(BOE Report) – Iran’s state TV said Tehran had obtained a draft of an initial, unofficial framework for a memorandum of understanding with the United States on ending their conflict. Under the framework, Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels within a month, while the United States would withdraw military forces from Iran’s vicinity
(Oil Price) – The new U.S. strikes on missile sites and boats in southern Iran are further clouding the market view of how the nearly three-month-long crisis will unfold. Oil prices jumped early on Tuesday in Asian trade following the strikes. Prices slumped by 5% on Monday due to hopes of a U.S.-Iran deal. The fresh strikes, however, are complicating the situation
(BOE Report) – Iran’s foreign ministry spokesperson said on Monday that conclusions have been reached on many topics discussed in a potential 14-point memorandum of understanding, but this does not mean a deal to end the Middle East war is imminent. The framework is focused on an end to the war and a U.S. naval blockade in exchange for Tehran
(Oil Price) – Despite the lowest production and export volumes on record, Saudi Arabia saw the value of its oil exports surge by 37.4% in March to the highest level in three and a half years, data from Saudi Arabia’s General Authority for Statistics showed. The value of the Kingdom’s total merchandise exports rose by 21.5% in March 2026 from a year earlier,
(BOE Report) – The tanker crew gathered their courage and carefully navigated along a route designated by Iran, hugging the coastline and maneuvering their hulking vessel between island checkpoints through the Strait of Hormuz. The 330-metre-long Agios Fanourios I, laden with Iraqi crude oil and bound for Vietnam, had been bottled up off the coast of Dubai since late April.
(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
