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Asia midday crude futures: Ice Brent hits $124/bl
Ice Brent futures rose in early Asian trading hours as concerns about continued disruption to supply flows through the strait of Hormuz grew.
The Ice front-month June Brent contract was at $124/bl at 04:00 GMT, up by $5.97/bl from its settlement on 28 April when it ended $6.77/bl higher.
The Nymex front-month June crude contract was at $109.09/bl, higher by $2.21/bl from its settlement on 28 April when it ended $6.95/bl higher.
Oil prices rose by 5pc today on continued supply crunch concerns, with no apparent end in sight to the war in the Middle East.
US president Donald Trump and key cabinet members discussed the possibility that the blockade on the strait of Hormuz might remain for "months" during a meeting with energy executives on 28 April, the White House said.
The meeting marks the latest attempt by the Trump administration to prepare for extended disruptions to global energy markets, if negotiations with Iran are unable to quickly re-open the strait of Hormuz. US treasury secretary Scott Bessent hosted the meeting with the executives, which was also attended by US vice-president JD Vance and White House chief of staff Susie Wiles.
"They discussed the steps President Trump has taken to alleviate global oil markets and steps we could take to continue the current blockade for months if needed and minimize impact on American consumers," the White House said.
Meanwhile, Algeria, Russia and Kazakhstan have reaffirmed their commitment to Opec+ after the UAE's decision to quit the alliance. Algeria, the first Opec member to respond publicly, said it "consistently and firmly reaffirms its commitment" to Opec and Opec+, describing them as "essential frameworks for the stability of the global oil market".
Russia, a leading member of the broader Opec+ alliance, said the group would continue its work to balance global energy markets. Kremlin spokesman Dmitry Peskov said Moscow still views Opec+ as an effective mechanism for managing market stability.
Russian president Vladimir Putin offered to halt hostilities in the war against Ukraine for one day, on 9 May, and raised the prospect of possible economic and energy co-operation with the US during a call with Trump, the Kremlin said on 29 April.
Elsewhere, US crude inventories fell last week by 6.2mn bl with exports surging past 6mn b/d for the first time on record, the Energy Information Administration reported on 29 April.
Ice Brent futures rose in early Asian trading hours as concerns about continued disruption to supply flows through the strait of Hormuz grew.
The Ice front-month June Brent contract was at $124/bl at 04:00 GMT, up by $5.97/bl from its settlement on 28 April when it ended $6.77/bl higher.
The Nymex front-month June crude contract was at $109.09/bl, higher by $2.21/bl from its settlement on 28 April when it ended $6.95/bl higher.
Oil prices rose by 5pc today on continued supply crunch concerns, with no apparent end in sight to the war in the Middle East.
US president Donald Trump and key cabinet members discussed the possibility that the blockade on the strait of Hormuz might remain for "months" during a meeting with energy executives on 28 April, the White House said.
The meeting marks the latest attempt by the Trump administration to prepare for extended disruptions to global energy markets, if negotiations with Iran are unable to quickly re-open the strait of Hormuz. US treasury secretary Scott Bessent hosted the meeting with the executives, which was also attended by US vice-president JD Vance and White House chief of staff Susie Wiles.
"They discussed the steps President Trump has taken to alleviate global oil markets and steps we could take to continue the current blockade for months if needed and minimize impact on American consumers," the White House said.
Meanwhile, Algeria, Russia and Kazakhstan have reaffirmed their commitment to Opec+ after the UAE's decision to quit the alliance. Algeria, the first Opec member to respond publicly, said it "consistently and firmly reaffirms its commitment" to Opec and Opec+, describing them as "essential frameworks for the stability of the global oil market".
Russia, a leading member of the broader Opec+ alliance, said the group would continue its work to balance global energy markets. Kremlin spokesman Dmitry Peskov said Moscow still views Opec+ as an effective mechanism for managing market stability.
Russian president Vladimir Putin offered to halt hostilities in the war against Ukraine for one day, on 9 May, and raised the prospect of possible economic and energy co-operation with the US during a call with Trump, the Kremlin said on 29 April.
Elsewhere, US crude inventories fell last week by 6.2mn bl with exports surging past 6mn b/d for the first time on record, the Energy Information Administration reported on 29 April.
By Rhalain Reyes