Tag Archives: hurricane

Oil prices have been on a wild ride in recent weeks, driven by a perfect storm of geopolitical tensions and natural disasters. The escalating conflict between Israel and Iran, coupled with the devastating impact of Hurricane Milton on U.S. fuel supplies, has sent crude oil prices soaring. The Middle East, …

In early Asian trading on Monday, oil prices saw a slight decline following Israel’s announcement of the cessation of strikes on the southern Gaza Strip, providing some relief from concerns about potential disruptions to supplies from the Middle East. Here’s a closer look at the key developments shaping oil markets: …

In the realm of global markets, oil prices surged in early Friday trading, poised for significant weekly gains against a backdrop of escalating tensions in the Middle East. The region’s geopolitical landscape has been tumultuous, with Israel rejecting a ceasefire proposal from the Palestinian Islamic Resistance Movement (Hamas), further fueling …

EIA Raises Forecast for Global Oil Demand Growth In a recent statement, the US Energy Administration (EIA) announced a revised forecast for global crude oil demand, indicating an increase in growth projections for both 2024 and 2025. According to the statement released on Tuesday, the EIA anticipates a growth of …

US Energy Secretary Dan Brouillette said that Hurricane Laura caused massive damage to a site that houses about 30% of the country’s emergency crude oil reserves, but three other sites still have a lot of oil. The damaged Strategic Petroleum Reserve site in West Huckberry, Louisiana, contains nearly 8.2 billion …

Oil prices fell on Thursday (August 27th) as the market expects a rapid recovery of production platforms that were shut down by a hurricane across the Gulf of Mexico and the US state of Louisiana. Brent crude futures for October delivery, which expire on Friday, fell 55 cents, or 1.2%, …

After raising it to the fourth category, Hurricane Laura is classified as the biggest threat to US oil in 15 years, in light of the expected damage to the energy infrastructure in the region as the halt of US oil production in the Gulf of Mexico approaches its level during …