Brent crude futures rose 84 cents, or 0.82%, to $103.43 per barrel. U.S. West Texas Intermediate (WTI) crude futures also rose 25 cents, or 0.28%, to $89.63 per barrel.
BREAKING NEWS Feed Atom
The groundwork and infrastructure have been put in place for the construction of a modern, low-emission, export-oriented petrochemical complex in Iran’s Ardabil Province, with the participation of several major investment holding companies, according to the province’s deputy governor for economic affairs.
The CEO of Tehran Oil Refining Company has emphasized the strategic position of Rey Energy Complex in the country’s oil value chain.
Dr. Alireza Nojomi, HSE Director of the National Iranian Oil Company (NIOC), has called for stronger readiness among safety and firefighting personnel and equipment, the expansion of process safety management systems, and the implementation of preventive programs to reduce incidents across NIOC subsidiaries.
Iran’s Minister of Petroleum said the two countries have reviewed existing opportunities to expand energy cooperation between the Islamic Republic of Iran and Azerbaijan and agreed to pursue areas of mutual understanding through joint working groups.
The National Iranian Drilling Company (NIDC) drilled and completed 63 oil and gas wells in Iran’s onshore and offshore oil-producing areas during the first half of 2026, according to the company’s CEO. Of the total, 48 wells were completed as part of well workover and maintenance operations, while 15 were development and appraisal wells.
The CEO of the National Iranian Offshore Oil Company (NIOOC) announced plans to deploy three new drilling rigs, saying their addition will increase the operational capacity of the company’s drilling fleet and accelerate drilling operations in fields under its management, particularly the Qeshm gas fields.
The CEO of the Iran Gas Engineering and Development Company announced the completion of the 30-inch gas supply pipeline and Konarak pressure-reduction station project, as well as the commissioning of the 15-kilometer pipeline under the framework of Iran’s Seventh and Eleventh National Gas Transmission Pipeline Projects.
Brent crude futures rose $1.71, or 1.6%, to $106.99 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose $1.40, or 1.5%, to $94 a barrel.
Jam Petrochemical’s first-half sales rose sharply in September 2026, with about 43 trillion tomans in six-month revenue and nearly 18 trillion tomans in that month alone — more than double September 2025.
The chief executive of the National Petrochemical Company said about 60% of capacity lost in the war has been restored and warned of feedstock trouble in the coming winter.
Qatar has extended by one more month a partial suspension of its liquefied natural gas export commitments to Asian and European markets, as shipping security in the Strait of Hormuz remains disrupted.
The chief executive of Petropars Group, a subsidiary of the Oil Ministry, said gas production capacity at location B of South Pars Phase 11 has reached 1 billion cubic feet a day after all 12 wells at the site came on stream during the 14th government.
A member of the Islamic Consultative Assembly’s economic committee said a parliamentary inquiry into the National Iranian Oil Company has begun. He listed the main aims as a precise review of violations, recovery of public assets, identification and action against those involved, and reform of oil-sales processes.
Indian Oil Corporation has bought 2 million barrels of Iraqi crude at a discount of about $28 a barrel to the Dubai benchmark for October 2026 delivery. The deal was done on a free-on-board (FOB) basis.
Sedigheh Khazaei, deputy oil minister for management development and human capital, said people must be treated with respect when their requests and complaints are handled, and that attention to public feeling is essential. Serving the ministry’s target community well is a priority, she said.
Oil Minister Mohsen Paknejad said human capital is central to the oil industry’s stability and that firefighters are a main pillar of its resilience chain. He said attention must go to their professional standing, capability, knowledge, skills, and readiness.
The board has appointed Reza Farzadi chief executive of Damavand Energy Assaluyeh, the company that supplies water, power, steam, and utility services for Phase 2 of the Pars Special Economic Energy Zone.
Brent crude futures rose $3.43, or 3.29%, to $107.75 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose $2.14, or 2.32%, to $94.55 a barrel.
The chief executive of the Iranian Oil Terminals Company said that despite extensive attacks on the Kharg oil terminal in the third imposed war, average crude exports from the terminal rose about 10% from prewar levels and shipments never stopped.