If the U.S. and Iran do not increase oil flowing through the Strait of Hormuz soon, the world should worry about energy security, International Energy Agency Executive Director Fatih Birol said on Thursday.
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The Bill exempts countries, mostly European nations, whose imports of Russian natural gas account for less than 15% of Russia's total natural gas exports and which are taking significant steps to reduce those imports.
The head of the National Iranian Oil Products Distribution Company reported a significant rise in gasoline consumption, with daily distribution reaching 134.5 million liters during the first 24 days of the Iranian month of Tir (late June–July).
Pars Oil and Gas Company (POGC) has launched its most extensive overhaul of South Pars offshore platforms to date, aiming to keep gas production steady after strikes damaged part of the country's gas refineries during recent conflict, according to Alireza Sarmadi, the company's director of production and operations.
Brent crude futures fell 27 cents, or 0.32%, to $84.68 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 11 cents, or 0.14%, to $79.49 per barrel.
The United Arab Emirates raised its crude oil production by 1,707 thousand barrels per day in June 2026, reaching 3.818 million barrels per day, according to OPEC's monthly report cited by Trading Economics. This output level is the highest recorded since April 2020.
China's oil major PetroChina said on Thursday its Dushanzi Petrochemical unit's 1.2 million metric tons per year ethylene project in Xinjiang had started up successfully on the first attempt.
Top Russian energy companies have approached Indian refiners for more gasoline after Ukrainian strikes knocked out a significant portion of Russia's refining capacity, two sources familiar with the matter told Reuters on Wednesday.
Technical and contractual negotiations have begun for the development of the Yadman oil field as part of Iran's broader strategy to expand production from its oil fields, according to the head of the Petroleum Engineering and Development Company (PEDEC).
Brent crude futures rose 69 cents (0.8%) to $85.42 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed 73 cents (0.9%) to $80.07 per barrel.
Oil minister said Tuesday that crude oil sales are continuing through the same mechanisms used before a recent 60-day sanctions waiver period, following the US breach of that agreement.
Deputy oil minister and managing director of the National Iranian Gas Company (NIGC) said the country is preparing for the upcoming winter by strengthening energy demand management, expanding efficiency programs and improving emergency response coordination.
Brent crude oil futures rose by $2.89 (equivalent to a 3.47% increase) to reach $86.19 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures increased by $1.53 (equivalent to a 1.96% rise) to $79.67 per barrel.
Ukrainian drones attacked Russia's big Salavat petrochemical complex in the Urals region, the local governor said, but he predicted it would return to normal output within days.
Iran's oil exports are continuing without interruption despite the termination of a 60-day exemption tied to US sanctions, the country's oil minister said.
Iranian Minister of Economic Affairs and Finance, in a meeting with Cong Peiwu, Chinese Ambassador to Iran, emphasized the determination of his country to develop sustainable and strategic relations between the two countries.
President Donald Trump said on Monday that the United States was reinstating a naval blockade on Iran and would be reimbursed 20% on all cargo shipped through the Strait of Hormuz after Tehran claimed it had closed the vital waterway.
Brent crude oil futures rose $2.39 (equivalent to 3.14%) to $78.40 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures also increased by $2.17 (3.04%) to $73.58 per barrel.
India has asked renewable energy companies to either surrender transmission rights or provide higher bank guarantees if they fail to generate power, as the country seeks to free up grid capacity for projects that are actually producing electricity, according to a regulatory order.
Iranian oil supplies at sea are rising after Tehran ramped up exports during the interim peace deal with the United States, but sales have been slow as China's independent refiners have turned to cheaper crude from Iraq, the UAE and Qatar.