Oil Prices

What we know about the Gulf tanker attacks

Suspected attacks left two tankers in flames in the Gulf of Oman, bumping up oil prices and further raising regional tensions triggered by a bitter United States (US)-Iran standoff.The strikes on Thursday follow last month's sabotage attacks on four ships off the United Arab Emirates (UAE) that Washington blamed on Tehran.Amid rising fears of a conflict, here is what we know:What happened?In the early daylight hours of Thursday, two vessels transiting through the Strait of Hormuz towards

15 June 2019
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Rising oil raises energy costs

As crude prices hover around US$75 a barrel, power producers are feeling the pinch and passing on the cost to customers. Malaysia’s utility company, Tenaga Nasional (TNB) imposed a 1.35 sen (US$0.0135) per kWh surcharge to offset its fuel and generation costs this month.

7 July 2018
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Brent jumps to two-year high

Brent crude surged to its highest in more than two years as Turkey threatened to shut down Kurdish oil shipments through its territory.Futures climbed 3.8 percent in London, and the US benchmark rose to the highest since April. Turkey can choose to “close the valves” on oil exports from Kurdistan, Turkish President Recep Tayyip Erdogan said as the Iraqi region holds an independence referendum.

26 September 2017
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Oil caps best week since July

Oil had its biggest weekly gain since late July as Texas refineries recovering from Hurricane Harvey processed more crude and global demand forecasts brightened.Futures rose 5.1 percent this week in New York, settling just below the 50-dollar-a-barrel threshold that’s kept the industry in thrall.

18 September 2017
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Oil prices expected to climb as demand rises

Oil headed for a second weekly gain on forecasts for accelerating crude demand and as US Gulf Coast refineries continued to recover from Hurricane Harvey.Futures were little changed in New York, up 4.8 percent for the week, after trading Thursday above 50 dollars for the first time in five weeks and closing at the highest since July.

15 September 2017
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Aramco raises oil pricing amidst greater demand

Saudi Arabia raised oil pricing for October sales to Asia, increasing its lighter grades for a second consecutive month, in an indication the world’s largest crude exporter sees strengthening demand in its biggest market.State-owned Saudi Arabian Oil, known as Saudi Aramco, increased its official pricing for Arab Light crude to Asia by 55 cents to 30 cents a barrel more than the regional benchmark, it said Monday in an emailed statement.

5 September 2017
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