Against the backdrop of escalating conflicts in the Middle East, Brent Crude Oil Product Futures rose in early morning Trade in Asia.
Against the backdrop of escalating conflicts in the Middle East, Brent Crude Oil Product Futures rose in early morning Trade in Asia.
As of 12:00 Peking time, the February contract Quote for Brent Crude Oil is $73.28 per barrel, up 34 cents/barrel from the settlement price on December 20; the February contract Quote for WTI Crude Oil is $69.84 per barrel, up 38 cents/barrel from the settlement price on December 20.
Yemeni Houthi forces claimed to have launched a hypersonic ballistic Missile at military targets in central Israel over the weekend. In response, the Israeli Prime Minister vowed retaliation. He stated: "Just as Israel has taken strong actions against Iran, it will also act against the Yemeni Houthi forces."
The Houthi forces have been conducting regular airstrikes against Israel for over a year, supporting the Palestinians in the Gaza region. The Israeli Air Force launched strikes last week on Yemeni "Houthi military targets," hitting ports and Energy infrastructure.
Russian President Putin signed an order allowing transactions involving shares of the Russian oil company Rosneft. This decision could give Rosneft the opportunity to acquire or sell the 19.75% stake abandoned by the former second-largest Shareholder, BP.
In a decree from August 2022, Putin banned investors from "unfriendly" countries from selling strategic Energy Assets unless approved through a special order. Last year, this decree was extended to the end of 2025.
This ban covers foreign holdings in nearly all major Russian Oil & Gas projects, including those held by BP, Shell, and Exxon Mobil. It complicates attempts for major Western oil companies to exit Russian assets without relinquishing the value of their holdings.
The State Oil Company of Belarus, Belneftekhim, stated that the Belarusian refinery of Belneftekhim did not obtain Crude Oil through the "Friendship" pipeline system from Russia, but operations remain stable due to sufficient oil reserves.
It is currently unclear whether this disruption extends to Hungary, Slovakia, and the Czech Republic, although Hungary's integrated energy company Mol hinted that oil deliveries would resume in "a few days."
In the USA, the House voted overwhelmingly to extend funding for federal government agencies.
(The above content is from Argus, an independent international energy and commodity price assessment agency)