(BOE Report) – Revived tanker movement through the Strait of Hormuz pushed U.S. crude prices below $70 a barrel briefly on Wednesday even though inventories at the country’s crude storage hub in Cushing, Oklahoma have dropped to their lowest in 12 years. Stocks of oil at Cushing fell to about 19 million barrels last week, the lowest level since 2014,
(World Oil) – Brent oil fell below $75 for the first time since the Iran war began, as more tankers openly cross the Strait of Hormuz, while the U.S. and Iran signal progress toward ending the war. The global benchmark shed has much as 3.1% to the lowest since Feb. 27. Vessels are transiting the waterway with their satellite signals switched on,
(BOE Report) – British oil major BP has started a process to sell stakes in two of its Gulf of Mexico projects, four people with knowledge of the matter said, in what would be one of new CEO Meg O’Neill’s first moves. BP, one of the largest operators in the Gulf of Mexico, has been weighing a sale of minority
(BOE Report) – Oil prices slipped to their lowest since March on Monday after U.S. President Donald Trump and Iran’s deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz. Brent crude futures fell $3.58, or 4.10%, to $83.75 a barrel by 0004 GMT and U.S. West
(Oil Price) – Oil prices dropped by around 4% early on Wednesday as hopes of a U.S.-Iran deal outweighed concerns about rapidly drawing inventories as the Strait of Hormuz remained closed on the back of fresh U.S.-Iran hostilities. As of early Wednesday trade in Europe, WTI Crude, the U.S. benchmark, is down by 4.32% at $89.83 per barrel. The international benchmark, Brent
(BOE Report) – Brent crude futures rose nearly 2% in early Asian trade on Tuesday after the U.S. military carried out strikes in southern Iran in what it described as defensive actions, keeping markets on edge as a deal to end the war eludes both sides. Brent futures climbed $1.40, or 1.5%, to $97.56 a barrel as of 0006 GMT,
(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
(Oil Price) – Iran wants the U.S. blockade and sanctions to be lifted and Iran’s frozen funds to be released in the latest peace proposal to the United States, Iranian state media reported on Tuesday. “The Iranian proposal to end the war includes the country’s insistence on its right to uranium enrichment and peaceful nuclear activities, an end to conflicts across
(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
(Oil Price) – President Donald Trump posted on Truth Social Tuesday that Iran had “informed” his administration it was in a “state of collapse” and urgently wanted the Strait of Hormuz reopened. “Iran has just informed us that they are in a ‘State of Collapse.’ They want us to ‘Open the Hormuz Strait,’ as soon as possible, as they try
(Oil Price) – An analysis by The Guardian has revealed that the world’s largest Oil & Gas companies, as well as major oil producers such as Saudi Arabia and Russia, will make an extra $234 billion in windfall profits by the end of the year if oil prices continue to average $100 per barrel. According to the exclusive report,
(Investing) – UBS on Wednesday raised its average Brent crude oil price forecasts for the first quarter and full year 2026, citing escalating conflict in the Middle East and the current near de facto closure of the Strait of Hormuz. The bank now sees the Brent price averaging $71 per barrel in the first quarter, implying around $80 a barrel in March, and at
