Stock futures surge, oil prices slide
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By Howard Schneider, Timothy Aeppel, Sarah McFarlane and Sumit Khanna SAN FRANCISCO/AHMEDABAD, India, April 7 (Reuters) - Kevin Kelly is in a tough spot. What he says are unprecedented price increases in the weeks since the United States waged war on Iran mean the Californian,
Oil prices were rising on Tuesday after reports that the U.S. conducted strikes on military targets on they key island.
Chevron is now importing 250,000 barrels of crude per day from Venezuela.
Oil prices rose Monday, with US crude oil settling above $100 per barrel for the first time since July 2022, after comments by President Donald Trump and strikes against Israel by Iran-backed Houthi rebels deepened fears that the Middle East conflict may escalate further.
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Trump has threatened to knock out Iran’s power plants and bridges if the crucial strait is not reopened.
U.S. oil futures climbed for their third consecutive session Tuesday, settling at roughly $113. That is a new 52-week high, and the highest settling value since June 2022. The moves highlighted how sensitive markets remain to headlines from the Middle East.
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Oil surged as Trump in his address to the nation on Iran war said that he expected the conflict to last another two to three weeks.
So far, however, shipping data shows the move has not boosted U.S. oil flows between domestic ports. Instead, U.S. fuel exports hit a record high last month, as refiners shipped more fuel from the U.S. Gulf Coast to Asia and Europe, and even reversed traditional flows to export from the U.S. East Coast to Europe.
U.S. January oil production decreased by 410 kb/d to 13,246 kb/d and is down by 618 kb/d from October and was largely due to extreme late January weather.