[MARKET UPDATE] Oil prices decline as Trump says Hormuz is only closed to Iran, and replaces 20% US "reimbursemet fee" for using Hormuz with trade and investment deals with various gulf states
Newsquawk Staff ·
Oil prices decline as Trump says Hormuz is only closed to Iran, and replaces 20% US "reimbursemet fee" for using Hormuz with trade and investment deals with various gulf states.
- Venezuela’s oil minister says crude production has reached 1.2mln BPD
- Russia Deputy PM Novak says Russia has eased its ban on diesel exports, allowing shipments of 500K tonnes in October; adds that the domestic market would continue to be supplied
- Iran's Chief of Staff of the President says despite the blockade of the southern ports, where 75% of the country's imports were made, the amount of imports has decreased by only 25%, ISNA reports
- [MARKET UPDATE] Spot gold slips below USD 4k/oz, but remains just above the USD 3986/oz low. Further, modest, pressure seen in equity futures.
- US DoE has authorised an emergency of exchange of up to 400k barrels of crude oil from the SPR, to address crude oil supply disruption that is affecting Phillips 66 Lake Charles refinery (264k BPD) within Louisiana
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