• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 48 mins Judge Orders Trump To Release Tax Returns
  • 3 hours The lies and follies of the "cry wolf" enviros: No more fire in the kitchen: Cities are banning natural gas in homes to save the planet
  • 4 mins EU has already lost the Trump vs. EU Trade War
  • 4 hours China's Renewables Boom Hits the Wall
  • 4 hours Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani
  • 4 hours CHK Trading @ 90 Cents
  • 17 hours China Burns More Coal than the Rest of the World !
  • 12 hours Offshore SE Asia: Offshore OFS Could Get Major Boost in SE Asia
  • 18 hours New York State Taxpayers Lose 900 Million to Tesla
  • 16 hours "Climate Migrants"
  • 23 hours Giant Windmills Wildly Unpopular
  • 16 hours Does Brazil Auction Flop Forbode the Outcome of the Saudi Aramco IPO ?

Trump’s Iran Standoff Dominates Oil Markets

Drone

A possible escalation of tensions between the United States and Iran has been by far the most intriguing development of the past week. Drones being shot down, military strikes called off by President Trump followed by another round of sanctions and escalating verbal altercations between the two. Concurrently, the US-China trade conflict has deteriorated amid threats from the Trump Administration of imposing tariffs on $300 billion worth of Chinese imports, including drilling components et al. (the media has already picked up the story of how these tariffs would backfire on the US oil industry).

The upcoming G20 Summit in Osaka, Japan will focus on the security of global crude supply and might even bring about a breakthrough in US-China trade talks (or at least dent the enthusiasm of those advocating further tariff hikes). The OPEC/OPEC+ meeting on July 01-02 will then provide the ultimate pricing cue for oil in the coming months. As of Wednesday afternoon, global benchmark Brent traded at $65 per barrel, whilst WTI was in the $59-59.2 per barrel interval.

1. Latin America’s Economy Malaise Brings Refining Down

- The economic fragility of leading Latin American nations is depressing product markets in Brazil and Argentina, despite both having avowedly pro-business leaders at the helm.

- President Jair Bolsonaro’s pre-election zeal has quickly evaporated as Brazil’s GDP is currently expected to grow by a mere 1 percent…




Oilprice - The No. 1 Source for Oil & Energy News