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Shipping data shows that the oil tanker "Ocean Thunder," carrying Iraqi crude oil, was passing through the Strait of Hormuz in early March.Kuwait Oil Company issued a statement confirming that its production facilities were attacked by Iranian drones, causing fires in some areas. No casualties were reported.April 5th - On the second day of the Qingming Festival holiday, according to mobile signaling big data modeling statistics, Hunan Province received 13.0183 million tourists, of which 1.8657 million were from outside the province, accounting for 14.33%; and 11.1526 million were from within the province, accounting for 85.67%, a year-on-year increase of 3.10%. According to UnionPay Business big data modeling statistics, the days transaction volume reached 24.9521 million transactions, with a transaction value of 3.8 billion yuan, a year-on-year increase of 3.05%.On April 5th, National Public Radio (NPR) reported, citing a U.S. Navy spokesperson, that since the start of the conflict between the U.S., Israel, and Iran, 1,500 U.S. soldiers and their families at a U.S. base in Bahrain have been "relocated back to the United States." The report also mentioned that other U.S. military bases in the Middle East have also evacuated personnel, but specific figures are currently unclear.On April 5, Iranian Parliament Speaker Mohammad al-Kassym-Jomart Ghalibaf posted a photo of plane wreckage on social media, commenting that if the United States were to achieve such a "victory" again, it would be "utterly destroyed." Ghalibaf wrote, "If the United States achieves three more such victories, it will be utterly destroyed." Iranian media outlets, including the Iranian Students News Agency, had previously published the same photo, claiming it showed the wreckage of a US military aircraft involved in a rescue operation. Some Iranian media outlets suggested that Ghalibafs post was intended to mock US President Trumps claim of an "imagined victory."

Oil prices rise in response to signs of increased demand

Charlie Brooks

Aug 26, 2022 10:46

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Oil prices rose in early trade on Friday amid signs of improving fuel demand, but gains were limited as the market awaited hints from the U.S. Federal Reserve chairman's speech regarding the likelihood of rate hikes.


At 0051 GMT, Brent crude futures climbed 46 cents, or 0.5%, to $99.80 per barrel. Futures for West Texas Intermediate (WTI) crude rose 48 cents, or 0.5%, to $93.00 a barrel. Each decreased by nearly $2 on Thursday.


Despite uncertainty over the pace of rate hikes in the United States to tackle soaring inflation, concerns about oil demand destruction diminished this week, leaving both benchmark oil contracts on track for weekly gains of approximately 3 percent.


ANZ Research analysts noted that statements made by numerous U.S. central bank officials before Chairman Jerome Powell's speech on Friday put a shadow over the economic outlook.


ANZ Research analysts observed in a research that there are indicators of a healthy market, citing optimistic traffic growth figures.


"According to the most recent TomTom Congestion Index data, traffic volumes grew dramatically throughout Asia Pacific, Europe, and North America during the week of August 24,"


ANZ also observed an increase in congestion in China, citing data from Baidu (NASDAQ:BIDU).


In addition to market anxiety anticipating Powell's speech, the probable return of Iranian crude to global markets restrained price gains.


Tehran is assessing Washington's reaction to a European Union-drafted final offer to revive a nuclear deal; the EU anticipates a response soon; however, it is doubtful how quickly Iranian oil exports will resume, even if a deal is reached.


If sanctions were lifted, it would take Iran almost a year and a half to reach its full capacity of 4 million barrels per day, an increase of 1.4 million bpd from its current output.

Nevertheless, the Organization of Petroleum Exporting Countries (OPEC) would consider decreasing output to offset any increase from Iran, according to sources from OPEC this week, after Saudi Arabia underlined the possibility of enacting cuts.

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