(Investing) – HOUSTON – Brent crude futures breached $100 a barrel on Wednesday for the first time since late July, as Iran and the U.S. hit tankers in the biggest wave of attacks on shipping since the war began, threatening to worsen the ongoing impairment of energy supplies from the Middle East. Front-month Brent crude futures were up $3.40, or 3.5%, at
(Investing) – LONDON – Oil prices rose on Thursday after U.S. strikes on Iran and renewed Israeli threats against Tehran revived concerns about disruptions to Middle East supplies. Brent crude futures were up 59 cents, or 0.62%, at $96.22 a barrel by 1327 GMT while U.S. West Texas Intermediate crude futures rose 78 cents, or 0.86%, to $91.79. Both contracts were heading for their
(Oil Price) – The Iran war has created an extraordinary earnings season for U.S. refiners. Brent crude has fallen to around $90 per barrel from a wartime peak of $126, but the shortage of refined fuels has only deepened. According to Reuters, Global refinery throughput in July was nearly 5 million barrels per day below year-earlier levels as Middle Eastern refineries remained constrained
(Oil Price) – A cargo vessel was struck by an unknown projectile in the Strait of Hormuz early on Tuesday local time as risks of additional escalation in the region pushed Brent Crude oil prices above $91 per barrel. The United Kingdom Maritime Trade Operations (UKMTO), a Royal Navy-sponsored organization, said on Tuesday that it had received a report of an incident
(BOE Report) – Shipping through the Strait of Hormuz slowed over the weekend, data showed on Monday, following attacks on tankers, while U.S.-Iran talks to resolve the Middle East conflict stalled. Five commodity vessels transited the strait on Saturday, with none registered for Sunday, shiptracking data from Kpler showed, versus 31 in the prior weekend. Ships entering the strait on
(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
(Oil Price) – BP more than doubled its profit for the second quarter from a year earlier on the back of higher oil and gas prices and stronger refining margins driven by the shock supply disruption in the Middle East. BP on Tuesday reported an underlying replacement cost (RC) profit, the closest metric to net profit closely watched by analysts, of $5.7
(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) – The biggest oil supply squeeze is currently in diesel markets amid the lowest global refining activity for this time of year since the 2020 pandemic, Goldman Sachs says. War-induced refinery outages in the Middle East and Russia have collapsed global fuel supply, especially of diesel, while increased output in the Americas and Africa has managed to offset
(Investing) – Baker Hughes (NYSE:BKR) said on Monday it expects global spending by oil and gas producers to decline modestly this year. The company said growth in Latin America, offshore Africa, and North America land will be offset by lower spending in Europe and the Middle East. The Middle East conflict has dominated energy markets this year. Repeated flare-ups in tensions between
(Oil Price) – Oil prices have been on a climb for over a week now as hostilities in the Middle East continue, and despite recent talk of a glut, the physical market is flashing signs of tightness—and higher oil for longer. Earlier this month, analysts were quick to start warning of an oil glut looming over the world as traffic via
(By Oil & Gas 360) – Energy markets continued shifting from crisis pricing toward normalization this week, but the transition remains uneven. Oil prices weakened as Hormuz flows improved and Saudi Arabia prepared to cut prices, yet shipping uncertainty, strategic reserve building, and new attacks kept risk alive. The market is no longer pricing full disruption, but it is not
