Brent crude oil futures fell $1.54, or 1.7%, to $87.44 a barrel. U.S. West Texas Intermediate (WTI) crude futures declined $1.61, or 1.9%, to $81.66 a barrel.
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Totsa, the trading arm of TotalEnergies, is offering Iraqi crude for loading outside the Strait of Hormuz, three traders said on Thursday, as continued disruption to shipping through the waterway deters buyers from lifting cargoes at Iraq's Basrah terminals.
President Masoud Pezeshkian called for incentive mechanisms, healthy competition among provinces and greater public participation to reduce energy consumption, saying a 10% cut could significantly ease pressure on the energy system during the coming winter.
Iran’s crude oil production rose by 26,000 barrels per day in July 2026, reaching 2.478 million barrels per day and maintaining the country’s position as OPEC’s second-largest producer after Saudi Arabia, according to the organization’s latest monthly oil market report.
Iran’s Khark Petrochemical Company has entered joint projects with the Iranian Offshore Oil Company (IOOC) to collect flare gases, taking a new step toward securing sustainable feedstock, reducing flaring, and returning approximately 25 million cubic meters of gas to the national consumption cycle.
Brent crude futures rose 17 cents, or 0.2%, to $89.08 a barrel. U.S. West Texas Intermediate (WTI) crude rose 20 cents, or 0.2%, to $83.40 a barrel.
Global oil supply will fall by 4.3 million barrels per day, or around 4%, this year, the International Energy Agency said in its monthly oil market report on Wednesday, as renewed hostilities in the Middle East are set to plunge the world deeper into an oil-market deficit.
ADNOC has taken final investment decisions (FIDs) and handed out $8.2 billion in engineering, procurement and construction contracts for phases 2 and 3 of its Rich Gas Development (RGD) project, raising its targeted EBITDA growth to 60% by 2030 versus 2023, which is seen as an upgrade from the previously communicated target of more than 40% over 2023-2029.
Iran and Pakistan have agreed to establish specialized working groups to follow up on major agreements involving energy trade, Iranian oil minister said Tuesday.
Brent crude futures fell 50 cents, or 0.57%, to $87.22 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 36 cents, or 0.44%, to $81.77 a barrel.
Uniper expects gas prices to remain at around €50 to €60 per megawatt hour as long as the Strait of Hormuz is closed to shipping, the CEO of Germany's biggest gas importer said.
Russia's Sibur Zapsibneftekhim petrochemical complex in Tobolsk, in the Tyumen region of western Siberia, was damaged in a drone attack on Monday, three industry sources told Reuters.
Oil Minister Mohsen Paknejad said about 95 million cubic meters per day of lost gas production capacity will be restored by the end of summer after damage to part of the gas processing facilities in Asaluyeh.
The Tehran Oil Refinery is pursuing a strategy to expand its export-oriented product portfolio, develop new businesses and complete its value chain by transitioning into a petro-refinery, its CEO said Monday.
The Minister of Economic Affairs and Finance, at a meeting of the State Banks Coordination Council, emphasized the need to strengthen coordination among banks, improve discipline in the banking network, and accelerate support for the production sector and economic enterprises.
Brent crude futures rose $1.40, or 1.7%, to $84.95 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained $1.33, or 1.7%, to $79.51 a barrel.
ADNOC Gas reported a 52% slide in second-quarter profit on Monday, with sales hit by the closure of the Strait of Hormuz after the U.S. and Israel launched attacks on Iran. The Abu Dhabi state-owned company's second-quarter profit fell to $665 million from $1.39 billion a year earlier but beat its guidance range of $400 million to $600 million.
The CEO of the National Iranian South Oilfields Company said 13 downhole pumps were installed during the first four months of the current year, with plans to install 40 by year-end.
The Vice-Chairman of the Transportation, Transit, and Logistics Committee of the Iran Chamber of Commerce, while outlining the achievements of the Iranian economic delegation's trip to Pakistan, stated that a new roadmap for Iran-Pakistan logistics cooperation was developed during this visit, with the expansion of transit and trade placed at the center of negotiations.
Simultaneously with the continued production on South Pars platforms, reconstruction operations at the damaged refineries are underway with accelerated speed, aimed at restoring lost capacity and preparing the country's gas network for the cold season.