Oil holds steady as Ukraine drone strikes, Red Sea crisis cause disruptions

Red Sea crisis could lead to global tanker shortage, Kuwait Petroleum CEO saysGlobal energy demand will outpace population growth through 2050, Kuwait oil CEO saysSolar CEOs bet that red state investments will protect them from threat of Trump repealing IRA

Ukraine has escalated its drone strikes against Russian oil refineries, knocking an estimated 900,000 barrels per day of capacity offline, according to Goldman Sachs. The outages could take weeks to repair and in some cases there may be a permanent loss of capacity, the investment bank said.The disruptions' impact on crude prices will likely be mixed, with a decline in refinery demand bearish while a potential reduction in Russian oil exports bullish, Goldman noted.

The Red Sea crisis, meanwhile, has led to a build of 100 million barrels of oil on international waters as shipping companies redirect trade flows to avoid attacks by Houthi militants, according to the bank. The Red Sea disruptions combined with Russian shipping frictions has given crude prices up to a $4 boost per barrel due to larger than expected draws from commercial stocks, according to Goldman.Trader Joe's has raised the price of one of its most popular products for the first time in over 20 years

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

IEA predicts global oil demand more than expected amid Red Sea disruptionsGlobal demand is also driven by the 'comparatively buoyant economy' of the United States where oil consumption is gaining momentum on rising petrochemical operations.
Source: trtworld - 🏆 101. / 63 Read more »

India's inflation, growth at risk from Red Sea crisis-driven oil price rise, government saysIndia's inflation and economic growth face risk due to rising oil prices from disruptions, emphasizing the need to diversify trade routes, said the government.
Source: CNBC - 🏆 12. / 72 Read more »

Oil prices jump after Ukraine strikes Russian oil refineriesUkrainian drones hit a Rosneft refinery in the Ryazan region about 130 miles from Moscow and the Novoshakhtinsk refinery in the Rostov region.
Source: CNBC - 🏆 12. / 72 Read more »

US military shoots down Houthi drone over the Red SeaU.S. Central Command says its forces have destroyed a Houthi drone over the Red Sea and another one in Houthi-controlled areas of Yemen this weekend.
Source: FoxNews - 🏆 9. / 87 Read more »

These 12 Deep Sea Sea Creatures Are More Comical Than CreepyAccustom to little light and high pressure, these unique sea creatures thrive in the cold ocean depths.
Source: DiscoverMag - 🏆 459. / 53 Read more »

Satellites called in to salvage lost internet after Red Sea cables cutSatellite operators are being called in to help restore internet connectivity in the Red sea after subsea cables were cut last week.
Source: IntEngineering - 🏆 287. / 63 Read more »