Futures Jump, Oil Tumbles As Well-Timed Comments Spark Latest Round Of Hormuz Optimism

Iranian Foreign Minister Abbas Araghchi said that Tehran is not seeking to end the war with the US.  “We are not asking for a ceasefire. And we don’t see any reason why we should negotiate with the US. When we negotiated with [the US] twice, and every time they attacked us in the middle of […]

Bessent Examining Use Of Frozen Iranian Assets To Help Gulf Countries Rebuild Treasury Secretary Scott Bessent is reportedly pursuing a pathway to repurpose Iranian assets to compensate Amerca's Gulf allies which have suffered significant damage due to Iran's attacks in the wake of Trump's Operation Epic Fury. Over eighty oil, gas, and vital infrastructure facilities across the Gulf have been hit - with most of the attacks having occurred in March and April - with one recent report estimating up to $58 billion in damage. Iran has sought to justify these...

Oil Tanker Makes Red Sea U-Turn After Houthi Threats, Reroutes Around Africa In Costly Transit ING's Singapore-based head of commodities, Warren Patterson, was asked during a recent webinar what it would take for Brent crude to exceed $120 a barrel. His answer was "not much," warning that prices could soar well into triple-digit territory if the Strait of Hormuz remains blocked through August and threats to Red Sea shipping intensify. Patterson's warning about disruptions at the Strait of Hormuz and the Bab el-Mandeb Strait echoes concerns voiced across commodity desks...