CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.» Read More
Iranian authorities have reacted to the decision by the European Union on an embargo by calling for an immediate halt to oil sales to the continent. In a statement on its website, the Iranian Oil Ministry described the European Union’s decision as “hasty” and “a political game”.
CNBC's Sharon Epperson discusses the day's activity in the commodities markets and looks ahead to where oil, natural gas and precious metals are likely headed next week.
CNBC's Sharon Epperson reports on the continuous slide in natural gas prices, now at a 10-year low, and how investors who bet on a bounce are getting burned.
Inflation in the world’s top oil exporter Saudi Arabia has slowed to a four-year low of 5 percent in 2011, despite a significant ramp-up in government spending in the wake of the Arab Spring.
The Iranian Foreign Ministry has confirmed it has received a letter from the United States concerning the Strait of Hormuz, “via three different channels.” Authorities were considering whether to reply, although the contents of the letter were not divulged.
The tensions over Iran and threats from the West to apply sanctions on Iranian oil will see crude prices facing more of an upside risk in the near future, a commodities analyst told CNBC.
The fundamentals in the market are most likely to get more bearish because of the situation in Europe, says Michael Lynch, Strategic Energy & Economic Research president, who also adds any headlines coming out of the Middle East will spark concerns from traders.
If Iran were to shut down the Strait of Hormuz, Brent crude would surge to between $150 and $200 a barrel, according to an oil analyst with Societe Generale.
Iranian President Mahmoud Ahmadinejad’s five-day tour of Latin American countries comes at a time of rising tensions with the United States and growing international isolation. The US State Department described Iran’s search for friends as “desperate,” while US Treasury Secretary Timothy Geithner is expected to ratchet up the pressure in a visit to China and Japan.
Any European embargo of oil imports from Iran would have a direct effect not just on Iran, but also on the most prominent consumers of Iranian oil and refiners in the Mediterranean, according to a series of recent reports.
The anxious exchange of statements and explicit threats between the U.S. and Iran mark a notable escalation and leave the energy markets struggling to understand the implications.
Oil is as low as it is going to go, says Joe Petrowski, Gulf Oil CEO, who shares his forecast on whether there will be a major fluctuation in the price of oil due to the decisions in the Middle East.
Embattled Swiss-based oil refiner Petroplus has obtained a provisional financing agreement with its lenders while they negotiate a solution to keep the debt-laden group afloat, a source close to the matter said on Friday.
If Iran shuts the Strait of Hormuz "that would be cataclysmic for the oil price and the economy, particularly if they figure out a way to shut it down for an extended period," says former Shell executive John Hofmeister.
Oil prices are bubbling higher on concerns geopolitical risks to global oil supplies are rising, amid an increase in sectarian violence in Iraq and as Iran reacts to the prospects of increased sanctions.
CNBC's Mary Thompson discusses the day's activity in the commodities markets and looks at where oil and precious metals are likely headed tomorrow.
CNBC's Sharon Epperson discusses activity in the commodities markets and looks ahead to where oil and precious metals are likely headed next year.
CNBC's Bertha Coombs discusses the day's activity in the commodities markets and looks at where oil and precious metals are likely headed tomorrow.
Global economics may be pushing oil lower, but this strategist says political forces will limit its fall, and she has a trade on that view.
With one final shopping week to go, investors will be keeping their eye on the consumer to see how holiday sales shake out and what it might mean for the economy.