RE: Drilling program and timelines2 Apr 2026 14:16
"If tensions intensify or maritime risks increase, oil could test fresh highs as markets price in potential supply disruptions."
BRITAIN HOSTS TALKS ON REOPENING HORMUZ
Britain is hosting a virtual meeting of 35 countries to discuss options for reopening Hormuz. The United States is not due to attend.
On Wednesday, an oil tanker leased to QatarEnergy was hit by an Iranian cruise missile in Qatari waters, Qatar's defence ministry said.
Some market participants said they had stopped dealing with cargoes priced off the Dubai Middle East benchmark, normally used to value nearly a fifth of global crude supply, because ports inside the Strait of Hormuz cannot be used.
OPEC+, meanwhile, is likely to weigh a further oil output increase on Sunday, sources said, a move that would position members to add more barrels should the Strait of Hormuz reopen but is not likely to meaningfully increase supply before then.
In Russia, Ukraine's strikes on port infrastructure, pipelines and refineries have reduced export capability by 1 million barrels per day, or a fifth of total capacity, sources says, enough to set the stage for imminent production cuts.
The head of the International Energy Agency also warned that supply disruptions would start to affect Europe's economy in April, after the region had previously been shielded by cargoes contracted before the start of the war