(Investing) – Oil prices edged up to a one-week high on Tuesday as doubts about a potential U.S.-Iran peace deal fueled concerns that Middle East supply disruptions would persist. Brent futures rose $1.19, or 1.4%, to settle at $88.91 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.07, or 1.3%, to settle at $83.20. Those were the highest closes for
(World Oil) – ADNOC Gas has taken final investment decisions (FID) on the next phases of its Rich Gas Development (RGD) project, awarding $8.2 billion in engineering, procurement and construction (EPC) contracts that will expand natural gas processing capacity and support the company’s long-term growth strategy. The awards include a $3.9 billion Phase 2 contract to Wison Engineering and a $4.3 billion Phase 3 contract to Tecnimont. Combined with the $5 billion Phase 1
(Investing) – Oil prices advanced 4% on Monday following a steep weekly loss, after Iran ruled out direct talks with the U.S. and said a full reopening of the Strait of Hormuz would only be possible after Washington met certain conditions. Meanwhile, Iran-backed Houthi attacks on Saudi Arabian energy infrastructure exacerbated concerns over regional oil flows. At 12:32 ET (16:32 GMT), Brent
(World Oil) – ADNOC released the following statement Friday addressing the impact of recent attacks on its vessels and operations amid continued disruption in the Strait of Hormuz: “ADNOC remains firmly focused on meeting customer requirements despite an exceptionally challenging environment. We continue to be significantly impacted by unprovoked attacks on our people and our assets. Since the beginning of the
(Investing) – DUBAI/RIYADH – A proposed deal between Iran and Oman to help end five months of war between Iran and the United States would give Tehran control over ships entering the Gulf through the Strait of Hormuz, a senior Iranian source and two regional officials told Reuters on Wednesday, one of the biggest concessions yet to Iran. There was no
(BOE Report) – U.S. oil exports in July fell to 3.66 million barrels per day, the lowest level in eight months, ship tracking data showed, as a short-lived peace deal between the U.S. and Iran in June briefly flooded markets with Middle Eastern oil and diminished demand for American crude abroad. The U.S. had cinched the spot as the world’s
(World Oil) – Tightening global oil inventories and continued geopolitical instability are expected to keep crude prices supported through August, even as OPEC+ moves to restore additional production, according to Tamas Varga, analyst at PVM Oil Associates, part of TP ICAP. Varga said the oil market remains dominated by geopolitical risks stemming from conflicts in the Middle East and Ukraine, while trade
(Oil Price) – When Iran shut down the Strait of Hormuz, Saudi Arabia quickly redirected its oil flows to the Red Sea. Now, that route has become dangerous because of the Houthi blockade, so Saudi is rerouting to Egypt—and two LNG tankers in the Egyptian port of Damietta just got struck by drones. OPEC’s number-one is running out of options to
(Oil Price) – Wood Mackenzie now estimates that the global upstream oil and gas sector could generate $495 billion in free cash flow in 2026 if crude averages $90 per barrel, more than doubling its previous forecast based on a $60 oil price assumption. The revision follows the sharp jump in crude prices triggered by the Middle East conflict, turning what had
(Oil Price) – Oil prices surged more than 7% on Wednesday as renewed U.S.-Iran hostilities and fresh threats to shipping through the Bab el-Mandeb pushed WTI above $84 and Brent toward $90, confronting the Federal Reserve with another inflation shock just hours before one of its most uncertain interest-rate decisions in years. The rally accelerated after President Donald Trump vaguely told
RIYADH – Oman has presented a proposal to Iran for joint regional management of the Strait of Hormuz with shipping firms paying voluntary fees, a Gulf source told Reuters on Tuesday. The Strait of Hormuz — which carried a fifth of global oil and liquefied natural gas before the Iran war — has become the main hurdle in peace talks and
(World Oil) – Kuwait Oil Company (KOC) has signed a $16 billion infrastructure partnership involving its domestic and export crude oil pipeline network, a transaction expected to generate $7.85 billion in proceeds to help fund upstream expansion and support Kuwait’s goal of increasing crude oil production capacity to 4 MMbpd by 2035. The agreement establishes a new joint venture between KOC and a consortium comprising Blackstone, Brookfield and KKR.
