UK asks refineries to maximise jet fuel supply; Russia hopes Opec+ will survive UAE’s exit – business live

Oil surges above $113 as Trump plans extended Iran blockade, while UK urges refineries to maximize jet fuel supply amid market turmoil.

Oil surges above $113 as Trump plans extended Iran blockade, while UK urges refineries to maximize jet fuel supply amid market turmoil. | Contesto: cronaca

Punti chiave

  • UK asks refineries to maximise jet fuel supply; Russia hopes Opec+ will survive UAE’s exit – business live

Contesto

The price of Brent crude oil surged to its highest level in a month on Monday, climbing 1.8% to above $113 a barrel, following reports that President Donald Trump has instructed his aides to prepare for an extended blockade of Iran. The spike, which pushed prices past levels last seen on 31 March—just a week before the US-Iran ceasefire was agreed—comes as global markets digest the implications of the United Arab Emirates’ decision to leave OPEC, a move that could fundamentally reshape the Middle East oil landscape. According to officials familiar with the administration’s deliberations, Trump concluded that maintaining the blockade, despite its economic and political costs, carried less risk than the alternatives: resuming bombing campaigns or walking away from the conflict entirely. Yet the decision to prolong the blockade threatens to deepen a confrontation that has already driven up gasoline prices, eroded Trump’s approval ratings, and dimmed Republican prospects in the upcoming midterm elections. The ongoing standoff has also resulted in the lowest number of transits through the Strait of Hormuz since the war began, further tightening global supply chains. In a parallel development, the UK government has called on domestic refineries to maximize production of jet fuel, signaling concerns over potential supply disruptions as the summer travel season approaches. The request, issued by the Department for Energy Security and Net Zero, urges refineries to prioritize aviation fuel output amid rising global demand and the uncertainty created by the Iran blockade and OPEC’s internal fractures. The move echoes similar emergency measures taken during the height of the pandemic, though officials stress that this is a precautionary step rather than a response to an immediate shortage. The UAE’s exit from OPEC, announced over the weekend, has sent shockwaves through the oil market. Analysts warn that the departure could embolden other members to follow suit, potentially unraveling the OPEC+ alliance that has coordinated production cuts for years. Russia, a key OPEC+ partner, expressed hope that the group would survive the UAE’s exit, with Kremlin spokesman Dmitry...

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Categoria: cronaca