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.
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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.
The Caretaker of the Physical Asset Management Department at the Ministry of Oil announced that establishing an Operation, Maintenance, and Repair (O&M) Contractors Association is one of the highest-priority initiatives in the ministry's roadmap for improving O&M services across the oil industry.
The global oil market will break out of its roughly $80-$100 range by the first quarter of 2027 at the latest, boosting inflation and reducing energy demand, if the Middle East conflict continues, Claudio Descalzi, the CEO of Italian state-controlled group Eni said.
The CEO of the National Iranian Oil Company (NIOC) emphasized accelerating oil and gas field development, removing project bottlenecks, increasing production, and fast-tracking flare gas recovery projects as key strategic priorities for Iran’s oil industry.
Brent crude futures rose 19 cents, or 0.25%, to $76.49 per barrel. U.S. West Texas Intermediate (WTI) crude futures also increased 19 cents, or 0.26%, to $72.27.
India's top explorer Oil and Natural Gas Corp will build a 1.75 million metric ton (MT) national strategic petroleum reserve in Mangalore in southern India, the company said in a stock exchange filing late Thursday.
Iran has rushed out five supertankers and one Suezmax vessel carrying roughly 11 million barrels of crude in the past 24 hours, as strikes between the US and Iran threaten to escalate into another blockade on its ports, Bloomberg reported on Thursday.
Brent crude oil futures rose $0.83, or 1.06%, in today’s trading to settle at $78.88 per barrel. U.S. West Texas Intermediate (WTI) crude futures also climbed $0.80, or 1.09%, to $74.37 per barrel. The gains were recorded relative to yesterday’s closing prices.
a statement issued on Wednesday, the Foreign Ministry said the US Treasury Department’s decision to revoke the temporary suspension of sanctions on Iran’s oil sales constituted “a flagrant violation of Clause 10 of the Memorandum of Understanding on the Termination of the War, dated June 18, 2026.”
Shipping traffic through the Strait of Hormuz has virtually come to a standstill today, according to vessel-tracking data cited by Bloomberg.
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.
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.