The U.S.-Iran war has injected a hefty geopolitical risk premium into the energy markets and disrupted supplies through the Strait of Hormuz, which carries about a fifth of global oil flows.
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Benchmark Brent crude saw an average closing price of $96.68 per barrel during the April-June quarter, up 23% from the first three months of the year.
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Occidental’s worldwide average realized oil price in the second quarter was $96.78 per barrel, compared with $69.91 a barrel in the previous three months.
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Worldwide realized natural gas prices averaged negative 80 cents per million cubic feet, compared with positive $1.20 per mcf in the previous quarter.
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Worldwide realized natural gas liquids prices rose nearly 30% to $24.64 per barrel, compared with $18.99 per barrel in the previous quarter.
Reporting by Dharna Bafna in Bengaluru; Editing by Jonathan Ananda
Our Standards: The Thomson Reuters Trust Principles.
Source: Original Article
