Japanese oil tanker owner disagrees with US military that a mine caused blast near Iran

An oil tanker is seen after it was attacked at the Gulf of Oman, June 13, 2019. ISNA | Reuters WASHINGTON – The Japanese owner of one of the oil tankers attacked near Iran on Thursday said that the vessel was struck by a projectile and not by a mine, which is what U.S. officials assessed as the source of the blast. « We received reports that something flew towards the ship, » Yutaka Katada, president of Kokuka Sangyo said at a press conference Friday. « I do not think…

Trump: If Iran blocks the Strait of Hormuz, ‘it’s not going to be closed for long’

President Donald Trump said Friday that if Iran were to block the Strait of Hormuz, « it’s not going to be closed for long, » but he did not elaborate on whether the United States had an obligation to keep open the international shipping gateway, which is critical to the oil industry. « They’re not going to be closing [the strait], » Trump said in response to a hypothetical question during a telephone interview on « Fox and Friends. » « They know it, and they’ve been told in very strong…

An AEI scholar breaks down the military history between Iran and the US

31 Mins Ago The Trump administration is accusing Iran for the attacks on the shipping tankers in the Gulf of Oman. The attacks are the latest in a series in the region that the U.S. blames on Iran, despite the Iranian government’s denials. Michael Rubin, American Enterprise Institute resident scholar, joins ‘Squawk Box’ to discuss. Source: CNBC

The Trump Administration has conflicting goals in the Middle East, expert says

1 Hour Ago Two tankers were attacked in the Gulf of Oman just south of Iran on Wednesday. The Trump Administration has announced they hold Iran responsible for the attack. Karim Sadjadpour, senior fellow at the Carnegie Endowment for International Peace, joins ‘Squawk Box’ to discuss the rising tensions with Iran and the implications for American businesses. Source: CNBC

Middle East analysts see Iran’s fingerprints on tanker attacks — but slim chance of war

An Iranian woman walks past a mural on the wall of the former US embassy in the Iranian capital Tehran on May 8, 2018. Atta Kenare | AFP | Getty Images The attacks on a pair of tankers in the Gulf of Oman are likely the work of Iran, according to several analysts. The view among some Middle East watchers aligns with the conclusion presented by the Trump administration, which on Thursday blamed Iran for the suspected strikes. « This assessment is based on intelligence, the weapons used, the level of…

IEA sees oil demand growth falling to lowest level in years as global economy stalls

An employee stands on the deck of a pilot boat in view of the Ocean Princess oil platform, operated by Diamond Offshore Drilling Inc., in the Port of Cromarty Firth in Cromarty, U.K. Mathew Lloyd | Bloomberg | Getty Images The International Energy Agency (IEA) slashed its estimate for global oil demand growth for the second consecutive month on Friday, citing intensifying trade concerns amid fears of a global recession. The energy agency’s closely-watched report comes as world oil markets have undertaken a dramatic shift in recent months, switching from…

‘Sporadic’ attacks from Iran’s increased presence is a risk to oil, says US think tank

Fire and smoke billow from the Norwegian owned Front Altair tanker, which was said to have been attacked in the Gulf of Oman. ISNA | AFP | Getty Images Analysts have played down fears of a huge spike in oil prices this year, citing the economic slowdown and trade war — but rising tensions in the Middle East could be a threat to the energy markets, according to a U.S.-based think tank. Oil prices rose as much as 4% on Thursday following attacks on two tanker ships off the coast…

US futures lower as Middle East tensions weigh; investors worry on weak China data

U.S. stock futures were lower on the final trading day of the week, with investors monitoring attacks on oil tankers in the Gulf of Oman and reacting to economic data out of China. As of 3:20 a.m. ET, Dow futures were 19 points lower, indicating a slightly lower open of 25 points. S&P 500 futures were barely changed while Nasdaq futures were in negative territory. Market players are closely watching geopolitical events, with attacks on oil tankers in the Middle East giving oil prices a boost. Brent crude climbed 0.4%…

Oil prices ease, but Middle East tanker attacks support

An oil tanker is seen after it was attacked at the Gulf of Oman, June 13, 2019. ISNA | Reuters Oil fell on Friday after sharp gains in the previous session when prices were boosted after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude flows through one of the world’s key shipping routes. The attacks near Iran and the Strait of Hormuz countered concerns about global demand that had hammered prices in recent weeks, analysts said. It was the second time in a…

Trump administration blames Iran for oil tanker attacks in Middle East

A picture obtained by AFP from Iranian News Agency ISNA on June 13, 2019 reportedly shows fire and smoke billowing from Norwegian owned Front Altair tanker said to have been attacked in the waters of the Gulf of Oman. ISNA | AFP | Getty Images WASHINGTON – Secretary of State Mike Pompeo on Thursday blamed Iran for attacks this morning on oil tankers in the Gulf of Oman near Iran and the Strait of Hormuz, a vital shipping route through which much of the world’s oil passes. « Iran is…

Tanker attacks reignite oil fear premium, prices could spike to $80

Oil prices have been crushed by worries about weaker demand and a slowing global economy, but the market could begin to price in greater geopolitical risks if there are more attacks like the one on two oil tankers in the Gulf of Oman Thursday. But even as analysts say oil could rise on Mideast tensions, they also say it could fall back to the bottom of a wide range — between about $50 and $80 for Brent, if the trade war fears dim the economic outlook for the buyers of…

These home improvements can help shave money off your utility bills

Quiet Cape Cod neighborhood, Hyannis Port, Barnstable Town, Massachusetts. Nine OK | Getty Images If you want to bring your home utility costs down, you may want to double-check your energy efficiency. If your air conditioner isn’t the right size, or your home does not have proper insulation or you still use incandescent lighting, you could be unwittingly ramping up your energy costs. The solution: conduct a home energy assessment, according to Steve Chalk, former acting deputy assistant secretary for energy efficiency at the Office of Energy Efficiency and Renewable…

The Pentagon emits more greenhouse gases than Portugal or Sweden, study says

Aerial of the Pentagon, the Department of Defense headquarters in Arlington, Virginia, near Washington DC, with I-395 freeway on the left, and the Air Force Memorial up middle. Getty Images The U.S. Department of Defense is the largest institutional consumer of fossil fuels in the world, new research shows, creating more planet-warming greenhouse gas emissions than industrialized countries such as Portugal or Sweden.  The Pentagon, which oversees the U.S. military, released around 1.2 billion metric tons of greenhouse gases between 2001 and 2017, according to research by Brown University. The study,…

OPEC’s oil output falls to 5-year low in May as group warns of weaker demand

Workers drill at the Saudi Aramco oil field complex facilities in Shaybah, Saudi Arabia. Reza | Getty Images Oil output from OPEC continued to fall in May, hitting a five-year low as the group warned that US-China trade tensions could lead to slower economic growth and weak fuel demand. Production from the 14-nation producer club fell by 236,000 barrels per day last month to 29.88 million bpd, according to independent sources cited by OPEC in its monthly report. It was the first time OPEC pumped below 30 million bpd since…

US Treasury yields tick lower as trade tensions continue

U.S. government debt yields continued to fall Thursday morning after President Donald Trump declined to set a deadline on levying tariffs on another $325 billion of Chinese goods. At around 4.00 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at 2.1117%, while the yield on the 30-year Treasury bond was down to around 2.6112%. Meanwhile, Wednesday’s consumer price index data rose a seasonally adjusted 0.1% in May, while costs excluding volatile energy and food components also rose 0.1%. Prices climbed 1.8%…

Oil prices could fall to $45 per barrel if US-China trade war escalates, says investor

China’s President Xi Jinping (R) and US President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017. Nicholas Asfouri | AFP | Getty Images Global oil prices could fall to as low as $45 per barrel if tensions between the U.S. and China worsen, an investment strategist told CNBC Thursday. Oil prices have been on a downward trend in recent weeks as investors become increasingly concerned about slowing demand. Appetite for oil is at risk of a further slump if…

Oil steadies after big plunge on high inventories, lower demand forecasts

An oil pumpjack operates near Williston, North Dakota. Andrew Cullen | Reuters Oil prices steadied on Thursday, after slumping as much as 4% in the previous session to nearly five-month lows on the back of a further buildup in U.S. crude stockpiles and worries about lower demand growth. Brent crude futures were up 12 cents, or 0.2%, at 60.09 by 0035 GMT.  They fell 3.7% on Wednesday to settle at $59.97 a barrel, the international benchmark’s lowest close since Jan. 28. U.S. West Texas Intermediate crude futures were also 12…

Trump says he’s considering slapping sanctions on gas pipeline from Russia to Germany

US President Donald Trump and Poland’s President Andrzej Duda meet in the Oval Office of the White House in Washington, DC on June 12, 2019. Mandel Ngan | AFP | Getty Images President Donald Trump on Wednesday said he is still considering using sanctions to block a controversial pipeline that would increase natural gas flows from Russia to Germany. « Well, we’re looking at it. People have a right to do what they want to do. I think it’s something that I’ve been looking at and I’ve been thinking about…

Japan’s Abe heads to Iran with oil and the US on the agenda

Shinzo Abe, Japan’s prime minister, speaks during a meeting with council members of the Keidanren business lobby in Tokyo, Japan, on Wednesday, Dec. 26, 2018. Tomohiro Ohsumi | Bloomberg | Getty Images Japanese Prime Minister Shinzo Abe is in Iran for a two-day mission with clear goals: to secure his country’s energy supply, and to bring adversaries Iran and the U.S. to the negotiating table. Both are challenging feats, and they require Abe — an ally of President Donald Trump and the first Japanese prime minister to visit Iran since…

Oil falls over 2% on weaker demand growth, gain in US crude stocks

Oil pumpjacks in the Permian Basin oil field are getting to work as crude oil prices gain. Spencer Platt | Getty Images Oil prices fell more than 2% on Wednesday, weighed down by a weaker demand outlook and a rise in U.S. crude inventories despite expectations of extended supply cuts led by OPEC. Brent crude futures, the international benchmark for oil prices, were down $1.69, or 2.71%, at $60.60 a barrel by 0907 GMT. U.S. West Texas Intermediate crude futures were down $1.56, or 2.93%, at $51.71. The U.S. Energy Information Administration (EIA) cut its…

The US will maintain oil production despite falling prices, says deputy energy secretary

A drilling crew member on an oil rig in the Permian Basin near Wink, Texas.  Nick Oxford | Reuters The U.S. will maintain its oil production — or even ramp it up higher — despite low energy prices and slowing economic growth, Deputy Energy Secretary Dan Brouillette said Wednesday. Shale producers in the U.S. will continue to produce a record 12 million barrels a day throughout next year, he said, citing projections from the Energy Information Administration. They may even go up to as high as 13 million barrels, he added.…

Oil falls on weaker oil demand growth, surprise rise in US crude stocks

Oil pumpjacks in the Permian Basin oil field are getting to work as crude oil prices gain. Spencer Platt | Getty Images Oil prices fell on Wednesday, weighed down by a weaker oil demand outlook and a rise in U.S. crude inventories despite growing expectations of ongoing OPEC-led supply cuts. Brent crude futures, the international benchmark for oil prices, were down 76 cents, or 1.22%, at $61.53 a barrel by 0036 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 79 cents, or 1.3%, at $52.58 per barrel. The…

Oil traders have almost fully priced in a ‘Lehman Brothers moment,’ Standard Chartered says

Oil traders have « gone too far » by almost completely pricing in an exact equivalence of current U.S. economic conditions with the depths of the global financial crisis, according to the head of commodities research at Standard Chartered. Brent and U.S. West Texas Intermediate (WTI) crude futures have fallen almost 20% since reaching their 2019 peaks in late April, dragged lower by intensifying fears of an economic downturn that has started to impact oil consumption. It comes at a time when energy market participants are increasingly concerned that recent…

Oil stable as market eyes ongoing supply cuts amid downturn

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf. Raheb Homavandi | Reuters Oil prices stabilized on Tuesday on expectations that producer group OPEC and its allies will keep withholding supply to prevent prices from tumbling amid a broad economic slowdown which has started eating away at fuel demand growth. Front-month Brent crude futures, the international benchmark for oil prices, were at $62.36 at 0023 GMT, 7 cents, or 0.1%, above Friday’s close. U.S. West Texas Intermediate…

Supreme Court rules against oil drilling platform workers

Visitors outside the U.S. Supreme Court in Washington, DC. Getty Images The Supreme Court ruled unanimously Monday against workers on oil drilling platforms off California who argued they should be paid for the off-work time they spend on the platform, including sleeping. The high court said that federal law applies to the workers and doesn’t require them to be paid for nonworking time spent at their work location on the Outer Continental Shelf. The workers had argued that California law, which would require them to be compensated for that time,…

US wind energy industry is booming, but tariffs pose a threat

In 2008, Jason Urichich was at a crossroads. He lost his home and landscaping business in Youngstown, Ohio, and decided it was time for a change. He decided to pursue a six-month program at Kalamazoo Valley Community College in Michigan for wind turbine repair. « I was really interested in the small turbines, and at home I was trying to build one myself, » Urichich said. « I decided I didn’t know enough about it, and maybe I should go to school for it. » A decade later that «…

Oil prices rise on likelihood of ongoing OPEC+ supply cuts

Shell Oil’s drilling rig Polar Pioneer in Port Angeles, Wash., on May 12, 2015. Jason Redmond | Reuters Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia were likely to keep withholding supplies, and in relief that the United States and Mexico averted a trade war that would have damaged the global economy. Front-month Brent crude futures, the international benchmark for oil prices, were at $63.71 at 0017 GMT, 42 cents, or 0.7%, above Friday’s close. U.S. West Texas Intermediate (WTI) crude futures were at…

Cramer Remix: I don’t like the fossil fuel stocks

CNBC’s Jim Cramer, when asked about Continental Resources, told a viewer that he has turned sour on fossil fuel stocks. « I don’t like the fossil fuel stocks. I don’t like the ones that don’t have dividends, even the ones with dividends aren’t doing that well, » the « Mad Money » host said. « I’m taking a hard pass. » Boots for investing Jim Conroy, CEO of Boot Barn Adam Jeffery | CNBC Boot Barn, the maker of western wear, has seen its operations get disturbed by deteriorating trade relations…

California utility PG&E warns power may be shut off due to extreme fire risk

In this Oct. 14, 2017, file photo, PG&E crews work on restoring power lines in a fire ravaged neighborhood in an aerial view in the aftermath of a wildfire in the North Bay city of Santa Rosa, Calif. AP Photo | Marcio Jose Sanchez LOS ANGELES — Pacific Gas & Electric Co., California’s largest electric utility, warned Friday afternoon it might cut power this weekend to tens of thousands of customers in its service area due to extreme fire risk. It follows the California Public Utilities Commission last week approving…

Oil jumps 2% helped by Falih comment on prices

An offshore oil rig off the coast of Norway. Nerijus Adomaitis | Reuters Oil prices jumped more than 2% on Friday, climbing further from five-month lows hit this week amid signs that OPEC and other producers may extend their output reduction deal. Brent crude futures were up $1.35 at $63.02 a barrel by 0757 GMT. U.S. West Texas Intermediate (WTI) crude futures were up $1.10 at $53.69 per barrel. Both grades are heading for their strongest daily rise since late April. Oil prices ticked up after Saudi Energy Minister Khalid al-Falih told an industry conference…