President Biden: “We're in discussion of that. I think — I think that would be a little — anyway.”
Despite the lack of conviction, the sentiment has carried weight by oil markets hitting a further high later in the trading day.The National Iranian Tanker Company (NITC) appears to be fearing an imminent attack by Israel according to TankerTrackers noting tanker moves not seen since 2018 sanctions.There has been a consistent decline in global seaborne crude exports through 2024, especially out of the Middle East and Europe according to Vortexa underpinned by Libya and refineries coming online. Oil faced some bearish pressure earlier in the session as Libyan officials said all oil production in the country was being restored lifting force majeure measures at all ports and fields, including the biggest in the country, Sharara. This was largely expected though exact details remained.Sharara has been offline the longest, coming off in early August, well ahead of the rest of the infrastructure.Repairs at Kazakhstan’s giant Kashagan field have been postponed until October 7 the energy ministry said to Reuters on Thursday, suggesting a 4-day delay.Keep reading...Show less