AGP Executive Report
Last update: 12 hours agoOil and Security: Brent settled 0.8% lower at $115.81 a barrel on Monday as hopes for diplomacy eased supply fears, but prices remain near six-month highs. Houthi forces said they targeted Saudi Arabia’s East-West oil pipeline and Riyadh airport; Saudi Arabia has not confirmed the pipeline strike. Diplomacy and Escalation: Saudi, Turkish and Pakistani officials met Iran’s leaders in Tehran to avert renewed fighting, while Qatar is also mediating. Egypt’s parliament authorized military support for Saudi Arabia. Iran’s foreign minister warned that the Strait of Hormuz will not return to its pre-war arrangements, keeping risks to shipping and energy flows in focus. Cyprus Gas: Eni signed contracts worth up to $1.8 billion to develop the Cronos field, Cyprus’ first gas project to reach construction. Production is targeted for 2028, with peak output expected at about 500 million cubic feet a day.
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