Iran has launched coordinated missile and drone attacks against five countries hosting United States forces, opening a wider regional front that has placed Gulf energy and shipping infrastructure under direct threat.
Crude oil prices advanced in early Asian trading on Wednesday as escalating hostilities between the United States and Iran showed no indication of easing, pushing both major benchmarks to five-week highs.
Less than a month ago, analysts were warning of a looming glut of crude oil as tanker traffic via the Strait of Hormuz began to recover amid a U.S.-Iran ceasefire.
International oil companies are lining up to explore deepwater acreage offshore Uruguay, betting that the South Atlantic margin could host a substantial new oil province mirroring recent finds off Namibia.
US commercial crude oil inventories rose last week even as tensions around the Strait of Hormuz continued to unsettle global oil flows, according to figures from the American Petroleum Institute (API).
Chinese buyers that received the first U.S. LNG cargo in over a year plan to resell it on another market to profit from higher prices elsewhere and avoid paying a 25% tariff, sources familiar with the plans told Bloomberg on…
