Libya output halt pushes oil higher; force majeure possible
Oil prices rose after Libya's NOC halted production at three fields due to protests and warned of force majeure on deliveries.
Oil prices rose after Libya's NOC halted production at three fields due to protests and warned of force majeure on deliveries.
Crude oil futures have maintained a bullish bias since late August, with prices surging from $80 to near $105 before consolidating around resistance at $105.21.
Gold is pressured ahead of the FOMC decision as markets focus on the dot plot and oil prices.
Poland's state refiner Orlen lost $424 million in a failed Venezuela oil deal paid with USDT, leading to charges against three former managers.
Crude prices remain supported as Saudi pipeline closure and delayed Hormuz talks raise supply concerns.
EUR/USD broke below key 1.1560 support ahead of the FOMC decision, with the Fed expected to raise rates by 25 bps.
Pentagon estimates Iran war at $33.4B, but fuel costs hit consumers with $106.5B, triple the military's figure.
European stocks opened lower, led by Italy's FTSE MIB, as Brent crude topped $107 and 10-year yields hit 5.02%, stoking inflation fears ahead of the Fed.
WTI crude oil rebounded above $103, but faces resistance at $103.12-$103.40. Holding support is key for further gains.
A Pentagon Inspector General report confirms the Iran war has strained US munitions stockpiles, contradicting administration denials and adding to marketβ¦
Japan's Nikkei rose about 1% as SoftBank surged, while South Korea's Kospi fell on chipmaker losses amid AI spending worries and Middle East tensions.
The Fed may raise rates by a quarter point despite being unable to lower oil or diesel prices.
Oil executives say a global fuel crisis has arrived as Hormuz closure bites, with diesel at record highs and crude near $101.
Amid the Trump-Iran war, Costco has raised motor oil prices and imposed purchase caps, reflecting wider supply chain stress.
Iran and the US give conflicting accounts of what disabled a tanker in the Strait of Hormuz, Tehran citing a mine, Washington claiming its own strikes.