Lates News

In the past two years, US crude oil futures have broken through $85 per barrel for the first time, triggering extreme volatility in the energy market due to the Middle East conflict and near-total disruption of shipping in the Strait of Hormuz. With no signs of easing in the conflict, Goldman Sachs warns that there is a risk of oil prices surpassing $100 if the supply interruption continues; European diesel futures have increased by over 50% in a single week; and central banks around the world are expressing concerns about the possibility of inflation making a comeback. The energy minister of Qatar has even issued a warning that oil prices could reach $150. Faced with the dilemma of importing crude oil, the US Treasury Department's Office of Foreign Assets Control has issued a short-term waiver allowing India to purchase oil from Russia. As the conflict widens and restricts Middle East supplies, Saudi Arabia has raised prices for its main crude oil grades sold to Asia in April by the largest margin since August 2022. Riyadh is also transferring millions of barrels of crude oil to its Red Sea ports to avoid the Strait of Hormuz.