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Conflict Updates: 1. The UAE reports an attack on a ship in the Strait of Hormuz. 2. Lebanon condemns Israeli attacks on southern Lebanon as a violation of the framework agreement. 3. Israeli airstrikes in Lebanon kill 11. 4. Lebanon condemns Israeli attacks on southern Lebanon as a violation of the framework agreement. 5. The UAE Foreign Ministry condemns Irans attack on an ADNOC vessel. 6. Israeli airstrikes on the southern Lebanese town of Deir Zahrani kill 4 and injure 17. 7. Irans Communications Minister: Over 500 telecommunications sites have been attacked during the war, and some facilities were hit again after being repaired and service restored. 8. According to Saudi Arabias Al Arabiya TV: The Yemeni military vowed a strong response to the Houthi attack on the port city of Mocha. 9. Israeli Prime Minister Netanyahu: Hezbollah violated the ceasefire agreement in Lebanon and attacked our fighters within the "yellow line." In response, the Israel Defense Forces attacked the Hezbollah command post that issued the order for the attack. Strait of Hormuz: 1. A maritime accident occurred in the Strait of Hormuz; a bulk carrier was hit by an unidentified flying object. 2. Iran and Oman have reached an agreement on shipping routes through the Strait of Hormuz. 3. Iranian Foreign Minister: The United States must meet (Irans) conditions before shipping through the Strait of Hormuz can resume. 4. Iranian Foreign Minister: Qatar and Pakistan are exchanging information with us, but this is not a negotiation. The talks between Iran and Oman are being conducted independently, focusing on sea routes through the Strait of Hormuz. Other Matters: 1. US media: Trumps demands are putting pressure on the US Navy. 2. Iranian Foreign Minister: Iran has not yet decided whether to resume negotiations with the United States. 3. Bandar Abbas International Airport resumes flight operations today. 4. Iran and Tajikistan sign a long-term oil cooperation agreement. 5. Head of Mocha Port, Yemen: The port of Mocha in Yemen ceased operations after the Houthi attack. 6. US media: The root cause of the US aircraft carrier predicament lies in the attack on the logistics hub of the Bahrain base in the early stages of the war. 7. According to Iranian media Fars News: Iranian military officials say three Iranian Air Force personnel went missing after an operation targeting US bases in March and are currently being held in Qatar. 8. The head of Irans Energy Optimization Organization: As part of three ongoing proposals to manage Irans gasoline supply, Iran is considering a proposal to allocate 30 liters of gasoline per person per month, and that this quota be transferable and tradable.August 16th - According to Fox News, Harvard Universitys investment arm disclosed a $2.2 billion stake in SpaceX. Harvard Management reported the holding in a regulatory filing on Friday, making SpaceX the largest single stock holding disclosed in its $4.3 billion U.S. equity portfolio. SpaceXs record IPO in June generated substantial returns for university endowments that acquired stakes in the company through venture capital investments—some as early as over a decade ago. Harvard is not the only university investor to benefit from SpaceXs IPO. The University of Californias investment arm disclosed a holding of approximately $1 billion in a filing this week, and the University of North Carolina and Washington University in St. Louis also hold shares in the company.According to Sky News: Yemeni sources say Yemeni air defense forces responded to a Houthi drone attack over Mocha, Hodeidah province.According to Fox News, Harvard has made a significant investment of up to $2.2 billion in SpaceX (SPCX.O).On August 16th, Iranian Foreign Ministry spokesman Bagaei stated on the 15th that the current situation in the Strait of Hormuz is a direct result of the "illegal actions" of the United States and Israel. Recently, the US and Iran have engaged in fierce exchanges over the Strait of Hormuz, with both sides making frequent statements and refusing to compromise. Analysts point out that the continued standoff and irreconcilable differences may lead to a cyclical situation, making full navigation through the Strait of Hormuz unlikely in the short term. Analysts believe that the current standoff between the US and Iran over the Strait of Hormuz makes significant concessions from either side unlikely in the short term. Unless the US decides to launch a new large-scale military strike against Iran, the ongoing stalemate will not change significantly, and Trumps ambition to "defeat Iran" and "incorporate the Strait of Hormuz into US territory" will remain mere rhetoric.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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