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Asia midday crude futures: Ice Brent strengthens
Ice Brent futures rose in early Asian trading as the conflict in Middle East continued to escalate, prolonging supply disruptions in the region.
The Ice front-month May Brent contract was at $115.13/bl at 04:00 GMT, up by $2.56/bl from its settlement on 27 March when it ended $4.56/bl higher.
The Nymex front-month May crude contract was at $101.49/bl, rising by $1.85/bl from its settlement on 27 March when it ended $5.16/bl higher.
US president Donald Trump said in a social media post at 02:29 GMT today that it was a "Big day in Iran. Many long sought after targets have been taken out and destroyed by our GREAT MILITARY". Trump had earlier told the Financial Times in an interview on 29 March that he wants to "take the oil in Iran" and could seize the export hub of Kharg Island. But despite his threats to seize Iranian oil production, Trump stressed that indirect talks via Pakistani "emissaries" were progressing well.
The US-Israel war with Iran showed no signs of cooling over the weekend as all sides continued strikes, Yemen's Iran-backed Houthi militants joined the fray, and more US troops arrived in the region for a possible land invasion.
Yemen's Iran-backed Houthi militants launched missiles at Israel on Saturday, in their first attack since the war in the Mideast Gulf began
Iran's Revolutionary Guard Corps (IRGC) said on 28 March it had targeted a US military vessel off the Omani coast, while Omani authorities reported that two drones struck Salalah port earlier in the day. The incidents add pressure on Oman, a key regional mediator between Washington and Tehran.
Saudi Arabia's now primary export outlet, the 7mn b/d East-West pipeline, has reached full capacity, sources with knowledge of the matter told Argus. The kingdom has, over recent days, moved around 7mn b/d of crude through the pipeline, the sources said.
Philippine refiner Petron has secured 2.48mn bl of Russian crude. The purchases were made out of extreme necessity to alleviate supply tightness brought on by the Iran war, it said.
Ice Brent futures rose in early Asian trading as the conflict in Middle East continued to escalate, prolonging supply disruptions in the region.
The Ice front-month May Brent contract was at $115.13/bl at 04:00 GMT, up by $2.56/bl from its settlement on 27 March when it ended $4.56/bl higher.
The Nymex front-month May crude contract was at $101.49/bl, rising by $1.85/bl from its settlement on 27 March when it ended $5.16/bl higher.
US president Donald Trump said in a social media post at 02:29 GMT today that it was a "Big day in Iran. Many long sought after targets have been taken out and destroyed by our GREAT MILITARY". Trump had earlier told the Financial Times in an interview on 29 March that he wants to "take the oil in Iran" and could seize the export hub of Kharg Island. But despite his threats to seize Iranian oil production, Trump stressed that indirect talks via Pakistani "emissaries" were progressing well.
The US-Israel war with Iran showed no signs of cooling over the weekend as all sides continued strikes, Yemen's Iran-backed Houthi militants joined the fray, and more US troops arrived in the region for a possible land invasion.
Yemen's Iran-backed Houthi militants launched missiles at Israel on Saturday, in their first attack since the war in the Mideast Gulf began
Iran's Revolutionary Guard Corps (IRGC) said on 28 March it had targeted a US military vessel off the Omani coast, while Omani authorities reported that two drones struck Salalah port earlier in the day. The incidents add pressure on Oman, a key regional mediator between Washington and Tehran.
Saudi Arabia's now primary export outlet, the 7mn b/d East-West pipeline, has reached full capacity, sources with knowledge of the matter told Argus. The kingdom has, over recent days, moved around 7mn b/d of crude through the pipeline, the sources said.
Philippine refiner Petron has secured 2.48mn bl of Russian crude. The purchases were made out of extreme necessity to alleviate supply tightness brought on by the Iran war, it said.
By Fabian Ng