attacks in the Red Sea.
Commodities Crown Estate Launches Accelerated Tender for 1.5GW Morgan Offshore Wind Site in Irish Sea
The Crown Estate has launched an accelerated tender for the 1.5GW Morgan offshore wind site in the Irish Sea, following the withdrawal of EnBW and JERA Nex BP. Bidders will compete via a rising-clock auction for a site exclusivity fee, with potential developer selection by end of 2026. The project already has a development consent order from August 2025.
Commodities India's Power Demand Rises on Heatwaves; IEA Sees 7% Electricity Growth in 2026
India's electricity demand rose about 6% in H1 2026 led by heatwaves and strong industrial activity, according to the IEA. The agency forecasts 7% annual growth for 2026. Peak load hit a record 270.8 GW in May, but shortages more than doubled in Jan-May 2026 due to evening supply gaps.
Commodities Saipem secures €800m in Ivory Coast offshore and Italy biorefinery contracts from Eni
Italian energy services contractor Saipem has been awarded two new contracts valued at approximately €800m ($913m): one for Eni's Baleine Phase 3 project offshore Ivory Coast and another for a deoxygenation unit at Enilive's biorefinery in Venice, Italy. These awards follow a $260m offshore drilling contract for Saipem's Santorini drillship, also from Eni Côte d'Ivoire.
Commodities Crude Oil Falls as US and Iran Halt Weekend Strikes, Easing Geopolitical Risk Premium
Crude oil futures fell sharply on Monday morning after the US and Iran halted strikes against each other over the weekend, with Brent dropping 4.23% and WTI falling 4.90%. The de-escalation marked the first tangible signal of reduced hostilities after 13 days of strikes, though analysts caution that recovery hinges on lasting peace and safe navigation through the Strait of Hormuz. Meanwhile, Houthi attacks on Saudi Arabia's energy facilities continued, adding another layer of supply risk.
Commodities Oil Prices Tumble 5% on US-Iran Pause, Fueling Hopes of Diplomatic Breakthrough
Oil prices fell sharply on Monday after the US and Iran paused hostilities over the weekend, sparking hopes of a diplomatic solution. Brent crude dropped 4.52% to $92.41 a barrel, while WTI fell 4.81% to $85.01. The retreat follows three weeks of gains, though shipping through the Strait of Hormuz remains subdued.
Commodities Oil prices fall as US-Iran pause eases supply fears; Brent crude slips below $93
Oil prices fell in early trading Sunday, with Brent crude dropping 4.9% to $92.02, after the United States and Iran refrained from launching military strikes for a second straight day. The decline follows a 3.9% drop on Friday. US benchmark oil also fell 5.6% to $84.34. The brief easing of Middle East tensions comes after prices surged to a two-month high of $102 per barrel last week amid concerns over shipping through the Strait of Hormuz and attacks on Saudi tankers in the Red Sea.
Home Heating Oil Prices in Northern Ireland Jump £100 in Three Weeks on US-Iran Tensions
The average cost of 500 litres of home heating oil in Northern Ireland has risen by £98.78 (29%) in three weeks, reaching £445.37, according to the Consumer Council for Northern Ireland. The surge is attributed to escalating fighting between the US and Iran. About two-thirds of Northern Ireland households rely on heating oil, the highest proportion of any UK region.
Commodities Russian Supply Disruption and Red Sea Threats Pose Fresh Risk to India's August Crude Imports
India's August crude oil imports face risk from Russian supply disruption after Ukrainian attacks on Novorossiysk port, as well as continued Houthi threats to Red Sea shipping. Russia, which supplies 50% of India's imports, saw July exports drop ~400,000 bpd MoM. Higher freight costs and shrinking discounts on Urals crude threaten to inflate India's import bill. Brent crude futures rose above $100/bbl on July 23.
Commodities Massachusetts Pilot Tests Electric Vehicles as Grid Batteries for Demand Response
A coalition of utilities and technology companies including Eversource, National Grid, EnergyHub, Sunrun, and the Mobility House has launched a pilot program in Massachusetts that allows electric vehicle owners to send energy back to the grid during peak demand events. The vehicle-to-grid (V2G) technology aims to improve grid reliability, integrate renewable energy, and create a new revenue stream for drivers. Lessons from the pilot could pave the way for widespread adoption, making electricity cheaper for all.
Commodities India's Strategic Reserves Strategy: Crude Oil, LPG, and LNG for Energy Security
India is strengthening its energy security with strategic reserves for crude oil, LPG, and LNG. Current SPR capacity is 5.33 MMT (9.5 days of consumption), with plans to expand to 11.88 MMT. Experts advocate a three-tier policy: large physical crude reserves, distributed LPG reserves, and virtual LNG reserves to cover 90 days of consumption.
Commodities Grain-based ethanol gains momentum: What it means for India's blending programme
India's ethanol blending programme has crossed 717 crore litres cumulative supplies by June 2026, with grain-based ethanol contributing nearly 480 crore litres. The shift to maize and surplus grains provides resilience against crop failures, supports rural industry, and advances energy security.
Commodities Govt proposes new electricity distribution licensees to use existing networks; pay wheeling charges
The Consultative Committee of the Power Ministry met on July 24, 2026, to discuss a proposal allowing new electricity distribution licensees to use existing networks by paying regulated wheeling charges. The Ministry aims to promote consumer choice and efficient use of infrastructure, but states and unions oppose potential cherry-picking of high-paying consumers. The proposal includes protections for incumbent licensees and universal service obligations.
Commodities NSE to launch India's first domestic benchmark-based natural gas futures on July 27
The National Stock Exchange (NSE) will launch trading in Indian Natural Gas Futures on July 27, 2026, India's first exchange-traded energy derivative linked to a domestic benchmark. The cash-settled contract, under symbol NATGASIND, is based on the Indian Gas Exchange's Gujarat (Dahej) hub price and aims to provide transparent price discovery and risk management for the domestic natural gas market.
Commodities Worley Selected by Petrogas for Pre-FEED of Abeona CCS Project in Dutch North Sea
Australian engineering firm Worley has been selected by Petrogas to deliver pre-FEED for the Abeona carbon capture and storage (CCS) project in the Dutch North Sea. The project aims to provide CO2 transport and storage for hard-to-abate industrial emitters in the North Sea Canal Area and other Dutch regions, utilizing repurposed offshore infrastructure and new facilities.
Commodities Brent crude hovers above $100 a barrel as tensions escalate in West Asia
Brent crude futures held above $100 a barrel as the US continued airstrikes against Iran and Houthi attacks raised risks to Saudi oil flows. The September ICE Brent contract was at $100.66, while WTI traded at $91.95. Supply disruptions through the Strait of Hormuz and the CPC terminal in Russia add to geopolitical premium.
Commodities Oil Holds Above $100 as Red Sea Attacks and Kazakhstan Outage Tighten Supplies
Oil prices have staged a sharp comeback, with Brent crude holding above $100 a barrel after Iran-aligned Houthi rebels attacked Saudi oil tankers in the Red Sea and a suspected Ukrainian drone strike forced the closure of Kazakhstan's main Black Sea export terminal. The twin disruptions have renewed fears over global energy supplies, reversing earlier hopes of easing Middle East tensions.
Commodities Iran War Pushes Brent to $100, Oil Companies Fear Hit to Their Finances
Global benchmark Brent crude topped $100 per barrel for the first time in nine weeks amid renewed US-Iran conflict in West Asia. The disruption through the Strait of Hormuz and continued Houthi attacks on Bab el-Mandeb Strait have pushed prices up nearly 7% in a day. Indian oil marketing companies, already reeling from losses in the June quarter, face further financial strain as crude prices surge.
Commodities India Says Premium Petrol to Stay Ethanol-Free, No Plan to Blend Beyond 20%
The Indian government has confirmed that premium petrol grades from state-run retailers will remain ethanol-free due to their niche performance-additive composition. Additionally, there is no current proposal to raise ethanol blending in regular petrol beyond the existing 20% or to reintroduce E0/E10 fuels, pending further scientific studies.
Commodities India Maintains Ethanol-Free Premium Petrol, No Plan to Exceed E20 Blending
India's government confirmed that premium petrol grades will remain ethanol-free and there is no plan to increase ethanol blending beyond the current 20% (E20) level. Minister Suresh Gopi stated the decision is based on scientific validation and logistical considerations.
Commodities Brent crude tops $100 on Red Sea attacks, Houthis claim strikes on Saudi tankers
Brent crude climbed above $100 per barrel for the first time since May after Yemen's Houthi group claimed responsibility for attacking two Saudi oil tankers in the Red Sea. The geopolitical risk premium drove prices sharply higher, with Brent trading at $100.79 per barrel, up 7%, and WTI at $91.83 per barrel. Analysts warn of further upside if Strait of Hormuz exports are disrupted.
Commodities Brent crude tops $100 a barrel as West Asia conflict fuels oil supply fears
Brent crude oil briefly topped $100 per barrel for the first time since May, surging 6.2% to $99.94 after attacks on two Saudi oil tankers in the Red Sea heightened supply fears. The price had fallen below $72 just weeks ago, roughly back to pre-Iran war levels.
Commodities BPCL: No discounts on Russian crude for September cargoes amid Houthi threats
Bharat Petroleum Corporation (BPCL) reported that traders have stopped offering discounts on Russian crude for September 2026 delivery, as Houthi threats in the Bab al-Mandab Strait push Brent crude past $100 per barrel. The company has secured July/August supplies and booked some September cargoes, but faces uncertainty on future discounts. BPCL also posted a consolidated net loss of Rs 1,873 crore in Q1 FY27, citing stable retail fuel prices and LPG under-recoveries.
Commodities Oil Prices Hit $100 for First Time Since May as Middle East Conflict Escalates
Oil prices hit $100 a barrel for the first time since May as the escalating conflict in the Middle East reignited fears over global energy supplies, according to BBC. Brent crude rose more than 5% on Thursday after several days of increases, with the US stepping up military strikes against Iran. Houthi militia attacks on oil tankers in the Red Sea and a failed ceasefire between the US and Iran have further tightened supply concerns.
Commodities Alderney electricity bills to be subsidised as barrel of crude oil nears $100
The States of Guernsey has approved a £200,000 temporary subsidy for Alderney Electricity (AEL) to offset electricity bills if the price of crude oil exceeds $100 per barrel. With the current price at $99.76 according to the Financial Times, the subsidy aims to protect the island's 2,167 residents from exceptional fuel price increases, as Alderney relies on diesel generation unlike its sister islands.
Commodities MRPL diversifies crude sourcing to strengthen supply security amid geopolitical risks
Mangalore Refinery and Petrochemicals Ltd (MRPL) has diversified its crude oil sourcing to 273 grades from Asia, South America, Africa, the US and Russia, processing new crudes like Hout, Mostarda, Gindungo and Sarir Mesla. The strategy, detailed in MRPL's 2025-26 annual report, aims to reduce dependency on any single source and enhance supply security amid geopolitical tensions, particularly around the Strait of Hormuz. MRPL also collaborated with Indian Strategic Petroleum Reserves Ltd to utilize underground storage for crude inventory management.
Commodities Brent crude nears $100 as analysts warn of inflation and current account deficit risks for India
Brent crude oil approached $97 per barrel on July 23, 2026, with analysts warning of risks for India including higher inflation and a widening current account deficit. Geopolitical tensions in West Asia and OPEC+ supply discipline are key drivers, while some forecasters see prices remaining above $100.
Commodities Government says household PNG prices remain stable despite higher LNG prices and West Asia crisis
The Indian government has stated that household piped natural gas (PNG) prices have been kept stable and affordable despite higher global liquefied natural gas (LNG) prices triggered by the West Asia crisis. The measures include a capped domestic gas price of USD 7 per MMBtu and allocation of 105% of previous quarter's consumption. The PNG network continues to expand, with over 1.70 crore connections as of May 31, 2026, though a target of 1.2 crore new households by March 2027 was not explicitly confirmed.
Commodities India's Surging Refined Product Exports Ease Asia Fuel Crisis, Says Russell
India's exports of light and middle distillates are expected to reach 1.55 million barrels per day in July, the second-highest level in Kpler records since 2017, easing Asia's fuel crisis. The surge is driven by soaring product premiums after the breakdown of the US-Iran ceasefire, with Brent crude rising 34% from its post-deal low. Other exporters like Oman and Taiwan are also boosting output, but Asia's imports remain 18% below pre-conflict levels, indicating continued tightness.
Commodities Crude oil tops $96 as Houthis target Saudi tankers in Red Sea
Brent crude futures surged above $96 per barrel on Thursday following reports that Iran-backed Houthis attacked two Saudi oil tankers in the Red Sea. US military strikes on Iranian assets and an EIA report showing a build in US crude inventories added to market dynamics.
Commodities Brent Crude Tops $96 as US-Iran Tensions and Houthi Attacks Escalate
Oil prices surged to six-week highs as the US launched new strikes on Iran and Yemen's Houthis attacked oil tankers in the Red Sea. Brent crude rose $1.93 to $96 per barrel, while WTI gained 1.7% to $88.27. Iran's Revolutionary Guards claimed control of the Strait of Hormuz and declared it closed, while the Houthis announced a naval blockade of Saudi Arabia. US crude stocks rose 2 million barrels last week, countering expectations of a draw.