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.
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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.
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.
Brent crude futures rose by 57 cents, or 0.5 percent, to $110.34 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by $1.26, or 1.1 percent, to $113.67 per barrel.
Data from Argus Media shows that Iranian light crude is now trading at a premium over Brent crude.
The OPEC Reference Basket (ORB) price in March 2026 surged approximately 70%, rising from around $70 to $123.21 per barrel. This sharp increase occurred while in the first two months of the year, OPEC oil had been trading in the $62–$66 range. The most important factor behind this price surge was Iran’s historic smart control of the Strait of Hormuz in the wake of the Ramadan War developments.
Reuters reported that India has made its first purchase of Iranian oil in seven years — and completed the payment without any issues.
American banking giant JP Morgan has warned that if disruptions to oil transit through the Strait of Hormuz persist until mid-May, crude oil prices could surge to more than $150 per barrel.
Brent crude futures rose by $1.38 (1.95%) to $72.13 per barrel. US West Texas Intermediate (WTI) crude futures increased by $1.40 (2.15%) to $66.61 per barrel.
Iran’s crude oil and condensate exports rose to 2.2 million barrels per day (bpd) in February, up 50 percent from the average of the previous three months, according to data from energy cargo tracking firm Kpler.
India wants to buy any energy product it can from Canada and its officials are urging the federal government to streamline approvals for various projects so it can tap into new supplies to feed a rapidly growing country with relatively few natural resources of its own.
Brent crude futures rose by 21 cents (0.3 per cent) to $71.06 per barrel. US West Texas Intermediate (WTI) crude futures increased by 16 cents (0.2 per cent) to $65.58 per barrel.
Saudi Arabia is increasing its oil production and exports as part of a contingency plan in case any U.S. strike on Iran disrupts supplies from the Middle East, two sources familiar with the plan said on Wednesday.
The U.S. Treasury Department said on Wednesday it would authorize companies seeking licenses to resell Venezuelan oil to Cuba's private sector, according to guidance posted on the department's website, a move that could help ease the island's acute fuel scarcity.
Brent crude futures rose by 42 cents (equivalent to 0.6%), reaching $71.19 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures increased by 41 cents (0.6%), reaching $66.04 per barrel.
Trading houses and buyers of Venezuelan oil have chartered the first very large crude carriers (VLCCs) to export from the South American country since a Caracas-Washington supply deal began, a move that will boost deliveries to India, according to four sources and shipping data.
The Oil Ministry exceeded its obligations on fuel storage, a deputy speaker of Parliament said, praising what he described as a responsible approach to ensuring winter energy security.
The Brent crude oil futures contract remained unchanged from the previous day, trading at $71.49 per barrel. Meanwhile, the US West Texas Intermediate (WTI) crude oil futures contract rose by 11 cents (equivalent to 0.2%) to $66.42 per barrel.
The U.S. Supreme Court has agreed to hear a bid by ExxonMobil and Suncor Energy to scuttle a lawsuit brought by officials in Boulder, Colorado that seeks to hold the oil companies liable for helping fuel climate change in a case that could affect dozens of similar lawsuits around the country.
The deputy managing director for drilling operations at the National Iranian Drilling Company said 116 oil and gas wells were drilled and completed in the first 11 months of the current year, marking a 23% increase compared with the same period last year.