Crude prices soared to $86 per barrel on Monday, hitting a four-month high, with industry experts attributing the surge to China’s strong economic data and Ukraine’s drone attacks on Russian oil refineries.

Oil prices settled higher on Friday as geopolitical tensions in the Middle East more than offset a forecast from the International Energy Agency for slowing demand.

SHANA -- Irans Minister of Petroleum Bijan Zangeneh said on Saturday that balance would be back to the oil market once the entire global economy would recover. In the long-term, a growth in demand and balanced oil prices would depend on the global economic recovery, he told reporters following an OPEC ministerial meeting. He said the Covid-19 ...

Reuters - Iran will not suffer as much as other countries from the oil price drop because it is less reliant than others on crude exports, President Hassan Rouhani said on Wednesday. Oil prices slumped again on Wednesday, with Brent falling to the lowest since 1999, as the market struggled with a massive crude glut amid a collapse in demand for ...

SHANA Look at these remarks made by heads of states in the aftermath of sinking oil prices and demand destruction caused by the coronavirus outbreak: "We will not give in to Saudi oil extortion", "Coronavirus and Saudi Arabia are the cause of falling oil prices", Russia's energy minister was the first to tell the media that OPEC+ production cuts ...

Oil Price - Theres a good reason oil prices tanked on Tuesday (temporarily) and then continued to do so on Wednesday. Bolton has always been a warmonger, while Trump is a leveraged negotiator who may bring things to the brink of war but is not gunning for a conflict; rather for leverage in a high-stakes game. With Bolton out, speculators flirted with ...

MNA Oil prices fell swiftly on Tuesday after US President Donald Trump fired Iran hawk John Bolton as national security adviser. The surprise exit of Bolton prompted speculation that the tensions between the United States and Iran could ease, or at least that the chance of a military conflict had decreased. Bolton was a strong proponent of the ...

MNA An Iranian lawmaker believes that the United States is trying to sow insecurity in the Persian Gulf region to increase oil price to around $200. I believe that America is after creating insecurity in the region and increasing oil prices to $200. The Americans want to create problems for the economy of oil-consuming countries so that they can ...

Reuters - Oil prices edged higher on Thursday supported by rising tensions between the West and Iran and a big decline in U.S. crude stockpiles, but gains were capped due to lingering worries about slowing economic growth that could reduce fuel demand. Brent crude futures LCOc1 settled 21 cents, or 0.33%, higher at $63.39 a barrel after hitting ...

CNBC | Sam Meredith: Morgan Stanley does not expect rising tensions in the worlds most important oil chokepoint to lead to a sustained jump in oil prices. Instead, the investment bank expects non-OPEC supply growth to keep crude futures relatively subdued over the coming months. Oil prices rose more than 2% Monday morning, amid concerns that ...

Reuters - Oil prices turned lower on Tuesday, falling more than 3% after U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast. Brent crude futures LCOc1 fell $2.13 a barrel, or 3.2%, to settle at $64.35. The international benchmark hit a session high of $67.09 earlier in the day. West ...

Reuters - Oil futures rose on Friday as tensions over Iran and an extension to output cuts by OPEC and its allies boosted prices, but mixed economic data limited the rally. Brent crude futures LCOc1 settled at $64.23 a barrel, up 93 cents, or 1.47%. U.S. West Texas Intermediate (WTI) CLc1 settled at $57.51 a barrel, up 17 cents. The U.S. market ...

Reuters - Oil prices rose on Monday to extend gains from last week, bolstered as tensions remain high between Iran and the United States after U.S. Secretary of State Mike Pompeo said significant sanctions would be announced on Tehran. Brent futures were up 50 cents, or 0.8%, at $65.70 a barrel by 0655 GMT. West Texas Intermediate crude was up ...

CNBC - Oil prices climbed around 3% on Thursday amid escalating tensions in the Middle East as a U.S. official said one of the countrys military drones was shot down by an Iranian missile. The drone was downed in international airspace over the Strait of Hormuz by an Iranian surface-to-air missile, a U.S. official said on Thursday, speaking on condition ...

Press TV - Crude oil futures have jumped on Thursday following reports of explosions targeting two oil tankers in the Sea of Oman. Benchmark Brent crude oil rises 4% in trading to over $62 a barrel after the incident, Bloomberg reported. Reuters, citing four shipping and trade sources, said two tankers identified as the Marshal Islands-flagged ...

Reuters - U.S. military vessels in the Gulf are within range of Iranian missiles, a top military aide to Irans Supreme Leader Ayatollah Ali Khamenei said on Sunday, warning any clash between the two countries would push oil prices above $100 a barrel. Iran and the United States have been drawn into starker confrontation in the past month, a year ...

Financial Tribune - Tehran Stock Exchange began trading week in negative territory amid volatile global markets and selloff pressure in refinery stocks spurred by the decline in global crude prices in recent days. The symbol tickers of all refinery stocks were down to the minimum daily price that brought down the main gauge of TSE up to 1,300 during ...

The Guardian | Patrick Wintour: In November 2018, Donald Trump tweeted: Oil prices getting lower a tax cut for America and the world! Enjoy! $54 Thank you to Saudi Arabia. Five months on, with oil prices more than $70, Trump will be in a less celebratory mood as Opecs oil ministers and their allies gather in Jeddah on Friday, without Iran. The ...

Reuters - Oil prices rose over 1% on Tuesday after top exporter Saudi Arabia said explosive-laden drones launched by a Yemeni-armed movement aligned to Iran had attacked facilities belonging to state oil company Aramco. That move higher comes as the market waits for a report from the American Petroleum Institute (API), an industry group, which is ...

Press TV - Oil futures rise on increasing concerns about supply disruptions in the Middle East afterSaudi Arabia says two of its oil tankers were targeted in a "sabotage attack on Sundayoff the coast ofFujairah. Saudi Arabia's Energy Minister Khalid al-Falihsaid in a statement on Monday that the attackdid not lead to any casualties or an oil spillbut ...