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On May 3, when asked when and how he would insure ships in the Strait of Hormuz, Berkshire Hathaways Vice Chairman for Insurance, Ajit Jain, gave a concise answer: "The short answer is—it depends on the price." Jain stated, "We do have a small stake in an established project to insure ships in the Strait of Hormuz. But no deals have been finalized yet." Jain also pointed out that U.S. Navy escort for the ships would be a key prerequisite for the projects coverage conditions. "If we can meet our own coverage conditions, we will insure this type of risk at a price level that we deem appropriate."On May 3, Qazem Gharibabadi, Irans Deputy Foreign Minister in charge of legal and international affairs, met with ambassadors from various countries stationed in Tehran on Saturday to discuss what he called Irans proposals to end the war and aggression launched by the US and Israel. Gharibabadi stated that Iran is fully prepared to defend itself against any attacks against its people, and that Tehran remains committed to diplomatic mediation based on national interests. He said that Iran has submitted a proposal through Pakistan as a mediator to permanently end this imposed war, and that the initiative now rests with the US, which must choose between a diplomatic path or a continued confrontational stance. He added that Iran is prepared for both scenarios to safeguard its national interests and security, while remaining pessimistic and distrustful of the US and its diplomatic sincerity.On May 3, local time, the Ukrainian presidential website announced that President Zelenskyy had signed a presidential decree approving the National Security and Defense Councils decision to impose targeted sanctions on five individuals. The sanctions were reportedly imposed because the actions of these individuals threatened Ukraines national interests, security, sovereignty, and territorial integrity. The five individuals targeted are a Ukrainian lawyer, a Ukrainian businessman, a Russian businessman, and two Russian sports promoters.Iraqs Deputy Oil Minister stated that two oil tankers are ready, with two more to be deployed depending on the situation in the Strait of Hormuz. Following the resolution of the Hormuz crisis, Iraq could restore its oil production and exports to normal levels within seven days.Iraqs Deputy Minister of Oil: Exports through Ceyhan amount to 200,000 barrels per day.

Look at $82.75 on NYMEX crude oil

Oct 26, 2021 11:02

On Tuesday (October 12), international oil prices continued their upward momentum in the previous three trading days. Analysts said that the rebound in global demand and energy shortages in economies from Europe to Asia have driven oil prices to strengthen rapidly. NYMEX crude oil looks at US$82.75.

GMT+8 13:57, NYMEX crude oil futures rose 0.43% to 80.87 US dollars per barrel; ICE Brent crude oil futures rose 0.50% to 84.07 US dollars per barrel.


Overnight, the two cities respectively set a new high of US$82.18/barrel since October 29, 2014 and a new high of US$84.60/barrel since October 10, 2018.

Craig Erlam, senior market analyst at OANDA, said: "There is still a lot of momentum behind the oil rally, and the fundamentals are still extremely favorable. Even if we see oil prices return to triple digits later this year, it will not surprise us."

Driven by energy shortages in Asia, Europe and the United States, electricity prices have risen to record highs in recent weeks. The surge in natural gas prices has also prompted power plants to switch fuels from cleaner natural gas to oil.

Qatar, the world's largest producer of liquefied natural gas (LNG), told customers on Monday that it cannot help lower energy prices and supply more fuel to the market. Analysts estimate that the shift from natural gas to oil-based power generation may increase crude oil demand by 250,000 to 750,000 barrels per day.

On the daily chart, U.S. oil is in an upward ((3)) wave that started from $61.74, breaking through the 23.6% target of $78.37. The upper resistance looks at the $80 mark and ((3)) the 38.2% target of 88.66. Dollar.

On the hourly chart, oil prices are in five upward waves starting from $74.97, and the upper resistance looks at the 161.8% target of $82.75. Wave 5 is a sub-wave of the up (1) wave that started at $61.74. (1) Waves are the sub-waves of ((3)) waves.

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