What's Moving the Oil Markets?

What's Moving the Oil Markets?

•IPE Brent futures in London hit a three-week high Monday in reaction to the warning from Iran that the country's crude exports could be "put in serious risk" if the US makes any "mistake" in dealing with the Islamic Republic.

•During a speech marking the 17th anniversary of the death of Iran's Islamic revolutionary leader, Ayatollah Ruhollah Khomeini, Iran's supreme leader Ayatollah Ali Khamenei said that energy supplies from the region could be severely disrupted if tension escalates between the US and Iran over the country's nuclear program.

•-Supply disruptions in Nigeria were brought to the fore again after eight foreign oil workers were kidnapped on Friday. However on Sunday, Nigerian police said all of the workers had been released and were in the custody of the southern Bayelsa state government. "Despite the release of the workers, the manner in which they were taken is extremely worrying and definitely bullish. These things are a reality and the market is reacting accordingly," a broker said.

Updated: 06/05/06

Please visit: www.platts.com

Their coverage of energy matters is extensive!!.