Canada is set to announce a deal to supply Germany with liquefied natural gas from a planned export facility on the coast of British Columbia, according to people familiar with the matter.
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Turkey will build a 97-kilometer subsea natural gas pipeline to Northern Cyprus to bolster energy security and potentially link Eastern Mediterranean gas reserves to European markets, Turkish Energy and Natural Resources Minister Alparslan Bayraktar announced.
The CEO of the National Iranian Oil Company said reconstruction work at gas refineries damaged during the 40-day war is progressing steadily, with detailed planning already in place.
Brent crude futures rose by $2.03, or 1.86%, to $111.29 per barrel. U.S. West Texas Intermediate (WTI) crude futures also climbed $2.31, or 2.19%, to $107.73 per barrel.
The Trump administration allowed a sanctions waiver that had enabled countries, including India, to buy Russian seaborne crude to expire.
Iranian President Masoud Pezeshkian said revenues generated through better domestic gas consumption management could significantly improve people’s livelihoods and public welfare.
Disruptions in the Strait of Hormuz shifted Iran's trade route toward neglected land and rail corridors, a path now activated from Pakistan and Iraq to China and Central Asia.
Brent crude futures rose by 26 cents, or 0.25%, to $105.89 per barrel. U.S. West Texas Intermediate (WTI) crude futures also climbed 32 cents, or 0.32%, to $101.34 per barrel.
The 60% increase in gasoline prices in Canada following the war against Iran has driven up costs across the country.
The Iranian Oil Ministry prioritizes non-price reforms in managing gasoline consumption, the oil minister said, emphasizing that the ministry is not the decision-making authority regarding pricing or rationing.
The managing director of the Iranian Gas Engineering and Development Company called for faster execution of South Pars refinery reconstruction projects during an on-site visit, urging contractors to strictly adhere to the schedule, strengthen cooperation among project teams and expand technical and operational coordination with South Pars Gas Complex Company.
Brent crude futures fell by 82 cents, or 0.76%, to $106.95 per barrel. U.S. West Texas Intermediate (WTI) crude futures also declined by 66 cents, or 0.65%, to $101.52 per barrel.
Both Iraq and Pakistan have cut deals with Iran to ship oil and liquefied natural gas from the Gulf, according to five sources with knowledge of the matter, in a demonstration of Tehran's ability to control energy flows through the Strait of Hormuz.
The head of Department of the Environment denied reports of any oil leakage from ships or pipelines following recent developments, saying a detailed assessment of the environmental damage caused by the recent war has been completed.
According to oil industry experts, Iran's national CNG network, with 2,365 active stations, is a trump card that can reduce gasoline consumption by up to 24 million liters per day without spending a single additional rial.
Brent crude futures dropped by $14.51 (13.3 percent) to $94.76 per barrel. US West Texas Intermediate (WTI) crude futures fell by $17.16 (15.2 percent) to $95.79 per barrel.
Iranian oil has become an attractive option for China’s independent “Teapot” refineries following the ceasefire agreement, as they seek immediate cargoes of Iranian crude.
Following the ceasefire and the end of the war, natural gas prices have fallen by 20 percent since last night.
The Public Relations Department of the Iranian Petrochemical Special Economic Zone has strongly denied any leak of polluting materials from Iran’s Petrochemical Amir Kabir, stating that no such incident has occurred and the situation is fully under control.
In the wake of the Ramadan War developments and ongoing Israeli-American regime attacks, the price of Iranian heavy crude oil has jumped from around $60-66 per barrel in the first two months of 2026 to $111.80, while Iranian light crude has reached $113.70 per barrel.