EMEA News
Crude Futures Drop Over 6% as US and Iran Pause Attacks
Crude futures plunged more than 6% on Monday morning after the US and Iran paused days of continuous fighting over the weekend
The ICE September Brent contract traded at $90.77/bl as of 7:49 AM in London, down 6.2% from Friday's settlement of $96.78/bl.
Oil prices had surged above $100/bl last week as fighting between the US and Iran intensified. At the same time, Yemen's Houthi movement launched attacks on commercial shipping in the Red Sea, opening another front in the regional conflict.
US Ambassador to the United Nations Mike Waltz told Fox News Sunday that President Donald Trump had decided to pause US attacks to allow more time for diplomacy, media outlet Reuters reported today.
“While this is the first tangible signal of de-escalation, the reasons behind it are less clear," ING analysts said in a note today.
"There’s little explanation from the US."
“Also, it hasn’t yet led to any meaningful pickup in vessel flows through the Strait of Hormuz."
“We’re unlikely to see any recovery until there’s clarity on whether this de-escalation is more permanent and whether vessels can navigate the strait without fear of attack.”
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 963.00 | 26.00 | 1351.50 | 10.50 |
| Rotterdam | 766.00 | 3.00 | 1446.00 | 11.50 |
| Houston | 817.00 | 11.50 | 1421.00 | 1.00 |
| Fujairah | 981.00 | 12.00 | 1768.50 | 17.50 |
| EMEA Average | 917.50 | 14.00 | 1740.00 | 21.00 |
| Global 20 Ports Average | 929.50 | 10.50 | 1565.00 | 13.00 |
| Global 4 Ports Average | 882.00 | 13.50 | 1496.50 | 9.50 |
| Global Average Bunker Price | 978.50 | 20.00 | 1616.50 | 18.50 |
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