Australiagas

Bloomberg

Oil Pares Gain on News of Possible US-Iran Pact to Extend Truce

Oil pared gains on a report that the US and Iran have reached a preliminary agreement to extend the ceasefire between the two countries and launch negotiations on the Islamic Republic's nuclear program. The memorandum of understanding would extend the truce by 60 days and states that shipping through the vital Strait of Hormuz would be "unrestricted," without any tolls paid to Iran, but the potential pact still requires President Trump's approval, Axios reported. Trump wants several days to mull over the deal, according to the report. An agreement to extend the truce would represent a diplomatic breakthrough and potentially bring the US and Iran closer to reopening normal maritime traffic through the strait, which usually carries around a fifth of the world's oil and liquefied natural gas supply. For more, we speak with Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence.

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Bloomberg

BP's Ousted Chair Manifold Disputes Firm's Accusations

Former BP Chairman Albert Manifold says he was fired without warning or explanation and will challenge the company's version of events, deepening the turmoil around the UK oil major's latest leadership change. BP fired Manifold on Tuesday after eight months on the job, citing "serious concerns" related to "governance standards, oversight and conduct." Bloomberg's Mitchell Ferman has more.

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Bloomberg

Trump Advisor Predicts Gas Price Drop

Jarrod Agen, Executive Director of National Energy Dominance Council and President Trump's energy advisor joined Bloomberg Open Interest to talk about how gas prices will drop fast once the Strait of Hormuz reopens. He also defends the administration's aggressive "Drill Baby Drill" agenda. Agen touts record oil lease sales, LNG expansion, Alaska drilling, and a possible gas tax holiday as America races for "energy dominance."

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