Crude Oil Price Drops by 7% as US Halt Strikes

[Localhostspeed]

Here in the Philippines, we can really feel it whenever fuel prices increase. It does not affect only people who own cars because transportation costs also increase, and later we notice higher prices for food and other basic needs.

I hope the current ceasefire will continue and lead to real peace. But based on what I have observed, fuel prices rise quickly whenever there is conflict, while price reductions at the pump usually take more time. So even if crude oil becomes cheaper, I am not expecting a big rollback immediately.

Before Iran and US started this recent fight, we were already complaining to the government to the government that refinary here should reduce their price since price of crude oil has reduced, after the delegation meetings, they reduced the price and then Iran and US started another one. On visiting the fueling station, I was surprised that the selling price now is higher than the one that was sold the first time, I'm tired of everything right now.

This war is not even affecting these countries, US is far from middle east, it is only their armies that are doing the job while Iran is rich in oil, but suffer casualties more. May be this is not time to be pointing fingers and looking to feel big. Let's fix Iran and let US comes in good terms so the rest of the world will have peace. There many businesses that can't continue because of this increased in crude oil.

[PostQuantumBTC]

It is unfortunate that those in the business of oil and gas will never stop to extort the people, I will always mention my country when issues like this, is been discussed, when the war between IRAN and US intensified then, the price of fuel skyrocketed immediately in my country as if the marketers were waiting for such to happen, that was what also happened when our president removed subsidy in petroleum  products I can never forget, the price of fuel then doubled overnight before the next day, that is what has been going on, we know that most of them has enough of this product before the strike break, but they can never drop the price, but don't we think that these guys are just after their business hence they know that the government does not care especially in my country, the fix the price they want to sell by themselves even though the government gives them order to sell at a reduced price they might agree but the meter can never be okay,  as for the adoption of Bitcoin, it has geared up already.

With the way you post, I think you are also from Nigeria where the president removed the fuel subsidy like an illiterate. Also the price of fuel increased immediately when the war started on the 28th of February in Iran. But what is happening now is different, people are suffering from inflation in all or almost all countries including the United States itself with the unnecessary and selfish war that Trump is fighting in Iran.

Houthi has joined the war now, over 75% of Saudi Arabian oil are passing through strait of Bab El-Mandeb in the red sea. After Iran has the power to also block the striat to some extent in the red sea with the help of Houthi, if the war continue, it is very possible that oil price is going to $150.

They will still threaten to cut underwater cable if the war continue. Trump know all these can happen but he just wanted war. There is nothing that man has done that I like including his tariffs and his stance on Greenland and Cuba.

[Coyster]

This war is not even affecting these countries, US is far from middle east, it is only their armies that are doing the job while Iran is rich in oil, but suffer casualties more. May be this is not time to be pointing fingers and looking to feel big. Let's fix Iran and let US comes in good terms so the rest of the world will have peace. There many businesses that can't continue because of this increased in crude oil.

You couldn't be more wrong, you should look up how much more Americans are spending on gasoline, and i'd give you a hint, it is significantly higher than pre-war levels. The U.S. have also spent around $37b to fund this war thus far and they have requested further funding, running into tens of billions of dollars to continue operations in the Middle East.

What about Iran, the damages and losses are massive, the war has done terrible damage to their economy, as inflation levels worsen. You should look up these numbers for yourself to get a very clear picture of the situation. And also understand why you couldn't be more wrong to believe the war isn't affecting the nations actively in it.

[bhadz]

Here in the Philippines, we can really feel it whenever fuel prices increase. It does not affect only people who own cars because transportation costs also increase, and later we notice higher prices for food and other basic needs.

Today, despite that there's a ceasefire again. We've got another increase of 7 pesos ($0.11) per liter. These oil companies are driven by profit when it should have been below 70 pesos already($1.13) per liter because pre-war price was around Php50 to 55 for diesel. The reaction of this strike halt will be for next week but let's see if the oil companies will drop in prices along with the news. They're following the Mean of Platts Singapore (MOPS) for the pricing. And basically, when oil increases then the whole thing in the economy increases too because of its impact which is another round for inflation.

Before Iran and US started this recent fight, we were already complaining to the government to the government that refinary here should reduce their price since price of crude oil has reduced, after the delegation meetings, they reduced the price and then Iran and US started another one. On visiting the fueling station, I was surprised that the selling price now is higher than the one that was sold the first time, I'm tired of everything right now.

Thanks to the oil deregulation law.  
The government has no control of the price from these oil companies. And instead of creating solutions, they're passing it to the private sector and these oil companies are in control of it, margin + reasons that the supply is limited etc. In the meanwhile, what's being told to the press is that we've got enough supply of oil.

[STT]

The oil is heavy and takes time to transport, not even including the refinement and final delivery to customer.  The graph shows an immediate market price, basically estimating future price movements.
   In practise the two considerations are different things, not many of us are using raw crude even if it was sweet light its still a long way from products we are relying on but there is a relation between the two and much time taken in the production line from the gulf source.  
  
  The one easy thing we can conclude from all this trouble in a wasteful war is independence from oil helps make a country alot more resilient from this global trade vulnerability.
  

[Die_empty]

Today, despite that there's a ceasefire again. We've got another increase of 7 pesos ($0.11) per liter. These oil companies are driven by profit when it should have been below 70 pesos already($1.13) per liter because pre-war price was around Php50 to 55 for diesel. The reaction of this strike halt will be for next week but let's see if the oil companies will drop in prices along with the news. They're following the Mean of Platts Singapore (MOPS) for the pricing. And basically, when oil increases then the whole thing in the economy increases too because of its impact which is another round for inflation.

They are slow to reduce prices when there is a ceasefire. But quick to increase the price of petrol immediately when hostility starts. I bet many of these oil firms will want this war in the Middle East to continue because the market instability makes it easy to make more gains. So many people have switched to public transport because they cannot afford to fuel their cars.

Thanks to the oil deregulation law.  
The government has no control of the price from these oil companies. And instead of creating solutions, they're passing it to the private sector and these oil companies are in control of it, margin + reasons that the supply is limited etc. In the meanwhile, what's being told to the press is that we've got enough supply of oil.

The government of my country just ended fuel subsidies two years ago. Deregulation is contributing to a high rate of inflation. The cost of goods and services is increasing because the oil market is now controlled by the law of demand and supply. I went to the hospital yesterday, and there was no water because o fuel to power generators. This war needs to end permanently.   

[pooya87]

Even though the real oil price is much higher (being traded in real world not on some website on the internet) but it is still fascinating to see how the US regime has such a tight control over that market and can significantly manipulate the price.

• Unless you missed it, recently the Armed Forces of Yemen started retaliating against one of the largest oil produces in the world aka the Saudi usurpers of Arabia and in those retaliations they destroyed a lot of the usurpers' energy infrastructure to the point that the analysts say the Saudi oil production is completely stopped.
• With closure of Bab al-Mandab strait (in addition to Strait of Hormuz) at least a quarter of global oil supply is gone.
• On top of that Iran is still heavily bombing the US military bases across West Asia (eg. yesterday the US terrorist bases in Jordan and Iraq were destroyed).
• And of course we are in day 152 of the War of Choice the US regime started and caused a global oil shortage that is around 2 billion barrels at this point.

So by all accounts oil price should be in 3 digits not sitting in $80's range... As I said the market manipulation is so fascinating to watch

[LogitechMouse]

Here in the Philippines, we can really feel it whenever fuel prices increase. It does not affect only people who own cars because transportation costs also increase, and later we notice higher prices for food and other basic needs.

I hope the current ceasefire will continue and lead to real peace. But based on what I have observed, fuel prices rise quickly whenever there is conflict, while price reductions at the pump usually take more time. So even if crude oil becomes cheaper, I am not expecting a big rollback immediately.

Just today, prices of fuel here in our country increased yet again, and it's nearly going back to 100 PHP ($1.63) yet again. Before the war started, it was around $1.09 and it went to as high as $2.44 which is a huge problem for the transport industry. Now we're nearing to that high prices again.

As for the ceasefire, I don't think that it will happen at the nearest time possible, and if it happens, it will just probably be as weak as the first ceasefire that happened a few weeks ago. Heck, that can't even be called ceasefire because both countries are still bombing each other. It just lessen the amount of strikes, and TBH, I don't expect something good that will happen even though there will be a ceasefire. What they need is an agreement, but it seems like Iran will not have any talks to the US anymore... at least for now.

As for the price of Crude Oil, right now the war is becoming much worse as Saudi Arabia is on the mix already, so I expect that there will be more price increase in the future. Unfortunately, there's nothing that we can do about it, but to endure the pain, and adjust our expenses into it since majority of us here are using oil in whatever way possible.

[pooya87]

As for the price of Crude Oil, right now the war is becoming much worse as Saudi Arabia is on the mix already, so I expect that there will be more price increase in the future.

This is going to be long because of the way the US regime keeps escalating things trying to destabilize the global economy.

For example last night with the help of Saudi usurpers of Arabia the US regime carried out terrorist attacks against the civilians who come from all around the world to Karbala, Iraq every year to participate in the Arba'een pilgrimage as well as the base of Iraqi counter terrorism forces who were providing the security of this event. This terrorist attack (which both US regime and Saudi usurpers took responsibility for) led to dozens of civilian casualties.

There will be immediate retaliation by both Iran and Yemen punishing the Epstein Axis. But the Iraqi forces who are hosting the largest gathering of people in the world right now have given "certain malicious actors" 9 days before they also start retaliating against the Axis.

Long story short, the US regime's strategy of destabilization of the world will continue for the foreseeable future as I'd predicted last year here.

[snowpega]

...
Long story short, the US regime's strategy of destabilization of the world will continue for the foreseeable future as I'd predicted last year here.

Yeah, you are very correct. Because what I really belive that Trump is a crazy old man who is using a manipulative strategy and is trying to disturb the whole ecosystem of all international world economies. For example, when he became president, he used the strategy of tariffs to make more money and make their own country more stable, but when the Supreme court announced Trump terrif is illegal, which in result US has to pay back all the amount collected in terms of terms internationally. After that, he went madder on Iran and started to make strikes on Iran, saying that they are backing Israel.

We really know that the US is benefiting the most itself from this conflict by selling Venezuela-seized oil by disturbing the Hormuz Strait. Due to such mad behaviour of Trump, no market is stable, whether it is a physical market or an online marketplace or crypto or stock markets. Inflation rates are getting uncontrolled due to the increasing price of oil. And we really know the importance of this because the majority of things depend on oil: goods production and transport, and factories depend on the oil supply. Then, obviously, when the price of oil becomes high, how can inflation be controlled?

[yhiaali3]

Certainly, most countries have begun to feel the impact of the US-Iran war and its effect on rising fuel prices worldwide. I do not expect the truce between the two sides to last long because each side does not trust the other and accuses the other side of violating the truce.

Here in my country, the government has raised fuel and petroleum product prices three times in a row. This has caused great pressure on the population and caused the prices of all materials to rise due to the increase in fuel prices, because, as is known, there are many materials that depend on fuel, in addition to the high transportation costs.