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Iran claims to have destroyed two US THAAD systems, and its missile force is "fully deployed." 5. Market news: Iran launched a second round of strikes against Oman, targeting the port of Duqm. 6. According to Iranian news websites: An airport in the southern port city of Bushehr was attacked, resulting in the destruction of an Iran Air plane on the ground. 7. Iranian Revolutionary Guard: Begins the sixteenth wave of "True Commitment" operations, using a large number of missiles and drones against the core areas of the occupied territories. 8. Iran launches the "National Economic Resilience Enhancement and Civil Defense Construction Plan under the State of Emergency." ②United States 1. Trump announced insurance for oil shipments at sea, with the Navy providing protection if necessary. 2. Trump on Iran: They want to negotiate now, but its too late. 3. Trump claims Irans military capabilities have been severely damaged, denying being "dragged into war" by Israel. 4. 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Iraqi official: Iraq may be forced to reduce production by over 3 million barrels per day within days. 2. Daily production at Iraqs largest oil field has decreased by 700,000 barrels. 3. Debris from an interceptor drone caused a fire at Fujairah, the UAEs main oil trading hub. 4. Macron: The French aircraft carrier Charles de Gaulle will be deployed to the Mediterranean. 5. Israeli official: Saudi Arabia plans to launch an attack on Iran. 6. US media: As regional war continues to escalate, the UAE is considering striking Iranian missile facilities. 7. UAE Ministry of Foreign Affairs: No decision has been made regarding changing its defensive stance against attacks on Iran. 8. A large fire and thick smoke rose near the US Embassy in the UAE. 9. International Atomic Energy Agency: No evidence has been found to date that Iran is developing a nuclear weapon. 10. 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Witnesses reported that the Lebanese army has withdrawn from at least seven forward operating positions along the border. 3. The Israeli military issued evacuation warnings for three towns in southern Lebanon. 4. Hezbollah claims to have shot down an Israeli drone over a town in southern Lebanon. 5. Israels ambassador to the United Nations, Dani Danon, stated that the Lebanese government must take action against Hezbollah to prevent further escalation.

Supply and demand equilibrium stabilizes oil prices after a steep drop

Norah Atkinson

Sep 27, 2022 14:39

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Oil prices stabilized in Tuesday's early Asian trade as OPEC+ and a weakening dollar eased an earlier selloff.


By 00:33 GMT, Brent crude prices rose 26 cents, or 0.3%, to $84.32 per barrel, while WTI futures rose 19 cents to $76.90 per barrel. On Monday, both benchmarks decreased $2 per barrel due to a stronger currency.


Ihsan Abdul Jabbar, the oil minister of Iraq, stated that OPEC+, which includes Russia, is monitoring oil prices to maintain market equilibrium.


"We do not want oil prices to skyrocket or plummet," he remarked on state television.


On account of the strength of the dollar, oil prices settled at nine-month lows after Abdul Jabbar's remarks.


This year, OPEC+ increased production following record cuts in 2020 due to the COVID-19 outbreak. In recent months, the corporation has not met its output targets.


A weakening dollar, which moves in the opposite direction of oil, aided prices. While the dollar fell following the settlement, it reached its highest level since May 2002 on Monday morning.


Uncertainty regarding supply interruptions resulting from the Russia-Ukraine conflict and tightened monetary policy prevented prices from increasing.