Energy
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Goldman flags $100-plus Brent if Hormuz shut another month
Brent crude is set to average more than $100 a barrel through 2026 if the Strait of Hormuz remains closed for another month, according to Goldman Sachs Group Inc. “The situation remains fluid,” analysts including Daan Struyven said in a note after the start of a two-week ceasefire between the US and Iran, noting comments…
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Claudia Sheinbaum wants Mexico to start fracking to get away from Trump’s natural gas. But she won’t call it that
Mexican President Claudia Sheinbaum on Wednesday announced plans to tap into unconventional natural gas deposits in an effort to lower her country’s reliance on foreign energy at a time when the Iran war is disrupting global energy markets. But Sheinbaum — a scientist and climate expert — notably avoided the term hydraulic fracturing or “fracking,”…
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First, Iran and Hormuz, second, China and Taiwan? The dangerous implications of a tollbooth on the open sea
To end the war with the United States and Israel, Iran is demanding the right to collect tolls in the Strait of Hormuz as a precondition for reopening the waterway vital to world oil supplies. Yet collecting tolls in the strait would violate a basic and enduring principle of international maritime trade: freedom of peaceful…
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The Iran war is either concluding with the world worse off, or escalation is just delayed again
A fragile ceasefire agreement in the war began with bombs continuing to explode in Lebanon and contradictory statements about whether Iran will continue to control the critical Strait of Hormuz energy chokepoint. But the most likely scenarios moving forward involve either Iran exerting more control over global energy markets than it did before the fighting…
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2 years ago, Saudi Arabia quietly canceled the ‘petrodollar’ deal with America that wired the world economy for 50 years. Then war broke out in Iran
The gold standard may have ended in the early 1970s, but something else quietly took its place for the next 50 years: oil. The so-called “petrodollar” system wasn’t well understood for most of this time, but a secret deal between Henry Kissinger and Saudi Arabia ensured the dollar would remain the dominant reserve currency. The…
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Wall Street knows something about Trump and Iran: both sides are running out of time
After a dramatic Easter weekend for the war in Iran—downed American fighter jets, a daring rescue behind enemy lines,and strikes on universities and petrochemical plants—traders hesitated at Monday’s opening bell. Both the S&P and prices of crude were little changed at the open, and both ticked slightly up in the first hours of morning trading. The…
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Oil climbs and stock futures drop as fuel shortages spread while Trump makes series of apocalyptic threats against Iran ahead of moving deadline
After stocks notched the first positive week since the U.S.-Israel war on Iran started over a month ago, Wall Street is weighing another round of threats and the latest deadline from President Donald Trump. Futures tied to the Dow Jones industrial average fell 284 points, or 0.61%. S&P 500 futures were down 0.57%, and Nasdaq futures lost 0.56%. U.S.…
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Russia’s key Baltic port resumes crude loading after attacks
Russia’s key Baltic port of Ust-Luga resumed crude loading after days of disruptions amid multiple Ukrainian drone attacks in the region. The Jewel, an Aframax-class vessel, started a cargo loading on Saturday, according to shipping information seen by Bloomberg News. Loadings at Ust-Luga, a key oil-export outlet in Russia’s west, stopped at the end of…
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‘It’s shocking how poorly prepared the administration is’: DOGE gutted major energy personnel who warn the U.S. has lost key insights amid Iran war
About six months before the first U.S.-Israeli attack on Iran, the Trump administration gutted the Bureau of Energy Resources (ENR), an 80-person team within the State Department tasked with leading international energy diplomacy. The cuts were part of the then Elon Musk-led Department of Government Efficiency (DOGE) initiative to reduce the federal workforce, with the…