Ice Brent futures rose in early Asian trading as hostilities in the Middle East continued despite the announcement of a ceasefire between the US and Iran.
The Ice front-month June Brent contract was at $96.19/bl at 04:00 GMT, up by 27¢/bl from its settlement on 9 April when it ended $1.17/bl higher.
The Nymex front-month May crude contract was at $97.79/bl, lower by 8¢/bl from its settlement on 9 April when it ended $3.46/bl higher.
Saudi Aramco's East-West pipeline, its Manifa oil field and other key facilities have suffered significant damage from Iranian attacks that took place shortly after the announcement of a ceasefire between the US and Iran on 7 April.
An attack on a pumping station on the East-West pipeline cut capacity by 700,000 b/d, while another attack cut production capacity at Manifa by 300,000 b/d, the Saudi oil ministry said on 9 April, according to state news agency Spa. The East-West pipeline has become Saudi Arabia's primary export outlet after Iran shut down navigation through the strait of Hormuz, and reached its full 7mn b/d capacity in late March.
Iran and other Mideast Gulf countries reported attacks on their energy facilities in the initial hours after the announcement of the 7 April ceasefire.
Only around 10 vessels have crossed the strait of Hormuz with AIS tracking on since the announcement of a two-week ceasefire between the US and Iran on 7 April. Iran's Islamic Revolutionary Guard (IRGC) said it halted transit on 8 April.
Market participants remain cautious and many shipowners are uncertain about technical, security and insurance details.
Iran is proposing a regional solution to the strait of Hormuz crisis that would involve at least some of the countries bordering the Mideast Gulf, according to a bill currently under discussion in parliament.
Part of that would involve charging a fee for vessels passing through the key waterway, with revenues from this available to all participating countries as 'war reparations'. "
Elsewhere, oil loadings at Russia's Black Sea port of Novorossiysk remain suspended after the latest Ukrainian drone strike. Exports from the Baltic ports of Primorsk and Ust-Luga are slowly recovering after recent attacks but remain lower than normal.
Meanwhile, the IMF will reduce its forecast for global economic growth in its World Economic Outlook due out next week because of the severe energy supply shock caused by the war in Iran, executive director Kristalina Georgieva said on 9 April.
Ice Brent futures rose in early Asian trading as hostilities in the Middle East continued despite the announcement of a ceasefire between the US and Iran.
The Ice front-month June Brent contract was at $96.19/bl at 04:00 GMT, up by 27¢/bl from its settlement on 9 April when it ended $1.17/bl higher.
The Nymex front-month May crude contract was at $97.79/bl, lower by 8¢/bl from its settlement on 9 April when it ended $3.46/bl higher.
Saudi Aramco's East-West pipeline, its Manifa oil field and other key facilities have suffered significant damage from Iranian attacks that took place shortly after the announcement of a ceasefire between the US and Iran on 7 April.
An attack on a pumping station on the East-West pipeline cut capacity by 700,000 b/d, while another attack cut production capacity at Manifa by 300,000 b/d, the Saudi oil ministry said on 9 April, according to state news agency Spa. The East-West pipeline has become Saudi Arabia's primary export outlet after Iran shut down navigation through the strait of Hormuz, and reached its full 7mn b/d capacity in late March.
Iran and other Mideast Gulf countries reported attacks on their energy facilities in the initial hours after the announcement of the 7 April ceasefire.
Only around 10 vessels have crossed the strait of Hormuz with AIS tracking on since the announcement of a two-week ceasefire between the US and Iran on 7 April. Iran's Islamic Revolutionary Guard (IRGC) said it halted transit on 8 April.
Market participants remain cautious and many shipowners are uncertain about technical, security and insurance details.
Iran is proposing a regional solution to the strait of Hormuz crisis that would involve at least some of the countries bordering the Mideast Gulf, according to a bill currently under discussion in parliament.
Part of that would involve charging a fee for vessels passing through the key waterway, with revenues from this available to all participating countries as 'war reparations'. "
Elsewhere, oil loadings at Russia's Black Sea port of Novorossiysk remain suspended after the latest Ukrainian drone strike. Exports from the Baltic ports of Primorsk and Ust-Luga are slowly recovering after recent attacks but remain lower than normal.
Meanwhile, the IMF will reduce its forecast for global economic growth in its World Economic Outlook due out next week because of the severe energy supply shock caused by the war in Iran, executive director Kristalina Georgieva said on 9 April.
By Rhalain Reyes