Brent crude futures rose 80 cents, or 0.97%, to $83.29 a barrel. U.S. West Texas Intermediate (WTI) futures gained 64 cents, or 0.83%, to settle at $77.93 a barrel.
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U.S. crude oil imports from Saudi Arabia fell to zero in July, marking the first time since 1985 that the United States has not imported Saudi crude, following disruptions to the kingdom’s oil exports and escalating tensions in the Persian Gulf.
President Masoud Pezeshkian has identified the expansion of clean energy, the reform of the subsidy system, and the restructuring of public administration as the three central pillars of Iran’s economic transformation agenda, stressing that the government has already embarked on the reform process and will not reverse course.
Brent crude futures rose 46 cents, or 0.58%, to $79.91 a barrel. U.S. West Texas Intermediate (WTI) futures gained 36 cents, or 0.48%, to $75.58 a barrel.
Persian Gulf countries' crude oil and condensate exports were largely steady in July and remained about 40% below pre-war levels, shipping data showed, with signs of a slowdown emerging in the second half of the month as fighting in the region intensified again.
India may impose a charge on cooking gas and natural gas consumers to help fund a planned $42 billion strategic fuel reserve, according to two sources with direct knowledge of the matter, after disruptions from the Iran war exposed supply chain vulnerabilities.
Iran has finished construction on the final two processing trains of its Central Treatment and Export Processing (CTEP) unit at the South Azadegan oil field, bringing the country's largest crude processing facility to the brink of full operation, oil officials said.
President Masoud Pezeshkian said energy imbalance was among the most significant challenges facing his administration during its first two years in office, alongside war, sanctions, water shortages and drought, as he reflected on the government's record ahead of the third year of his presidency.
Brent crude futures fell 92 cents, or about 1.2%, to $78.44 a barrel. U.S. West Texas Intermediate (WTI) futures dropped $1.07, or 1.4%, to $74.70 a barrel.
South Korean prosecutors searched seven petrochemical companies as part of an investigation into alleged price fixing involving products such as caustic soda and polyvinyl chloride (PVC), a media report said on Wednesday.
The head of the National Iranian Oil Refining and Distribution Company (NIORDC) stressed the need to speed up strategic reconstruction projects at damaged oil facilities to ensure steady fuel supplies, particularly to Tehran and the country's northern provinces.
The capacity for collecting associated petroleum gases has increased with the implementation of new projects, and the target of reducing flaring to 35 million cubic meters per day is being pursued.
Brent crude futures rose $1.12, or 1.3 percent, to settle at $84.89 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained 77 cents, or 1 percent, to reach $81.11 a barrel.
Iran’s Academic Center for Education, Culture and Research (ACECR) has localized over 2,000 components used in the petrochemical sector that were previously dependent on foreign imports, according to the organization’s technology commercialization officials.
Venezuela's oil exports fell slightly to 1.16 million barrels per day in July from 1.2 million bpd the previous month as the country drained fewer inventories, but exports to the U.S. jumped to some 786,000 bpd, the highest since early 2019, shipping data showed on Monday.
South Pars Phase 11, the final development phase of the world's largest natural gas field, is expected to reach its first production milestone within two months, according to the project's executive.
An official said: The most important advantages of small-scale and distributed power plants include generating electricity near the point of consumption, reducing grid losses, enhancing passive defense, and creating economic benefits for investors.
Washington's desperate bid to tame oil prices through strategic reserve releases is doomed to fail, experts warn, as Iran's commanding position in the Strait of Hormuz renders American threats increasingly hollow.
Brent crude oil futures fell $4.49, or 5.11%, to $83.44 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped $4.90, or 5.79%, to $79.77 a barrel.
Greek shipping company GasLog reported that its liquefied natural gas (LNG) carrier GasLog Shanghai remains stable following an incident while exiting the Strait of Hormuz, with all crew members safe and accounted for.