Brent crude futures surged over 2% on Tuesday, reaching $98.50 a barrel after U.S. military strikes in Iran heightened market uncertainty. Negotiations to resolve the conflict and reopen the Strait of Hormuz remain stalled, with Iran blocking significant shipping routes, impacting global oil flows. Analysts remain cautiously optimistic about a potential breakthrough.
Prices for Russian flagship crude oil at Indian ports have shown fluctuations as discounts on Brent nearly reach their lowest since 2022. Current discounts for Urals crude range from $1.50 to $1.60 per barrel below Brent, a change from $1.70 to $2 a month prior, reflecting competitive market dynamics.
Shell has confirmed the discovery of an unexploded bomb near a 40-year-old gas line in the North Sea. The bomb was found during an inspection of the Flags pipeline, located east of Shetland. An investigation is underway to determine how the bomb ended up near the operating gas pipeline. The MCA has been notified.
