“TRUMP’S IRAN ‘ARMADA SENDS OIL PRICES SURGING”
GREATRIBUNTVNEWS–Oil prices rebounded on Friday, driven by concerns of potential military action in Iran and outages in Kazakhstan. Here are the key issues:
– Iran Tensions : US President Donald Trump warned Iran against killing protesters or restarting its nuclear program, stating the US has an “armada” heading towards Iran, sparking fears of supply disruptions.
-Kazakh Outage : Production halted at Kazakhstan’s Tengiz oilfield and Korolev oilfield, with estimates suggesting a 7-10 day shutdown.
– Price Rise : Brent crude futures rose 76 cents (1.2%) to $64.82 per barrel, while US West Texas Intermediate crude climbed 75 cents (1.3%) to $60.11.
– Weekly Gains : Both benchmarks are set for weekly gains of about 1.1%.
– US Military Action : Warships, including an aircraft carrier and guided-missile destroyers, will arrive in the Middle East in the coming days .
Iran is a major exporter to China, the world’s second-largest oil consumer. Meanwhile, Chevron said that oil output at Kazakhstan’s vast Tengiz oilfield, one of the world’s largest, has yet to resume after Chevron-led operator Tengizchevroil (TCO) announced a shutdown on Monday following a fire.
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