WS #12280
US-Iran strikes resumed after truce collapse, with Iran attacking Kuwait desalination plant, shipping through Hormuz collapsing to 3 vessels daily, and Brent crude rising ~2% to near $86/barrel. WTI posted strongest weekly gain in months, rallying over 11%. The Republican-led US House Budget Committee approved a $95B funding package for the Iran war, with $60B for military operations, replenishing munitions and readiness. ConocoPhillips has agreed to acquire a 42% interest in BP Energy Co. of Kirkuk Ltd. to redevelop the Kirkuk oil field in Iraq. China's state LNG importers are in talks to secure long-term LNG supplies from exporters that don't need the Strait of Hormuz, as the world's biggest LNG buyer seeks to reduce exposure to Persian Gulf deliveries.
US-Iran conflict escalation and oil supply disruption
US-Iran strikes resumed after truce collapse, with Iran attacking Kuwait desalination plant, shipping through Hormuz collapsing to 3 vessels daily, and Brent crude rising ~2% to near $86/barrel. WTI posted strongest weekly gain in months, rallying over 11%.
The Republican-led US House Budget Committee approved a $95B funding package for the Iran war, with $60B for military operations, replenishing munitions and readiness.
ConocoPhillips has agreed to acquire a 42% interest in BP Energy Co. of Kirkuk Ltd. to redevelop the Kirkuk oil field in Iraq.
China's state LNG importers are in talks to secure long-term LNG supplies from exporters that don't need the Strait of Hormuz, as the world's biggest LNG buyer seeks to reduce exposure to Persian Gulf deliveries.