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Oil prices pulled back but remained elevated ahead of a critical Fed decision on Wednesday, with market expectations shifting towards a prolonged US-Iran conflict. Brent crude for November delivery fell 2.88% at 2:18 p.m. ET, to trade at $105.6 per barrel, while WTI crude for October delivery declined 3.33% to change hands at $102.3/bbl. The

The US House Rules Committee has advanced legislation imposing tougher sanctions on Russia and Iran, clearing a key procedural hurdle for a possible House vote later this week but exposing deep Democratic concerns over the measure’s expansion of presidential tariff authority. The committee voted 7-3 late on September 14 to advance a rule setting up

Germany is considering expanding a key market incentive to encourage traders to raise gas storage levels ahead of the winter, a government source told Reuters on Wednesday as German gas sites are barely half full at present. Europe’s biggest economy has the world’s fourth-largest natural gas storage capacity, but this capacity has been only 56%

U.S. Coast Guard and Federal Bureau of Investigation (FBI) agents last month boarded tankers to probe suspected cyber attacks on the vessels bound for the U.S. Gulf Coast that allegedly took place while the ships were transiting the Strait of Gibraltar between Morocco and Spain. A Coast Guard-led team that included FBI agents boarded an

The biggest Japanese LNG importer and largest power producer, JERA, plans to sell liquefied natural gas in the long term as part of a strategy to tap global LNG markets and sell any excess gas supply if domestic demand is low, a senior executive has said. JERA wants to “identify additional markets where we can

So far this week, Saudi Arabia has sold as many as 20 million barrels of crude oil in the spot market to be picked up from just outside the Strait of Hormuz, after the Kingdom was forced to shut down the key onshore pipeline that helps it bypass the chokepoint, unnamed traders with knowledge of

Some refiners in Japan this week rushed to buy Oman’s crude for earlier loadings after Saudi Arabia shut down its key pipeline bypassing the Strait of Hormuz, traders with knowledge of the purchases told Bloomberg on Wednesday. Late last week, Saudi Arabia was forced to temporarily shut down the East-West oil pipeline following drone attacks launched from

Japan’s oil import bill surged by 58.7% on the year last month, with volumes rising by a much more modest 3.6%. This pushed the country’s total import bill 28% higher and extended its trade deficit for the fourth month in a row. “Oil import costs could increase further from September onward, leading to a further

Tanker traffic in the Strait of Hormuz remains a fraction of pre-war levels, with four vessels traversing the waterway on Tuesday, down from seven the previous day, Reuters has reported, citing ship-tracking data. The data does not include tankers that have turned off their geolocation devices, the publication noted. Meanwhile, Windward reported just one tanker

China’s diesel fuel and gasoline inventories are declining, which may eventually lead to the imposition of export curbs, Bloomberg has reported, citing recent fuel inventory data. Gasoline inventories at state-owned energy majors were down by 2.9% last week to their lowest level since 2022, according to Chinese commodity market research firm JLC International. Diesel inventories