Treasury Secretary Scott Bessent estimated that the move would add about 140 million barrels of crude to the oil market.
Category: Iran
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Oil Falls and Stocks in Asia Hold Steady
The New York Times – Business:Oil prices had been gyrating this week, after a new round of attacks on major energy facilities in Iran and Qatar raised concerns about energy supplies.
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Attacks on Energy Infrastructure Could Lead to Much Higher Prices
The New York Times – Business:Attacks on oil and natural gas facilities this week could make it much harder for Persian Gulf countries to rebuild and restart production when the war eventually end.
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Iran’s South Pars Gas Field Is Attacked, Sending Energy Prices Soaring
The New York Times – Business:The field is part of a vast gas reservoir shared by Iran and Qatar. The strike appeared to be one of the most significant attacks on an energy site since the U.S.-Israeli air war against Iran began.
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As War Chokes Natural Gas Supply, Asia Turns Back to Coal
The New York Times – Business:Across Asia, a sharp drop in liquefied natural gas supplies is pushing major importers back toward coal, undermining L.N.G.’s long-held role as a stable energy anchor.
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Kharg Island Is an Appealing Target for Trump, With High Risks
The New York Times – Business:A U.S. attack or a move to seize control of Iran’s main oil export hub could cripple the country’s ability to profit from its natural resources. But it would also risk sending energy prices even higher.
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Iran’s Hormuz Stranglehold Upends Markets and Geopolitics
The New York Times – Business:Energy prices continued to climb around the world as war in the Middle East intensifies. That has scrambled President Trump’s foreign policy strategy.
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After Pulling Back, Oil Prices Resume Their Rise
The New York Times – Business:Shipping routes crucial to global commerce remained disrupted as the conflict in the Middle East continued.
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Why Trump’s Strait of Hormuz Problem Is Going Global
The New York Times – Business:President Trump is getting little to no support so far for his call that other countries do their part to try to ease an energy crisis prompted by U.S.-Israeli attacks on Iran.