–
Asia midday crude futures: Ice Brent edges lower
Ice Brent futures eased in early Asian trading after US president Donald Trump delayed a threat to bomb power plants in Iran.
The Ice front-month May Brent contract was at $107.11/bl at 04:00 GMT, down by 90¢/bl from its settlement on 26 March when it ended $5.79/bl higher.
The Nymex front-month May crude contract was at $93.49/bl, lower by 99¢/bl from its settlement on 26 March when it ended $4.16/bl higher.
Trump pushed back a possible attack on Iranian power plants by 10 days to 6 April, to provide time for negotiations he claims are ongoing.
Trump last week threatened to "hit and obliterate" those power plants unless Iran fully opened the strait of Hormuz to shipping by 23 March. That day, Trump pushed back the attack by five days, citing progress in talks with Iranian officials he has yet to identify. On Thursday, Trump provided the same justification for another delay.
"As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10 Days," Trump said in a social media post at 4:11pm ET. "Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well."
Trump said the unidentified Iranian officials his administration is negotiating with on a potential end to the US-Israeli war in Iran allowed "big boats of oil" to cross the strait of Hormuz as a sign of their influence in Tehran.
Earlier this week, Trump said those officials had offered a high-valued "gift" that arrived on 24 March that was related to oil and gas flows through the strait of Hormuz, where the threat of attack from Iran has heavily limited shipments.
Trump said at a cabinet meeting on Thursday that the gift was safe passage for eight tankers, which later increased to 10 tankers. Trump said he believed the tankers were Pakistani-flagged.
Iran's foreign minister Abbas Araqchi reiterated that the strait of Hormuz remains open except to Iran's "enemies".
"In our view, the strait of Hormuz is not totally closed," Araqchi said in a televised interview aired late on Wednesday. "It is only closed for our enemies."
He said this stance was "natural" given that Iran is at war. "There is no reason to give right of passage to ships linked to the enemy and their allies."
Iran has permitted passage for vessels from "friendly countries, including China, Russia, India, Iraq and Pakistan," Araqchi said .
Iran's Tasnim news agency, which is linked to the Islamic Revolutionary Guard Corps (IRGC), quoted a member of parliament (MP) as saying legislation is being prepared to formalise a system under which Iran would "collect fees" to ensure the safe passage of ships through the strait.
Ice Brent futures eased in early Asian trading after US president Donald Trump delayed a threat to bomb power plants in Iran.
The Ice front-month May Brent contract was at $107.11/bl at 04:00 GMT, down by 90¢/bl from its settlement on 26 March when it ended $5.79/bl higher.
The Nymex front-month May crude contract was at $93.49/bl, lower by 99¢/bl from its settlement on 26 March when it ended $4.16/bl higher.
Trump pushed back a possible attack on Iranian power plants by 10 days to 6 April, to provide time for negotiations he claims are ongoing.
Trump last week threatened to "hit and obliterate" those power plants unless Iran fully opened the strait of Hormuz to shipping by 23 March. That day, Trump pushed back the attack by five days, citing progress in talks with Iranian officials he has yet to identify. On Thursday, Trump provided the same justification for another delay.
"As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10 Days," Trump said in a social media post at 4:11pm ET. "Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well."
Trump said the unidentified Iranian officials his administration is negotiating with on a potential end to the US-Israeli war in Iran allowed "big boats of oil" to cross the strait of Hormuz as a sign of their influence in Tehran.
Earlier this week, Trump said those officials had offered a high-valued "gift" that arrived on 24 March that was related to oil and gas flows through the strait of Hormuz, where the threat of attack from Iran has heavily limited shipments.
Trump said at a cabinet meeting on Thursday that the gift was safe passage for eight tankers, which later increased to 10 tankers. Trump said he believed the tankers were Pakistani-flagged.
Iran's foreign minister Abbas Araqchi reiterated that the strait of Hormuz remains open except to Iran's "enemies".
"In our view, the strait of Hormuz is not totally closed," Araqchi said in a televised interview aired late on Wednesday. "It is only closed for our enemies."
He said this stance was "natural" given that Iran is at war. "There is no reason to give right of passage to ships linked to the enemy and their allies."
Iran has permitted passage for vessels from "friendly countries, including China, Russia, India, Iraq and Pakistan," Araqchi said .
Iran's Tasnim news agency, which is linked to the Islamic Revolutionary Guard Corps (IRGC), quoted a member of parliament (MP) as saying legislation is being prepared to formalise a system under which Iran would "collect fees" to ensure the safe passage of ships through the strait.
By YouLiang Chay