US Strike on Alleged Drug Boat Kills Two

WTI Steady After Biggest Cushing Crude Build In 3 Years; Imports From Venezuela Highest Since 2019 Oil prices remain lower this morning, following the US proposal for a ceasefire with Iran, but off the lows following Iran's rejection. “From the Iranian perspective, Trump’s actions this week have demonstrated that the US can be pressured when Iran threatens further escalation,” said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management. Futures had already pared losses as Tehran fired a new wave of missiles at Israel, and signaled little willingness to compromise. Iran’s...

Hurricane Shuts 63% Of US Gulf Oil Output, Threatens Refineries; Jefferies Warns Of "Fuel Supply Event" Summary: Hurricane Isaias Landfall Forecasted For Late Friday/early Saturday  Major US Refineries In Hurricane's Projected Path  63% Of US Offshore Gulf Oil Output Shut  25% Of US Offshore Gulf Oil Output Shut As Hurricane Isaias Nears, Threatens Refineries Hurricane Isaias Shutters 63% of US Gulf Oil Production Bloomberg cites data from the Marine Minerals Administration showing US Gulf offshore oil producers have halted about 1.28 million barrels per day, equivalent to shutting in 63% of regional output. Natural gas shut-ins...

North Korean state media published a statement reaffirming its commitment to maintain nuclear weapons in response to the US, Japan, and South Korea issuing a statement calling for the Korean Peninsula to be free of nuclear weapons.  On Monday, Secretary of State Marco Rubio met with South Korean Foreign Minister Cho Hyun and Japanese Foreign […]