Brent, WTI prices climb more $1 on possible Iran crude restriction
(Reuters) - Brent and West Texas Intermediate crude climbed...
(Reuters) - Brent and West Texas Intermediate crude climbed more than $1 on Friday after U.S. Energy Secretary Chris Wright said the United States could end Iran's oil exports as part of an effort to bring the Islamic Republic to terms over its nuclear program.
Brent crude futures settled at $64.76 a barrel,up $1.43, or 2.26%. U.S. West Texas Intermediate crude finished at $61.50 a barrel,up $1.43 or 2.38%.
"Strict enforcement of restrictions on Iranian crude exports would reduce global supply," said Andrew Lipow, president of Lipow Oil Associates. "I suspect China will continue to buy oil from Iran."
Wright's comments provided upward momentum for oil prices, following volatile price swings this week as U.S. President Donald Trump's new tariff regime forced traders to reassess the geopolitical risks facing the crude market.
"The U.S. being a geopolitical risk is new for the market," said John Kilduff, partner with Again Capital. "We'll have this reordering of the chessboard like we did after Russia invaded Ukraine."
U.S. stocks end sharply higher to end tumultuous week on Wall Street
U.S. stocks closed sharply higher Friday, marking the...
U.S. stocks closed sharply higher Friday, marking the end of a wild week that saw the S&P 500 post massive swings as tariff uncertainty kept market volatility elevated.
The Dow Jones Industrial Average climbed 619.05 points Friday to close 1.6% higher at 40,212.71.
The S&P 500 rallied 95.31 points, or 1.8%, to finish at 5,363.36.
The Nasdaq Composite jumped 337.14 points, or 2.1%, to end at 16,724.46.
All three benchmarks booked big weekly gains, driven by a massive surge in the U.S. equities market on Wednesday following President Donald Trump's announcement that he was pausing certain tariffs for 90 days. U.S. stocks then slumped on Thursday before bouncing Friday and snapping back-to-back weekly losses.
For the week, the Dow rose 5%, the S&P 500 gained 5.7% and the technology-heavy Nasdaq surged 7.3%. According to Dow Jones Market Data, the Dow and S&P 500 each saw their biggest weekly percentage gains since November 2023, while the Nasdaq scored its largest weekly percentage gain since November 2022.
Cheaper oil fuels first drop in U.S. wholesale inflation in 17 months
Wholesale inflation, as measured by the producer price...
Wholesale inflation, as measured by the producer price index, fell by 0.4% in March and declined for the first time in 17 months, which was helped by a sharp drop in oil prices. WTI oil futures for May delivery were trading at $60.08 per barrel, up one cent, as of 8:52 AM ET.
The wholesale report offered further evidence of slackening price pressures before the Trump administration ratcheted tariffs.
Los Angeles Basin's oil, gas reserves nearly depleted
The US Geological Survey's latest estimates show that just 61 million...
The US Geological Survey's latest estimates show that just 61 million barrels of technically recoverable oil remain in the Los Angeles Basin, less than 1% of the 9 billion barrels produced or discovered since drilling began nearly 150 years ago. The region also holds an estimated 240 Bcf of untapped natural gas, less than half the amount produced since the late 1970s.
AI adoption in energy sector outpaces other industries
The energy sector is leading in AI adoption despite economic uncertainty,...
The energy sector is leading in AI adoption despite economic uncertainty, with 25% of energy professionals noting minimal risk-related hesitation from senior leadership, according to a KPMG report. Many firms use AI for grid optimization, predictive maintenance and operational efficiency, but 33% remain in the proof-of-concept stage due to security, privacy and integration concerns.
