After the attack on Iran's oil and gas facilities, Saudi media reported that the flow of Iranian oil to Iraq had completely stopped, Kann News reports
Newsquawk Staff ·
After the attack on Iran's oil and gas facilities, Saudi media reported that the flow of Iranian oil to Iraq had completely stopped, Kann News reports.
What it means
The cessation of Iranian oil flow to Iraq following the attack on Iranian facilities marks a significant escalation in regional tensions that could impact oil supply dynamics. This stoppage may lead to upward pressure on WTI prices as markets react to potential supply disruptions amid ongoing geopolitical instability. Traders should monitor energy market reactions, including any shifts in sentiment towards safe-haven assets.
Sources
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
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- Russian Deputy PM Novak says domestic refineries are bringing units back online very quickly following maintenance. Russia and the US could begin cooperating on Arctic LNG projects
- Iran's Supreme Leader calls for proposals outlining acceptable conditions to end the war
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