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The Latest Breaking News from Oil

Rate hike odds spike for 'live' March RBA meeting

The battle to tame inflation has been thrown into more uncertainty by conflict in Iran and the Middle East, the Reserve Bank governor says.

AAP

Oil markets are bracing for $100 barrels and a redux of a 1970s-era crisis but 'three times the scale,' analyst warns

U.S. gas prices rose 40% as a result of the 1973 oil shock, and prices at the pump are threatening to increase again as a result of the U.S. and Israeli strike on Iran.

Fortune

Dollar Soars as T-Notes Yields Jump on Inflation Fears

The dollar index (DXY00 ) rose by +0.97% on Monday and posted a 5-week high. The dollar rallied on Monday after oil prices surged to an 8.25-month high, boosting inflation expectations and reducing the chance of additional Fed rate cuts, a supportive factor for the dollar. Also, Monday's better-than-expected Fed...

Barchart

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Crude Oil Sharply Higher on War in Iran

April WTI crude oil (CLJ26 ) on Monday closed up +4.21 (+6.28%), and April RBOB gasoline (RBJ26 ) closed up +0.0851 (+3.72%). Crude oil and gasoline prices rallied sharply on Monday, with crude posting an 8.25-month high and gasoline posting a 19-month high. The main bullish factor for crude prices...

Barchart

Sugar Prices Supported by Strength in Crude Oil

May NY world sugar #11 (SBK26 ) on Monday closed up +0.02 (+0.14%), and May London ICE white sugar #5 (SWK26 ) closed up +5.90 (+1.45%). Sugar prices settled higher on Monday, supported by surging crude oil prices. WTI crude (CLJ26 ) soared more than +6% to an 8.25-month high...

Barchart

How escalating Iran conflict is driving up oil and gas prices – a visual guide

A halt to shipping in strait of Hormuz and attacks on Middle East refineries are threatening supplies and stoking inflation

The Guardian - UK

How the war in Iran could ‘guarantee’ a global recession

How a waterway barely 30 miles wide could plunge the world into recession.

Fortune

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Cuba's president pushes for 'urgent' changes to island's economic and business model

Cuban President Miguel Díaz-Canel says his government should “immediately” focus on implementing urgent transformations to the island’s economic and social model as oil reserves in the Caribbean country dwindle

The Independent UK

Saudi Arabia's Largest Oil Refinery Shuts Down As Iran Targets Oil, Gas, Infrastructure

Drone strikes led to the closure of Saudi Arabia's largest oil refinery as the war with Iran widened throughout the Middle East.

International Business Times

Soybeans Fading Lower at Monday’s Midday

Soybeans are 6 to 9 cents across most contracts on Monday, fading off overnight gains. There were another 158 deliveries issued on Friday evening. The cmdtyView national average Cash Bean price is down 3 1/2 cents at $10.89 1/2. Soymeal futures are falling $6.50 to $7 at midday. Soy Oil...

Barchart

Cotton Losses Pushing to Midday

Cotton futures are trading with losses across the front months, with contracts 70 to 80 points lower. Crude oil is up $3.50 at midday following the US/Israel strikes on Iran over the weekend, but nearly $5 off the overnight highs. The US dollar index is rising $0.875 to $98.440. Commitment...

Barchart

Reeves under pressure to keep energy and fuel prices affordable in spring statement as Iran war escalates

Fears over the impact of Donald Trump’s Iran war on energy prices prompt calls for chancellor to keep bills down

The Independent UK

A gas shock – not an oil shock – from the Iran war looks more threatening

Europe and Asia will take an economic hit if the supply of Qatari LNG is halted by the closure of the strait of Hormuz

The Guardian - UK

Iran’s Islamic Revolutionary Guard controls a sprawling business empire that dominates the economy

That empire includes core industrial sectors like oil and transportation as well as banking, telecommunications, agriculture, medicine, and real estate.

Fortune

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The Independent UK

What to know about the Strait of Hormuz, a key passageway essential for global energy supply

Oil prices are up sharply as the widening Iran war disrupted tanker traffic through the Strait of Hormuz, highlighting how important the passageway is to the world’s oil supply

GOBankingRates

How the War with Iran Could Change Your Gas Prices Right Now — and For Summer

Global oil prices have spiked as President Donald Trump, along with Israel, launched an air offensive against the country of Iran.

Barchart

Sugar Prices Climb as Crude Oil Surges

May NY world sugar #11 (SBK26 ) today is up +0.06 (+0.43%), and May London ICE white sugar #5 (SWK26 ) is up +6.60 (+1.62%). Sugar prices are climbing today, posting 1-month highs amid a surge in crude prices. WTI crude (CLJ26 ) soared to an 8.25-month high today, which...

The Guardian - UK

Maritime insurers cancel war risk cover in Gulf as Iran conflict disrupts shipping

Strait of Hormuz is effectively closed and vessels rerouted, sending some freight costs surging

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Evening Standard

European stocks sink amid Middle East uncertainty

The FTSE 100 Index ended down 130.44 points, 1.2%, at 10,780.11.

The Independent UK

Middle East chaos spreads as death toll from Trump’s war with Iran grows

More countries have been drawn into the conflict between the US and Iran, with fears strikes could continue for weeks

Axios

The Iran conflict matters more for inflation than growth

Americans will see higher prices for energy in the weeks ahead.

The Conversation

The oil price surge is just one symptom of a supply chain network that is not fit for this age of global tensions

The escalating conflict between Iran, the US and Israel has taken a critical turn. The strait of Hormuz – one of the most important shipping routes for oil and gas – is facing significant disruption. The strait is the main route connecting Persian Gulf ports in Iran and some of…

Barchart

Crude Oil Prices Soar on War in Iran

April WTI crude oil (CLJ26 ) today is up +4.20 (+6.27%), and April RBOB gasoline (RBJ26 ) is up +0.0968 (+4.24%). Crude oil and gasoline prices are sharply higher today, with crude posting an 8.25-month high and gasoline posting a 19-month high. The main bullish factor for crude prices is...

Barchart

Commodity Roundup- February’s Top Performers and Underperformers

Precious metals and most energy prices moved higher in February. Three of the five soft commodities, natural gas, and cryptocurrencies posted double-digit percentage declines.

Barchart

Markets Rebound After Initial Selloff Triggered by Middle East Tensions

The S&P 500 Index ($SPX ) (SPY ) today isup +.07%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.06%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.44%. Stocks initially retreated today after the US and Israel launched joint military attacks on Iran....

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