Oil: Prices supported by supply risks and Iran tensions – Danske Bank
Danske Research Team highlights that European diesel prices surged after IEA members accelerated previously announced oil stock releases, prioritising diesel amid tight markets and Iran-related disruptions. Strait of Hormuz crude flows fell sharply following tanker attacks, though alternative routes partly offset the decline. The team also notes the oil price is above $102 as the US considers strike options against Iran.
Diesel spike and Hormuz disruption
"Also in commodities, Strait of Hormuz traffic fell to its lowest level in more than two months, with Kpler reporting just seven commodity vessels transiting on Tuesday after tanker attacks last week reached their highest level since the Iran war began."
"Crude flows through the Strait were down 27% from the wartime high the week before. However, higher exports from the Gulf of Oman and Red Sea are helping offset the decline, keeping up overall regional crude exports."
"In commodities, European diesel prices jumped sharply after IEA members agreed to accelerate the release of oil stocks announced in March but clarified that the plan would not exceed the 400m barrels already committed."
"Around 100m barrels are still to reach the market, with members set to prioritise diesel where possible amid tight markets and supply disruptions from the Iran war."
"The move therefore mainly brings forward already pledged volumes rather than adding fresh supply, which disappointed markets."
"Furthermore, the oil price rose as the US is looking at options to strike Iran ahead of the mid-terms and the oil price is above USD 102."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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The second paragraph adds stock information, while the fifth, eighth, and ninth paragraphs provide additional details. Background information is supplemented in the sixth, seventh, tenth, and eleventh paragraphs. Reuters, October 8 – Pharmaceutical company Viatris (VTRS.O) will acquire Pacira BioSciences (PCRX.O) in an all-cash deal worth $1.65 billions, adding two non-opioid painkillers to its portfolio, the companies said on Thursday. Viatris will acquire Pacira at $36.50 per share, representing a 44.8% premium to the latest closing price. Pacira’s stock rose by 44% in premarket trading. Pacira’s non-opioid painkillers, Exparel and Zilretta, generated sales in 2025 of $575.1 millions and $116.6 millions respectively. Exparel is used to relieve acute pain after surgery, and Zilretta is used to treat pain associated with knee osteoarthritis. Viatris stated it expects to expand the reach of these products in selected target markets. Viatris CEO Scott Smith stated, “the addition of these medications creates a synergy with our rapid-acting meloxicam market opportunities, positioning us as a leader in non-opioid pain management.” The US Food and Drug Administration (FDA) is expected to make a decision by December 27 on the approval application for rapid-acting meloxicam for the treatment of moderate to severe acute pain. Viatris plans to finance the acquisition primarily with idle cash, and the remainder through short-term borrowing. The company noted the deal will have minimal impact on its total leverage ratio. In August, Viatris (link) raised its annual adjusted profit forecast, counting on strong brand drug sales and growth in the Chinese market. The pharmaceutical company had previously faced (link) production setbacks in its Indian operations, including a fire at its Nashik plant in western India and increased competition in the generic drug market, raising concerns about the resilience and growth of its core business. The company stated the transaction is expected to close by the end of 2026 and will immediately enhance Viatris’s financial guidance metrics. (For non-native English speakers, Reuters provides automated translations of its reports into several other languages. Since automated translations may contain errors or lack necessary context, Reuters does not guarantee their accuracy and provides them for convenience only. Reuters accepts no liability for any damage or loss caused by the use of automated translation.)
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