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Asia midday crude futures: Ice Brent extends gains
Ice Brent crude futures rose above $100/bl in early Asian trading, as Iran continues to target commercial shipping in and around the strait of Hormuz.
The Ice front-month January Brent contract was at $100.04/bl at 04:00 GMT, higher by $1.75/bl from its settlement on 5 November when it ended $3.67/bl higher.
The Nymex front-month December crude contract was at $91.68/bl, up by $1.16/bl from its settlement on 5 November when it ended $2.40/bl higher.
With four attacks reported in the strait of Hormuz over 1-3 November, the UK Maritime Trade Operations (UKMTO) expects that further attacks on transiting vessels, including tugs and small cargo vessels, remain highly likely, particularly off the northern coast of Oman.
The occurrence of two attacks on tankers inside the Mideast Gulf, including one on 1 November and one on 4 November, indicate that attacks in ship-to-ship transfer areas and anchorages in the region remain a strong possibility, UKMTO said on 5 November.
Rising attacks by Iranian forces in October against commercial shipping in the region have failed to deter some shipowners and national fleets from operating in the area, with the risks for some outweighed by record-high freight rates for tankers exiting the strait of Hormuz.
The US on 5 November increased pressure on Cuba's embattled economy by imposing charges on several entities, including some involved in the transportation of crude to the oil-starved Caribbean island.
The charges follow several imposed since January in a continuing effort to extract political concessions, and which have reduced the island's access to imported oil, causing extensive fuel shortages and frequent and long power blackouts.
The UK's cross-party parliamentary committee on energy security and net zero (ESNZ) has called on the government to publish a roadmap on phasing out fossil fuels in the UK by July 2027, when the next international conference on the topic is scheduled.
Ice Brent crude futures rose above $100/bl in early Asian trading, as Iran continues to target commercial shipping in and around the strait of Hormuz.
The Ice front-month January Brent contract was at $100.04/bl at 04:00 GMT, higher by $1.75/bl from its settlement on 5 November when it ended $3.67/bl higher.
The Nymex front-month December crude contract was at $91.68/bl, up by $1.16/bl from its settlement on 5 November when it ended $2.40/bl higher.
With four attacks reported in the strait of Hormuz over 1-3 November, the UK Maritime Trade Operations (UKMTO) expects that further attacks on transiting vessels, including tugs and small cargo vessels, remain highly likely, particularly off the northern coast of Oman.
The occurrence of two attacks on tankers inside the Mideast Gulf, including one on 1 November and one on 4 November, indicate that attacks in ship-to-ship transfer areas and anchorages in the region remain a strong possibility, UKMTO said on 5 November.
Rising attacks by Iranian forces in October against commercial shipping in the region have failed to deter some shipowners and national fleets from operating in the area, with the risks for some outweighed by record-high freight rates for tankers exiting the strait of Hormuz.
The US on 5 November increased pressure on Cuba's embattled economy by imposing charges on several entities, including some involved in the transportation of crude to the oil-starved Caribbean island.
The charges follow several imposed since January in a continuing effort to extract political concessions, and which have reduced the island's access to imported oil, causing extensive fuel shortages and frequent and long power blackouts.
The UK's cross-party parliamentary committee on energy security and net zero (ESNZ) has called on the government to publish a roadmap on phasing out fossil fuels in the UK by July 2027, when the next international conference on the topic is scheduled.
By YouLiang Chay