Brent crude futures rose by 33 cents (0.5%) to $71.99 per barrel. US West Texas Intermediate (WTI) crude futures climbed by 62 cents (0.9%) to $67.05 per barrel.
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The United States is engaged in “active negotiation” regarding the sale of Venezuelan oil to India, aimed at helping India diversify its sources of crude oil, US Envoy Sergio Gor said on Friday.
India is set to import the most crude from Saudi Arabia in more than six years this month, as the South Asian nation faces sustained US pressure to reduce purchases of Russian barrels.
Iran’s Oil Minister Mohsen Paknejad has commented on the possibility of cooperation between Iran and the United States in the oil and gas sector, amid the ongoing nuclear negotiations between the two countries. He stated: “Everything is possible.” However, it remains unclear whether such oil and gas cooperation between Tehran and Washington will become operational at this stage.
Iranian Offshore Oil Company (IOOC) is moving ahead with plans to localize key marine equipment, including 6- to 9-megawatt-class turbogenerators for the Taurus 70 turbine, the company said.
Brent crude futures rose by 24 cents (equivalent to 0.3%) to $70.59 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures increased by 28 cents (equivalent to 0.4%) to $65.47.
India’s state-owned Bharat Petroleum Corporation (BPCL) has bought Venezuelan oil for the first time ever, while private refiner HPCL Mittal Energy Ltd (HMEL) has purchased crude from the South American country for the first time in two years, three sources with knowledge of the deals said on Wednesday.
Canada to boost direct exports of crude, LNG & LPG to India; India to send more refined products back. Deal relaunches stalled energy dialogue post-diplomatic thaw, helping Canada diversify beyond US reliance & India secure varied supplies amid global shifts.
Iran has invited Emirati investors to participate in major projects across its economy, the country’s economy minister said during a meeting with the United Arab Emirates’ new ambassador to Tehran.
Iran’s oil minister said daily gas production at the South Pars joint field reached a record 730 million cubic meters, the highest level since the field began operations.
Iran’s oil minister said agreements reached with Russia have entered the implementation phase following the conclusion of the 19th Iran-Russia Joint Economic Commission.
Brent crude futures rose by $0.18 (0.27%) to $67.60 per barrel. US West Texas Intermediate (WTI) futures increased by $0.25 (0.40%) to $62.50 per barrel.
China hasn’t brought in a single cargo of US liquefied natural gas (LNG) for a full year now, but that doesn’t mean it has completely walked away from the American supply.
India has sharply increased its purchases of discounted Russian crude oil since 2022, triggering tensions with the United States—including new tariffs under President Trump and threats of far steeper levies. Although a February 2026 trade deal brought some relief and a partial shift toward U.S. (and possibly Venezuelan) supplies, New Delhi continues to prioritize energy security for its 1.4 billion people and insists on maintaining strategic autonomy in sourcing oil—highlighting the deep geopolitical tug-of-war between Washington and Moscow over India’s growing energy needs.
Iranian Lawmakers approved allocating funds for the creation and expansion of natural gas storage infrastructure for the coming year.
Russia’s energy minister said a comprehensive agreement signed by the presidents of Iran and Russia, along with the outcomes of recent expert-level meetings, has paved the way for a new cooperation protocol and a fresh phase in ties between Tehran and Moscow.
Brent crude futures declined by 32 cents (0.47%) to $68.33 per barrel. In contrast, U.S. West Texas Intermediate (WTI) futures rose by 62 cents (0.99%) to $63.51 per barrel.
Hungary and Slovakia have asked Croatia to help them secure Russian oil and Hungarian company MOL initiated the release of strategic crude reserves after disruption to flows via Ukraine that the two countries have blamed on Kyiv.
China's oil imports from Russia are on track for all-time high of over 2 million barrels per day in February as India is withdrawing from Russian spot purchases and supply is now heavily discounted for Chinese independent refiners.
The project manager for development of the joint Farzad field said the first jacket for the Farzad B gas field has been successfully loaded and will soon be transported for installation in the Persian Gulf.