(Investing) – “This conflict, which should never have happened, has no reason to continue,” the ministry said. Among deals the market was looking for from the U.S.-China summit, Trump said China wants to buy oil from the United States. Trump also said he could lift sanctions on Chinese companies that buy Iranian oil. “Market focus is back on the deadlock and
(Oil & Gas 360) By Greg Barnett, MBA – If the first Gray Swan resides beneath Iran’s tanks and inside its reservoirs, the second flies openly above the Strait of Hormuz. This is the domain of leverage rather than logistics, of influence rather than infrastructure. It is where diplomacy, energy flows, and great‑power competition intersect—and where markets persistently mistake management
(World Oil) – TotalEnergies and Egyptian Natural Gas Holding Company have signed a memorandum of understanding (MoU) covering offshore exploration cooperation in northwestern Egypt as the companies continue evaluating deep offshore resource potential in the region. The agreement establishes a framework for technical cooperation and preliminary exploration activities across a large offshore area located in the northwestern part of Egypt’s
(Oil Price) – Global oil demand is set to exceed supply in the current year amid the ongoing conflict in the Middle East, reversing previous projections of a surplus. According to the May 2026 Oil Market Report by the International Energy Agency (IEA), global oil supply is projected to fall by 3.9 million bpd across 2026, with ~10.5 million bpd of Gulf
(Investing) – Oil prices climbed on Tuesday, extending gains of nearly 3% in the previous session, after U.S. President Donald Trump said a fragile ceasefire with Iran was on “life support,” denting hopes for an imminent peace agreement. As of 09:46 ET (13:46 GMT), Brent crude futures, the global oil benchmark, rose 3.6% to $107.96 a barrel, while U.S. West Texas Intermediate
(World Oil) – The reputation of the Strait of Hormuz as a reliable artery for global energy trade may be permanently damaged by its prolonged closure, International Energy Agency Executive Director Fatih Birol said. Even if movement is restored, “the vase has been broken. You can’t glue it back together,” Birol said, warning that the disruption has undermined confidence in what
(Investing) – OPEC crude production dropped by 830,000 barrels per day in April to 20.04 million bpd, marking the lowest output in more than 20 years. April’s production level represents the lowest OPEC output since at least 2000, excluding membership changes, and falls below the levels seen during the COVID-19 pandemic in 2020 when demand collapsed. The decline came as the
(Investing) – Oil prices edged higher on Friday after U.S. and Iranian forces exchanged fire near the Strait of Hormuz. Despite the escalation, President Donald Trump maintained that the month-old ceasefire was still in place, with Brent crude remaining above $100 per barrel. As of 08:30 ET, Brent Oil Futures was marginally up 0.2% to $100 per barrel, while West Texas Intermediate (WTI)
(BOE Report) – U.S. Energy Secretary Chris Wright said on Thursday that Iran appears to have cut back oil production by 400,000 barrels per day and is likely to reduce it more as its storage units fill. “It looks like they’ve likely already cut back their production, maybe by 400,000 barrels a day. They’ll likely continue to ramp down their
(World Oil) – OPEC’s crude production fell to a new 36-year low last month as the Iran war continued to choke off exports from the Persian Gulf and forced further shut-ins, according to a Bloomberg survey. Output from the Organization of the Petroleum Exporting Countries declined by 420,000 bpd to 20.55 MMbpd in April, the lowest since 1990, driven by deeper
(Oil Price) – Crude oil prices extended losses for a second day today, after President Trump said the United States would pause its plan to escort vessels out of the Strait of Hormuz just a couple of days after it was announced. The news prompted expectations that a peace deal may be in the making, pressuring Brent crude below $107 and West Texas
(BOE Report) – Iran will only accept “a fair and comprehensive agreement” in its negotiations with the U.S. on ending the war in the Middle East, its foreign minister said on Wednesday, as President Donald Trump cited “great progress” in the process. “We will do our best to protect our legitimate rights and interests in the negotiations,” Foreign Minister Abbas
