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Brent Holds Above $102 as Iran Talks Stall Over Hormuz ConditionsCrude oil prices took a dip today amid reports that there was willingness for peace in the Middle East on both sides of the conflict. The dip partially offset gains made earlier in the week, keeping oil benchmarks elevated. At the time of writing, Brent crude was trading at $102.20 per barrel, and West Texas Intermediate was changing hands for $91.43 per barrel. Earlier in the week, Brent crude dropped below $100 per barrel on reports about Saudi Arabia restarting its East-West pipeline and higher oil flows via the Strait of Hormuz. The UN General…OilPrice.com
Drone Strikes Hit Saudi Arabia’s Vital East-West Oil PipelineSaudi Arabia’s critical East-West oil pipeline system was struck on Thursday, with multiple pumping stations hit in an attack that could threaten one of the kingdom’s most important crude export routes, according to CNN, citing two U.S. officials familiar with the matter. The confirmation comes after satellite data on Thursday pointed to unusual activity along the pipeline corridor. OilPrice.com reported that NASA FIRMS had detected multiple large fires near the East-West pipeline, while Sentinel-3 imagery appeared to show a massive…OilPrice.com
Shipping Fuel Shortage Looms as Refiners Prioritize DieselSupply of fuel oil for the shipping industry is getting squeezed by the war-driven tightness in diesel fuel, as refiners prioritize the latter over the former, Reuters has reported, with Asia set to suffer the most severe blow. The shortage is seen at 218,000 barrels daily in the current quarter, according to Energy Aspects, as quoted by Reuters, which would be the first quarter of a shipping fuel shortage since 2025. At that time, the shortage was much smaller, at just 6,000 barrels daily. “Due to the protracted supply disruption in the…OilPrice.com
Oil Prices Climb as U.S.-Iran Peace Hopes FadeCrude oil prices moved higher today as the chances of a lasting peace between the United States and Iran shriveled following Iran’s release of six conditions earlier this week and President Trump’s unsurprising reaction to them. At the time of writing, Brent crude traded at $87.72 per barrel, and West Texas Intermediate was trading at $82.13 per barrel, after President Trump demanded that Iran pay reparations to the U.S. for war-related damages. “We're going to ask for money for the damage they've done over a 50-year period,”…OilPrice.com