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Before the war in Iran, roughly 15 million barrels of Persian Gulf oil were shipped each day through the Strait of Hormuz. Within a few years, much of that oil could bypass the strait.As Iran's chokehold over the strait drags on and oil prices surge, countries across the Gulf are planning to spend billions of dollars to build pipelines enabling them to redirect more supplies to ports along the Red Sea and the Gulf of Oman.At least seven major pipeline projects are under construction, in the planning stage or being discussed as possibilities, according to government officials, oil companies and analysts.
Yemen's Houthi militants reportedly attacked oil tankers near the coast of Saudi Arabia. Saudi Arabia has been using the Red Sea to bypass the Strait of Hormuz.
OPEC+ oil-producing countries will likely agree a further hike in their output targets from September when they meet on August 2, three sources said on Wednesday, even though the U.S. war with Iran is again hindering some of the group's members from pumping more.
U.S. equities fell on Thursday after Brent Crude prices broke above $100 per barrel once again. The rise in oil prices come after the U.S. conducted strikes against Iran for a 12th consecutive night, and reports that a tanker was attacked off the coast of Saudi Arabia.
The United States has begun importing fuel oil of Iraqi origin shipped through Syria for the first time, according to shipping data and two sources familiar with the operations, as Iraq expands a Mediterranean export route established after disruptions to Gulf trade routes earlier this year.
Oil surges on Hormuz tensions. Check out these U.S. energy ETFs that could benefit from the latest crude rally.
Reports of fresh strikes in the Red Sea raised new fears that a second critical shipping route in the Middle East could be compromised.
Comcast's second quarter numbers showed softening attendance trends in Orlando, a trend co-CEO Mike Cavanagh said has continued third quarter “driven by some weakness in consumer sentiment and higher travel costs.” He said Comcast is “watching those trends carefully” and that they're temporary, “not a permanent change in the outlook at all.
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