Brent crude futures rose $2.40, or 3.2 percent, from the previous settlement to reach $76.56 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed $2.26, or 3.2 percent, to $72.70 per barrel.
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Indian state-held refiners are considering buying Iranian crude oil if the United States extends the waiver on Iran's oil sales beyond August or further eases restrictions on that trade.
The Strait of Hormuz remains the world's most critical oil shipping route, carrying roughly one fifth of global oil and a significant share of liquefied natural gas exports.
The U.S. Treasury Department on Tuesday revoked its authorization of Iranian oil sales after a series of attacks on tankers in the Strait of Hormuz this week.
An oil and gas expert stated: Wars do not only destroy infrastructure; they also transform the logic of investment. Any country emerging from a security crisis faces two choices. The first is merely compensating for past damages, and the second is building a more resilient, competitive, and attractive economy for investment from the heart of the crisis.
Brent crude futures climbed $0.73 (1.01%) to settle at $72.72 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose $0.66 (0.96%) to $69.21 per barrel.
Another two Japanese-owned supertankers carrying Saudi Arabian crude were heading to the Strait of Hormuz to exit the Persian Gulf on Tuesday, shipping data from LSEG and Kpler showed, joining a fleet of previously stranded vessels that left a day earlier.
Brent crude futures declined by 15 cents, or 0.21%, to $71.97 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures edged up 3 cents, or 0.04%, to $68.72 per barrel.
The CEO of the National Iranian Oil Company said the massive public turnout at the farewell ceremony for the Martyred Leader reflected a renewed commitment to his ideals, stressing that oil industry employees remain steadfast in carrying out their responsibilities as the country's economic frontline.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman have agreed to adjust their oil production while reaffirming their commitment to maintaining global oil market stability.
Iraq's cabinet approved Basra Oil Company signing "a heads of agreement", or preliminary agreement, and a non-disclosure agreement with a consortium including U.S. companies Capital TI and Chevron and Qatar's UCC to study strategic oil export pipeline projects, according to a cabinet statement.
In a meeting between the Oil Minister of Iran and the Minister of Foreign Affairs of the Republic of Nicaragua, the development of bilateral cooperation between the two countries in the oil and energy sector was emphasized.
Iran has begun talks with Japanese companies under a U.S. sanctions waiver allowing it to resume oil sales, though prospective buyers are seeking a longer waiver and reassurances about ship safety, three Iranian and Western sources said.
Brent crude futures climbed 17 cents (0.24%) to settle at $72.10 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose 14 cents (0.20%) to $68.83 per barrel.
Kuwait's crude oil production rose sharply to 1.65 million barrels per day in June from 580,000 bpd in May, a source familiar with the matter told Reuters on Thursday, as the OPEC member boosts exports through the Gulf following the U.S.-Iran interim peace agreement.
Brent crude futures dropped 77 cents, or 1.1%, to settle at $70.80 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell 84 cents, or 1.2%, to $67.74 per barrel.
Brent crude oil futures dropped by $1.14 (1.6%) to $71.81 per barrel. U.S. West Texas Intermediate (WTI) crude futures also fell by $1.11 (1.6%) to $68.39 per barrel.
TankerTrackers: Iran has exported 50 million barrels of oil over the past two weeks, generating approximately $3.5 billion in revenue.
Experts say the ceasefire will not reduce oil shipping costs through the Strait of Hormuz for the time being.
The Iranian Oil Ministry will not be swayed by psychological warfare or rumor campaigns, the ministry's public relations chief and spokesperson said Tuesday, dismissing attempts to spread misinformation.