(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
(Oil Price) – U.S. oil companies dominating the shale patch are planning to trim their spending plans and instead take advantage of higher international oil prices to reduce debt and boost shareholder returns. This is bad news for production growth. Bloomberg reported earlier this month that all the big names in shale had reduced their spending over the first six months of
(Oil Price) – Declarations by Iran and the U.S. earlier this week make the prospect of peace in the Middle East even more distant, driving crude oil prices higher. Meanwhile, the diesel crack spread in the U.S. topped $100 per barrel for the first time in history. At the time of writing, Brent crude was trading at $91.33 per barrel, with West Texas
(Investing) – Brent crude futures, the global oil benchmark, had edged down 0.2% to $86.84 a barrel, while U.S. West Texas Intermediate crude futures had dipped 0.4% to $80.91 a barrel by 09:30 ET (13:30 GMT). Brent and WTI futures were trading up around 5% this week. The effective closure of the Strait of Hormuz has been a key point of support for
(Oil Price) – Saudi Aramco saw its adjusted net income jump by 33% for the second quarter from a year earlier as high oil prices and the oil giant’s ability to re-route most crude exports more than offset the constrained flows at the Strait of Hormuz. The state giant Aramco on Tuesday reported an adjusted net income of $33.385 billion for the
(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
(Investing) – Oil prices pared back earlier gains on Thursday, as investors weighed the impact of fresh U.S. strikes on Iranian targets and assessed data showing a drop in U.S. crude stockpiles. As of 06:10 ET (10:10 GMT), Brent crude futures, the global oil benchmark, had climbed 0.4% to $91.14 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were slightly higher
(Oil Price) – Shell (SHEL:NYSE) more than doubled its second-quarter earnings from a year earlier, as higher oil and gas prices, record refinery utilization, and strong trading boosted profits to above analyst expectations. Shell on Thursday reported adjusted earnings of $9.84 billion for the second quarter, more than double the $4.26 billion for the same period last year, and smashing analyst estimates
(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
(BOE Report) – Oil prices fell on Monday, settling at their lowest levels in over a week, after the U.S. abruptly suspended a campaign of air strikes against Iran over the weekend, raising hopes of a diplomatic solution that would allow shipping to resume in the Strait of Hormuz. Brent crude futures fell $8.42, or 8.7%, to settle at $88.36
(Oil Price) – The spike in oil prices and slowing private investments have been weighing on India’s economic growth, which is now seen at 6.6% in the fiscal year to March 2027, a full percentage-point drop from the 7.7% GDP growth in the prior fiscal year, a Reuters poll of economists showed on Tuesday. Nearly three dozen economists were surveyed between
