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Early on April 13, the oil tanker Rich Starry—loaded with Iranian crude and headed for China—made a dramatic U-turn. Instead of exiting the Strait of Hormuz, as it had planned, the ship joined a stationary flotilla of about 800 other vessels, including 400 oil and gas tankers, most of which have remained idle and stranded since late February.
With the U.S. now blockading the Strait of Hormuz, the focus is on who has ‘the guts to go through first’
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Oil tanker Rich Starry abruptly reversed course in the Strait of Hormuz, joining hundreds of stalled vessels amid rising tensions disrupting global energy flows.
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Dan Pickering, Pickering Energy Partners founder and CIO, joins ‘Power Lunch’ to discuss what the U.S. blockade of Iranian ports means for oil prices, the state of global oil inventories, how U.S. companies will respond, and more.
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Oil tanker Rich Starry abruptly reversed course in the Strait of Hormuz, joining hundreds of stalled vessels amid rising tensions disrupting global energy flows.
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The prospect of a cease-fire between the U.S. and Iran drove oil prices and energy stocks lower Wednesday as traders anticipated at least a temporary respite for markets.
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Dan Pickering, Founder and CIO of Pickering Energy Partners, says that Iran is loathe to give up its leverage on the Strait of Hormuz, and that until loaded ships move out of the Strait and empty ships move in, any solution remains temporary. He says that oil prices will likely hover around $70 to $90 per barrel.
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The Iran war calls for a fundamental rethink of a sector that investors had shunned for years
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Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day.
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Experts warn Iran’s influence over the Strait of Hormuz could disrupt energy flows, elevate oil prices, and create lasting global economic consequences.
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Dan Pickering of Pickering Energy Partners On Global Oil Prices
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Dan Pickering of Pickering Energy Partners On Global Oil Prices
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Dan Pickering of Pickering Energy Partners warns that tighter oil supply could spark hoarding, pushing prices higher and setting the stage for demand destruction if the conflict drags on.
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Dan Pickering, founder and CIO of Pickering Energy Partners, discusses the oil industry.
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It is time to be more optimistic about oil markets and energy stocks.
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Surging oil and LNG prices tied to the Iran conflict have pushed U.S. energy stocks to record highs, benefiting companies like Exxon, Chevron, and major refiners even as broader markets decline.
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Rising oil prices driven by the Middle East conflict are increasing profits for U.S. oil producers, but uncertainty over how long the price surge will last is making companies cautious about expanding production.
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Escalating tensions involving Iran have sharply reduced tanker traffic through the Strait of Hormuz, a critical route that carries roughly 20% of the world’s oil supply.
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