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Brent reaches $79/bbl amid Iran hijacking St Nikolas vessel

The Brent futures have strengthened over the last couple of hours to two-week highs, trading at highs of $79.04/bbl at 16:23 GMT. At 17:00 GMT (time of writing), the contract is trading at $78.53/bbl. Mar WTI prices also strengthened throughout the day, reaching $73.75/bbl at 16:25 GMT and retracing slightly lower to trade at $73.20/bbl at 17:00 GMT.

Oil demand will continue to set record for 2024, expected to grow at 2.2m bpd for 2024, according to Wood Mackenzie’s oil demand assessment. According to the organisation, resilient global GDP growth, including Chinese recovery would support oil demand.

The St Nikolas was confirmed to have been seized by the Iranian navy. This response is in retaliation for the US confiscating the same vessel and its oil last year. According to the Islamic Revolutionary Guard Corps, the tanker is being rerouted with an order from judicial courts and transferred back to Iran.

Azerbaijan produced 30.2m mt of crude oil and natural gas condensates in 2023, or 7.4% lower than the year previous.

The front and 6-month Brent futures spreads are at $0.38/bbl and $1.70/bbl respectively.

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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.