(Investing) – LONDON – Almost half the world’s oil comes from countries affected by conflict in 2026, Reuters calculations show, underscoring that current disruptions have eclipsed previous energy crises. Six months ago, U.S. and Israeli attacks on Iran triggered what has become the largest oil supply crisis on record, with no clear end in sight. At the same time, the
(Oil Price) – Norway’s energy major Equinor hopes to make a “pretty big” oil discovery offshore Namibia, the global exploration hotspot it has just entered, a senior company official said on Tuesday. Equinor hopes that the Petroleum Exploration License 90 (PEL 90) offshore Namibia could hold a big discovery similar to those TotalEnergies and Galp have made in recent years in
(BOE Report) – Just two commodity vessels transited the key energy chokepoint of the Strait of Hormuz on Monday, for the lowest daily tally since early May, with both entering the Gulf, shipping data showed. The figure was also well below the 10-day average of 14, with just one very large gas carrier and one very large crude carrier entering
(World Oil) – bp has awarded Halliburton an integrated drilling services contract for the first appraisal campaign at the Bumerangue field offshore Brazil, as the operator moves to further evaluate its deepwater discovery. Under the contract, Halliburton will provide an integrated package of drilling and reservoir evaluation services aimed at supporting the appraisal program and improving operational efficiency. The scope will combine multiple Halliburton drilling and
(Investing) – Oil prices fell 3% to a one-week low on Tuesday as traders shrugged off the latest U.S. sanctions campaign against Iran, viewing economic pressure as posing less risk to oil supplies than a military escalation. Brent crude futures were down $2.75, or 2.98%, to $89.42 a barrel at 1219 GMT, while U.S. West Texas Intermediate crude was down $2.67, or 3.14%, at $82.34.
(Oil Price) – Mexico’s state oil firm Pemex and Brazil’s national oil company Petrobras are joining efforts and expertise to drill prospects in Mexican waters in the Gulf of Mexico, hoping to unlock huge oil resources from source rock formations that are miles deeper and eight times older than the currently producing formations in the U.S. Gulf. Exploration in the Jurassic
(World Oil) – Comet Ridge has completed the acquisition of Santos’ 42.86% interest in the Mahalo Gas Project, giving the company 100% ownership and operatorship of the broader Mahalo Gas Hub in Queensland. The transaction follows an agreement announced in December 2025 and amended in May 2026. Comet Ridge paid Santos A$24.42 million in cash and issued 83.78 million Comet Ridge shares as
(Oil Price) – Natural gas prices in Europe need to jump by December for European storage to fill up with enough inventory for the coming winter if the Strait of Hormuz crisis persists and keeps spot LNG prices in Asia elevated, according to Goldman Sachs. Since the Middle East crisis began, Europe has started losing the competition with Asia for spot
(BOE Report) – In rural west Texas where oil rigs and pump jacks dot the sparse flat landscape, an ExxonMobil contractor sits in a small office on a drilling rig, using controls on a screen to operate robotic machinery and move tall steel pipes weighing roughly 2,000 pounds. This work would usually require human overseers standing on the rig floor,
(World Oil) – Iran said it discovered more than 7.5 trillion cubic feet of natural gas, after months of war with the U.S. and Israel seriously disrupted its energy sector. Around 5.7 Tcf of the find in the country’s southern Fars province is recoverable, Oil Minister Mohsen Paknejad told state TV on Sunday. He described it as equivalent to 15 years
(Investing) – WASHINGTON/ISLAMABAD – The United States was set to warn countries to cut ties with Iran or risk their businesses being cut off from the dollar-based financial system when it unveils the “greatest financial offensive ever” on Monday, a source told Reuters. U.S. Treasury Secretary Scott Bessent will outline measures at 1 p.m. (1700 GMT) to broaden the scope of
(World Oil) – Oil headed for a weekly gain as traders awaited details on a U.S. campaign to isolate Iran’s economy, with no apparent end in sight to a conflict that has slashed Middle East exports. Treasury Secretary Scott Bessent said Thursday the administration would provide details of the initiative Monday after President Donald Trump described the push as an “economic
