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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
780.07
+39.98
670.00
+36.00
Oct 2
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	780.07	+39.98	670.00	+36.00	Oct 2

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
528.06	+9.95	614.44	+6.19	772.60	+14.11	Oct 4

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MBP INDEX vs DBP INDEX (ICE/NYMEX)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	Date
Rotterdam	505	490	+15	540	588	-48	670	775	-105	Oct 4
Singapore	490	509	-19	607	595	+12	678	784	-106	Oct 4
Fujairah	452	520	-68	595	587	+8	782	832	-50	Oct 4
Houston	478	482	-4	548	606	-58	680	700	-20	Oct 4

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Latest News
- 2024-10-04
  Oil jumps over $3 a barrel as Middle East conflict stokes supply worry
  Oil prices surged on Thursday as concerns mounted that a widening regional conflict in the Middle East could disrupt global crude flows. Brent crude futures settled up $3.72, or 5.03%, at $77.62 a barrel. U.S. West Texas Intermediate (WTI) crude futures... Read more Oil prices surged on Thursday as concerns mounted that a widening regional conflict in the Middle East could disrupt global crude flows.
  Brent crude futures settled up $3.72, or 5.03%, at $77.62 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled up $3.61, or 5.15%, to $73.71.
  Brent futures reached an intraday high of $77.89 per barrel, while WTI futures peaked at $73.97 per barrel, both hitting one-month highs.
  Market fears are rising over the possibility that Israel might target Iranian oil infrastructure, which could provoke retaliation.
  Asked on Thursday if he would support Israel striking Iran's oil facilities, U.S. President Joe Biden told reporters "we're discussing that." He added: "There is nothing going to happen today."
  The Pentagon said it was in discussions with Israeli officials about their possible response to Iran's missile attack but declined to offer details.
  "We are certainly talking to them about their response, but what their response might be, I'm just not going to speculate further on. But we do continue to engage with them," said Pentagon spokesperson Sabrina Singh.
  Iran is a member of the Organization of the Petroleum Exporting Countries with production of around 3.2 million barrels per day or 3% of global output.
  "This is going to really test the mettle of the market because up until now the risk to supply has been downplayed, as there has been no disruption, so this could be a game changer," said Phil Flynn, senior analyst for Price Futures Group.
  
  There are concerns that such escalation could prompt Iran to block the Strait of Hormuz or attack Saudi infrastructure, as it did in 2019, said Panmure Gordon analyst Ashley Kelty.
  The strait is a key logistical chokepoint through which a fifth of daily oil supply passes.
  "Our estimates for Q4 2024 were $75/bbl prior to the recent headline, but if these attacks come to fruition prices could average levels closer to $78-$80/bbl," StoneX analyst Alex Hodes said in a note Thursday.
  Ministers from Gulf Arab states and Iran attended a meeting of Asian nations hosted by Qatar to discuss de-escalating hostilities between Israel and Iran, three sources told Reuters on Thursday.
  The Gulf Arab states sought to reassure Iran of their neutrality in the conflict on concerns that further violence could threaten Gulf oil facilities, two of the sources said.
  CONFLICT DEEPENS
  Israel's military told residents of more than 20 towns in south Lebanon to evacuate their homes immediately on Thursday as it pressed on with its cross-border incursion and struck Iran-backed Hezbollah targets in a suburb of Beirut.
  Israeli Prime Minister Benjamin Netanyahu said Iran would pay for its missile attack against Israel on Tuesday while Tehran said that any retaliation would be met with "vast destruction," stoking fears of a wider war.
  "The intensifying conflict in the Middle East is generating significant supply concern in the global crude market," Rystad Energy’s chief economist, Claudio Galimberti said in a note on Thursday.
  "The potential for supply disruptions – particularly, but not exclusively from Iran – increases as the fighting intensifies," he added.
  
  The National Oil Corp (NOC) lifted the force majeure at all Libyan oilfields and terminals, the state oil company said in a statement on its Facebook (NASDAQ:META) page, potentially ending a crisis that has heavily reduced oil output.
  U.S. crude inventories rose by 3.9 million barrels to 417 million barrels in the week ended Sept. 27, the Energy Information Administration said on Wednesday, compared with Reuters poll expectations of a 1.3 million barrel decline.
  "Swelling U.S. inventories added evidence that the market is well supplied and can withstand any disruptions," ANZ analysts said in a note.
  Fears have been tempered by OPEC oil spare output capacity and the fact that global crude supplies have yet to be disrupted by unrest in the region.
  OPEC has enough spare capacity to compensate for a possible full loss of Iranian supply. Source: Reuters/Investing.com
- 2024-10-04
  $100 Oil? Traders Bet on Middle East Disruption
  For months, oil traders shrugged off any threat of a supply shock in the Middle East, betting on softening demand from China and the West, along with hopes of increased production from OPEC+. Bearish sentiment dominated the global market in late summer... Read more For months, oil traders shrugged off any threat of a supply shock in the Middle East, betting on softening demand from China and the West, along with hopes of increased production from OPEC+. Bearish sentiment dominated the global market in late summer and early fall. But this week, the oil market faced a rude awakening after Iran launched several waves of ballistic and hypersonic missiles against Israel, sending bears scrambling and prices jumping above $75/bbl.
  
  The broadening war in the Middle East comes as Israel has vowed a "painful" response to Iran's attack early in the week. Brent prices rose 4.5% in the last three days, with further gains likely ahead as Prime Minister Benjamin Netanyahu could use stealth fighter jets to neutralize the Islamic Republic's oil infrastructure export capabilities.
  
  On Tuesday, Helima Croft, head of the global commodity strategy at RBC Capital Markets, joined CNBC's "The Exchange," informing hosts and audience, "There has been a lot of complacency about this war," adding, "We do need to think about a scenario where Iranian oil supplies are at risk.
  
  Citigroup analyst Francesco Martoccia told clients that any IDF strike on Iran's export capacity could reduce 1.5 million barrels of crude per day from the global market overnight. He said a minor attack on energy infrastructure, such as downstream assets, could remove 300,000 to 450,000 barrels of daily output.
  
  For energy research desks, it is unclear how the IDF will respond to Iran. Scenarios include hitting energy infrastructure to high-value military assets and nuclear sites.
  
  Bloomberg provided readers on Thursday morning with a detailed map showing Iran's major energy installations, including oil and gas fields, pipelines, refineries and storage terminals:
  
  We tend to agree with Ross Schaapp, head of research at GeoQuant, who told CNBC's "Squawk Box" on Wednesday that Israel might try to cripple Iran's ability to export oil. As the saying goes, 'follow the money'... and if Israel wants to neutralize Iran, in terms of paralyzing financial networks, start with crude export abilities.
  
  GeoQuant's Schaapp noted that any IDF attack on Iranian energy infrastructure would send Brent prices higher "dramatically."
  This week, Brent's implied volatility gauge climbed to its highest level in nearly a year. In options markets, a surge in Brent call options shows traders forecasting $100/bbl.
  
  Bloomberg noted on Wednesday, "The equivalent of almost 27 million barrels of Brent December $100 calls traded by 11:20 am in New York while more than 7 million barrels worth of US crude December calls changed hands."
  
  Meanwhile, Bloomberg Intelligence analyst Henik Fung told Terminal users, "Traders unwinding short bets could push crude prices higher on a wider war-risk premium," adding, "WTI could retest $80 in the short term."
  
  Scott Shelton, an energy specialist at TP ICAP Group Plc., noted, "The odds are against a material loss in production, but when it comes to geopolitics, it's always a hard call."
  
  The world awaits Israel's response. One top energy research desk emphasized to us on Wednseday that it's almost guaranteed Israel will make a retaliatory strike against Iran. The big question is, what will IDF stealth jets strike? Source: Oilprice.com
- 2024-10-04
  Why China's Green Energy Push Has the Western World Worried
  When former U.S. president Donald Trump ascended into the Oval Office in 2017, he kicked off his presidency by investigating unfair trade practices in China as part of his ‘America First’ policy. A year later, he imposed hefty tariffs on a wide range... Read more When former U.S. president Donald Trump ascended into the Oval Office in 2017, he kicked off his presidency by investigating unfair trade practices in China as part of his ‘America First’ policy. A year later, he imposed hefty tariffs on a wide range of goods from the Asian nation, sparking outrage and retaliatory tariffs from its trading partners. But people who predicted that Biden’s administration would mark a return to normalcy on trade issues after the drama of tariff battles and tweet diplomacy of the Trump-era were dead wrong. The current administration has been nearly as hard on China as the previous one, albeit with much less fanfare. The Office of the U.S. Trade Representative (USTR) has just finalized its plan to raise tariffs on a slew of Chinese goods, largely adopting hikes it first proposed in May.
  
  The expended tariffs mainly target strategic product categories, including electric vehicles, batteries, solar cells, semiconductors and critical minerals. The final tariff structure covers thousands of items under 14 product categories, with the first tariff hikes set to go into effect on Sept. 27 and the rest over the next two years. And, they are just as punitive as those of the Trump era: Chinese EVs have been slapped with a hefty 100% tariff; a 25% tariff on lithium-ion EV batteries, and a 50% tariff on photovoltaic solar cells. Meanwhile, a 50% tariff on China-made semiconductors will go into effect in 2025.
  
  But the U.S. is hardly an outlier here. The 27-member European Union is currently in the process of determining whether or not to impose duties on imports of Chinese electric vehicles. A year ago, EU President Ursula von der Leyen launched the anti-subsidy probe, and it concluded by recommending duties ranging between 8 percent and 35 percent on Chinese EVs. An informal vote held on July 15 saw a group of countries representing 62.5 percent of the bloc’s population in favor of the tariffs, meaning the final vote is likely to see the tariffs approved. Whereas these duties could buy time for the likes of Volkswagen (OTCPK:VWAGY) or Stellantis (NYSE:STLA) to adapt, they are likely to trigger another huge trade war with Beijing already threatening to impose tit-for-tat tariffs on a range of European goods including high-end autos, brandy, pork, and dairy products.
  
  China Dominating Renewable Energy
  
  The outcry against China’s renewable energy sector comes at a time when Chinese green energy companies have been stealing market share from their Western rivals. According to an analysis by the newspaper “Nikkei”, the top five Chinese suppliers of 71 categories of products and services in the renewable energy sector increased their market shares in 21 different categories compared to 2022, mostly at the expense of U.S. and European companies. In 2023, all Chinese companies were the world’s top five suppliers of photovoltaic panels, with their combined market share increasing by 7.5 percentage-points to 59.3 percent.
  
  In the wind energy sector, Chinese companies occupied four of the top five positions, double the number from 2022, while their combined market share nearly doubled in a year to 44.2 percent. Notably, Goldwind Science & Technology, which was ranked second in 2022, took first place last year from European industry leader Vestas Wind Systems (OTCPK:VWDRY). Last year, Goldwind's global market share increased to 13.9 percent, while Vestas’ fell from 14 to 10.5 percent. In electric cars, the Chinese company BYD, the world's second-largest manufacturer, increased its global market share to 14.7 percent, now approaching Tesla's (NASDAQ:TSLA) 18.3 percent.
  
  Western nations are desperate to counter the huge competitive advantage enjoyed by China’s green energy products thanks to generous government subsidies.
  
  Earlier in the year, U.S. Treasury Secretary Janet Yellen warned Beijing that its national underwriting for energy and other companies is creating oversupply and distorting global markets when she pays the country an official visit.
  
  "I intend to talk to the Chinese when I visit about overcapacity in some of these industries, and make sure that they understand the undesirable impact that this is having--flooding the market with cheap goods- -on the United States, but also in many of our closest allies, Yellen said in a speech in Norcross, Georgia.
  
  “I will convey my belief that excess capacity poses risks not only to American workers and firms and to the global economy, but also productivity and growth in the Chinese economy, as China itself acknowledged in its National People's Congress this month," she added.
  
  Yellen made the comments after visiting Georgia to see a newly reopened solar cell manufacturing plant, which closed shop in 2017 because of stiff competition from factories in China. The factory has, however, re-opened thanks to generous solar and clean energy tax credits in the 2022 Inflation Reduction Act.
  
  Source: Oilprice.com
- 2024-10-04
  Nigeria Looks To Jumpstart Natural Gas Sector with Tax Cuts
  Nigeria is moving forward with a new policy framework aimed at jumpstarting its natural gas sector, hoping to draw in up to $10 billion in investments. The proposed measures include a series of tax incentives to attract both local and international investors... Read more Nigeria is moving forward with a new policy framework aimed at jumpstarting its natural gas sector, hoping to draw in up to $10 billion in investments. The proposed measures include a series of tax incentives to attract both local and international investors to explore the country's deep-water gas resources.
  
  The framework, which has already been approved by the Federal Executive Council, now awaits approval from the National Assembly. Once passed into law, this policy is expected to fast-track the development of Nigeria's natural gas infrastructure. Not only will this accelerate gas exploration and production, but it will also help the country transition away from relying heavily on fossil fuels for transportation. By doing so, Nigeria aims to boost its energy security and reduce its dependence on imported fuels.
  
  The Nigerian government's strategic push toward natural gas is part of a broader effort to secure long-term energy independence and stabilize the economy. By providing tax breaks and other incentives, the government is positioning the gas sector as a key growth area that can create jobs, attract foreign investment, and reduce the nation's carbon footprint.
  
  With the global shift toward cleaner energy, Nigeria's focus on natural gas development is timely. The success of this policy could significantly alter the nation's energy landscape and place it at the forefront of Africa's growing gas industry. Investors and industry professionals are now watching closely to see how quickly the new laws are implemented and how effectively they drive real change.
  
  Earlier this week, Nigeria was set to approve the proposed $1.3-billion sale of ExxonMobil's shallow water assets to local firm Seplat. The transaction has been stuck at the regulatory approval level for months. While seeing its shallow water assets in Nigeria, it is looking to boost its deepwater investments in the country.
  
  Source: Oilprice.com
- 2024-10-04
  Reuters Poll Shows OPEC September Output At Yearly Low
  A Reuters survey on Thursday shows September oil production from OPEC dropping to its lowest point this year, at 26.14 million barrels per day, down nearly 400,000 bpd from the previous month, primarily due to disruptions in Libya. In August, OPEC... Read more A Reuters survey on Thursday shows September oil production from OPEC dropping to its lowest point this year, at 26.14 million barrels per day, down nearly 400,000 bpd from the previous month, primarily due to disruptions in Libya.
  
  In August, OPEC produced 390,000 bpd more than in September, according to the Reuters survey, with Libya accounting for around 300,000 bpd of that and Nigeria responsible for 40,000 bpd, while Iraq continued to produce at 90,000 bpd above quota.
  
  “OPEC pumped about 130,000 bpd more than the implied target for the nine members covered by supply cut agreements, with Iraq still accounting for the bulk of the excess,” according to the Reuters survey.
  
  Earlier on Thursday, Libyan Oil Minister Khalifa Abdul Sadiq told Bloomberg that the country’s oil production would resume immediately after more than a month of suspended output due to rival government standoff over who will head the Central Bank, which controls the country’s oil revenues.
  
  The end of this Libyan crisis will lead to the return of a few hundred thousand barrels of crude per day to the market, which is currently fearing a supply shock from the Middle East on the brink of an all-out war.
  
  Late last week, Libya’s rival governments reached a deal in UN-mediated talks over the election of the Central Bank’s leadership, paving the way to restoring oil production and exports. On Monday, the House of Representatives and the High Council of State agreed to two compromise candidates to lead the Central Bank and avoid further disruptions to oil output and all-out civil war. The HoR unanimously approved on Monday the agreement with the High Cou
  
  Libya was pumping around 1.2 million bpd prior to the standoff that led to the suspension of output and exports, controlled by the eastern government and General Khalifa Haftar. Source: Oilprice.com
- 2024-10-04
  Africa’s Oil Nations Make Progress in Creating $5-Billion Energy Bank
  The oil-producing nations in Africa have raised 45% of the initial $5-billion seed capital for the planned Africa Energy Bank (AEB), which is set to fund oil projects on the continent amid a crunch in financing on the international markets. The early... Read more The oil-producing nations in Africa have raised 45% of the initial $5-billion seed capital for the planned Africa Energy Bank (AEB), which is set to fund oil projects on the continent amid a crunch in financing on the international markets.
  
  The early financial supporters of the Africa Energy Bank include major oil producers Nigeria, Angola, and Ghana, according to Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO).
  
  “I believe we are the first development bank to progress from conceptualization to near fruition in just over two years,” Ibrahim said on the sidelines of the Angola Oil & Gas conference, as carried by Bloomberg.
  
  APPO and African Export-Import Bank (Afreximbank) in 2022 signed the initial agreements about the establishment of the Africa Energy Bank.
  
  The new bank has been structured as an independent and supranational pan-African energy development bank with an initial capital of $5 billion.
  
  In June this year, Afreximbank and APPO signed the Establishment Agreement and the Charter of the Africa Energy Bank at a ceremony in Egypt. The signing ceremony concluded two years of negotiations and preparations by the two parties to establish the AEB.
  
  The African oil producers decided to create AEB “to address the impending funding crisis in the African oil and gas industry, triggered by the global energy transition.”
  
  “Traditional financiers, on whom Africa has relied for decades, are withdrawing support, particularly in Africa, citing climate change concerns as the primary reason,” Afreximbank said in a statement in June.
  
  APPO’s secretary general Ibrahim commented, “For too long Africa’s oil and gas industry has been dependent on extra-African funding. We came to take foreign financing of our oil and gas projects for granted, until the advent of energy transition made us realize that those on whom we have depended for many decades have decided to abandon us.”
  
  Africa can’t afford to swiftly shift away from fossil fuels when it has the largest share of the population living without access to energy, Ibrahim noted. Source: Oilprice.com
- 2024-10-04
  Russia’s Oil and Gas Revenues Fell in September
  Russia’s budget proceeds from oil and gas sales declined by 0.9% in September from the previous month, according to official Russian government data published on Thursday. The Russian budget received $8.13 billion (771.9 billion Russian rubles) from... Read more Russia’s budget proceeds from oil and gas sales declined by 0.9% in September from the previous month, according to official Russian government data published on Thursday.
  
  The Russian budget received $8.13 billion (771.9 billion Russian rubles) from oil and gas sales last month, per the data, which confirmed earlier Reuters estimates that proceeds would be roughly stable month-on-month.
  
  The revenues for September were 4.3% higher compared to September last year.
  
  For the first nine months of the year, Russia’s oil and gas revenues surged by 49.4% annually to $87.5 billion (8.33 trillion rubles), according to the finance ministry data.
  
  Proceeds from oil and gas sales are the most important cash stream for Russia’s federal budget. These revenues have typically accounted for around a third of all federal budget revenues.
  
  Earlier this week, Russia’s Finance Minister Anton Siluanov said that revenues from the oil and gas sector would account for 27% of total federal budget revenue in 2025.
  
  Yet, the value of Russia’s crude oil exports has plummeted by nearly 30% since the end of June as falling international benchmark prices are depressing the value of the cheaper Russian crude grades, Bloomberg estimated last month.
  
  Higher export volumes were unable to offset the slump in oil prices in recent weeks and Russia’s flagship Urals crude is now trading below the $60 per barrel cap imposed by the EU and the U.S. if Russia is to use Western shippers, insurers, and financiers for moving the crude.
  
  Russia is now preparing for lower oil revenues resulting from depressed prices along with a more relaxed tax regime, Bloomberg reported last week, citing a draft three-year budget.
  
  Per that document, oil revenues in Russia would decline by 14% over the next three years—provided international oil prices remain weak. For 2025, the document sees oil revenues of some $120 billion, or 10.94 trillion rubles, which would be a decline of 3.3% from this year. That modest decline would then extend into 2026 and 2027, by which year oil revenues would fall to $110 billion, according to the government’s current projections. Source: Oilprice.com
- 2024-10-04
  Bank of England Warns Middle East Conflict Could Lead to a Major Oil Price Shock
  The escalating conflict in the Middle East, if it goes out of hand, risks dealing a severe blow to monetary policy as it would lead to a surge in oil prices, Bank of England Governor Andrew Bailey told the Guardian in an interview published on Thursday. “Geopolitical... Read more The escalating conflict in the Middle East, if it goes out of hand, risks dealing a severe blow to monetary policy as it would lead to a surge in oil prices, Bank of England Governor Andrew Bailey told the Guardian in an interview published on Thursday.
  
  “Geopolitical concerns are very serious,” Bailey told the newspaper.
  
  International crude oil prices have been on the rise this week after Iran’s missile attack on Israel earlier in the week, as markets are awaiting the Israeli response.
  
  Oil prices were rising by 2% early on Thursday, and the U.S. benchmark has now broken above the $70 per barrel threshold, as prices were fueled by expectations of Israel’s retaliation against Iran. Fears of a broader war in the Middle East have materially grown this week.
  
  The biggest worry is, of course, Israel targeting Iranian oil infrastructure, which analysts expect it to do.
  
  “The next turn in this retaliation spiral may very well involve oil – via the degrading of Iran’s oil capacity or Iran’s proxies attacking oil and gas shipping from the Persian Gulf,” according to Piper Sandler analysts, as quoted by CNBC.
  
  The market fears that oil supply from the Middle East could be affected in case of a wider conflict directly involving Iran, or if Tehran moves to block the most important oil route in the world, the Strait of Hormuz.
  
  Since the Hamas attack on Israel a year ago, oil prices haven’t seen a shock.
  
  “From the point of view of monetary policy, it’s a big help we haven’t had to deal with a big increase in the oil price,” the Bank of England Governor told the Guardian. “But obviously we’ve had that experience in the past, and in the 1970s, the oil price was a big part of the story.”
  
  “You have to continuously watch this thing, because it could go wrong,” Bailey said, referring to the situation in the Middle East.
  
  Yet, he added, “my sense from all the conversations I have with counterparts in the region, is that there is, for the moment, a strong commitment to keep the market stable.”
  
  Source: Oilprice.com
- 2024-10-04
  IEA: Global Natural Gas Demand Set for New Record Highs
  Amid a normalization of natural gas prices, global gas demand is picking up this year at a stronger pace than in the past two years and is set for a record high in 2024 and 2025, the International Energy Agency (IEA) said in a new report on Thursday. After... Read more Amid a normalization of natural gas prices, global gas demand is picking up this year at a stronger pace than in the past two years and is set for a record high in 2024 and 2025, the International Energy Agency (IEA) said in a new report on Thursday.
  
  After the supply and price shock of 2022 and 2023, which weighed on natural gas demand, consumption is picking up pace this year and is set to rise by over 2.5% in 2024, or by just over 100 billion cubic meters (bcm). As a result, natural gas demand is set to reach a new record-high of 4,200 bcm in 2024, mostly thanks to growth in the Asia Pacific region, the IEA said in its annual Global Gas Security Review.
  
  Asia Pacific is expected to account for nearly 45% of incremental global gas demand this year. The primary growth drivers are industry and energy use, contributing more than half of demand growth.
  
  Moreover, Europe’s industrial gas demand is recovering as prices normalized and is also contributing to demand growth, even though it remains well below its pre-crisis levels.
  
  Next year, we will see another all-time high in global natural gas demand as consumption is expected to rise by another 2.3% (or nearly 100 bcm) in 2025. Similarly to 2024, growth is largely supported by Asia, which alone is expected to account for over half of incremental gas demand.
  
  Supply of natural gas remains tight, and geopolitical uncertainties are adding volatility to natural gas markets, according to the IEA.
  
  “The growth we’re seeing in global gas demand this year and next reflects the gradual recovery from a global energy crisis that hit markets hard,” said IEA Director of Energy Markets and Security Keisuke Sadamori.
  
  “But the balance between demand and supply trends is fragile, with clear risks of future volatility.” Source: Oilprice.com
- 2024-10-03
  Oil Explodes 4% Amid Talk of Israel Attacking Iranian Oil & Gas
  Benchmark crude oil prices surged well over 4% on Thursday on fears of an Israeli strike that could target Iran’s oil and gas infrastructure, with Washington attempting to put the brakes on exploding oil prices with assurances that there will be no Israeli... Read more Benchmark crude oil prices surged well over 4% on Thursday on fears of an Israeli strike that could target Iran’s oil and gas infrastructure, with Washington attempting to put the brakes on exploding oil prices with assurances that there will be no Israeli strike today.
  
  At 10:47 a.m. ET on Thursday, Brent crude was trading up 3.83%, slightly tapering its upward trajectory of well over 4% just half an hour prior, sitting at $76.73. The U.S. benchmark crude, West Texas Intermediate (WTI), was trading up 4.25% at $73.08 per barrel.
  
  Earlier on Thursday, the Biden administration said it did not believe Israeli strikes against Iran would happen today in response to a massive missile strike on Israel that was largely thwarted on Tuesday.
  
  "First of all, we don't 'allow' Israel, we advise Israel. And there is nothing going to happen today," Biden told reporters at the White House on Thursday.
  
  Crude oil prices have continued to rise in the aftermath of Iran’s Tuesday attack on Israel, which involved some 200 missiles. Following the missile barrage, Israeli ground troops have clashed with Hezbollah forces in southern Lebanon, with Israeli Prime Minister Benjamin Netanyahu vowing separate revenge on Iran. The latest round of escalation was sparked by the Israeli killing of Hezbollah chief Hassan Nasrallah and Hamas political leader Ismail Haniyeh.
  
  Israeli officials said on Wednesday that Israel could target Iran’s strategic energy infrastructure, including oil and gas rigs or nuclear installations, would have the biggest economic impact, and send shockwaves through oil markets. Source: