Brent crude futures fell $1.03, or 1.2%, to $88.00 per barrel, while U.S. West Texas Intermediate (WTI) crude futures declined $1.50, or 1.8%, to $82.09 per barrel.
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Abu Dhabi National Oil Co (ADNOC) has bought five very large crude carriers (VLCCs) for about $590 million, three sources familiar with the matter said, expanding its fleet as conflicts in the Red Sea and the Strait of Hormuz tighten tanker supply.
Iran has resolved one of the country’s longest-running petrochemical disputes after a decade, with Labor Minister Ahmad Meydari announcing that the legal battle between Jam Petrochemical and Mehr Petrochemical has officially come to an end. Under the finalized agreement, workers at Mehr Petrochemical will begin signing employment contracts with Jam Petrochemical next week, ensuring uninterrupted production and salary payments.
Kazakhstan's main oil export terminal in the Black Sea closed on Thursday for the third time this month, suspending crude tanker loadings after Ukrainian drones hit two vessels at and near the terminal at Russia's Novorossiysk port.
Members of a special oversight committee monitoring the reconstruction of damaged refineries at Iran's South Pars Gas Complex urged crews to speed up early production plans before the onset of winter, following a site visit this week.
The head of the National Iranian Oil Company called for an accelerated rebuilding effort at South Pars gas field refineries damaged in recent attacks, saying the facilities must be restored to operation as quickly as possible using domestic contractors and manufacturers while maintaining strict safety and quality standards.
Brent crude futures rose $1.48, or 1.63%, to $92.22 a barrel. U.S. West Texas Intermediate (WTI) crude gained 43 cents, or 0.51%, to $84.89 a barrel.
A project to upgrade the class of the final 10 kilometers of the Third Tehran Gas Pipeline, carried out in accordance with international standards and delivering savings of more than 2,000 billion rials, has commenced in Region 3 of Iran’s Gas Transmission Operations.
Iran’s Oil Minister Mohsen Paknejad has announced an all-out effort to restore a substantial portion of the country’s lost gas production capacity.
A cargo of Canadian crude was headed to Japan, ship tracking data showed on Wednesday, the first Canadian crude shipment to the country since early 2025, as the war between the U.S. and Iran has tightened supplies of Middle East crude.
The CEO of Iran Gas Transmission Company said the national gas transmission network is fully prepared for the upcoming cold season, following extensive maintenance, continuous monitoring of pipelines and facilities, operational planning, and strengthened regional capabilities to ensure a stable gas supply during winter peak demand.
Brent crude futures rose $2.70, or 3.2 percent, to $86.79 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained $2.65, or 3.3 percent, to $81.91 a barrel.
The MERA Oil consortium of U.S. and Saudi Arabian companies is advancing plans for a $5 billion integrated refinery and export corridor in the Gulf aimed at boosting regional energy infrastructure, its partners said on Wednesday, as the Iran war continues to disrupt energy flows.
The CEO of the National Iranian Gas Company (NIGC), Saeid Tavakoli, announced that projects implemented by Operator companies are expected to save approximately 980 million cubic meters of natural gas annually.
Brent crude futures fell $1.75, or 1.98%, to $86.61 a barrel. U.S. West Texas Intermediate (WTI) crude futures declined $1.26, or 1.53%, to $81.35 a barrel.
India plans to buy up to a quarter of its liquefied petroleum gas imports from the United States in 2027, a move that would cut its reliance on the Middle East and support efforts to secure a trade deal with Washington, three sources with knowledge of the matter said.
The head of the National Iranian Gas Company (NIGC) said the government's new "Operator Companies" initiative is one of the country's largest efforts to address the imbalance between natural gas supply and demand by improving energy efficiency and reducing consumption.
The CEO of the Iranian Oil Terminals Company emphasized accelerating the implementation of development and infrastructure projects at the Kharg Oil Terminal, describing them as essential to ensuring stable oil exports, safeguarding national assets, and strengthening the country's energy security.
The CEO of Arvandan Oil and Gas Company announced: The first smartification project of the country's oil fields will soon be implemented in the Darkhovin field.
Brent crude futures fell $5.70, or about 5.9%, to $91.08 a barrel. U.S. West Texas Intermediate (WTI) futures dropped $4.80, or roughly 5.4%, to $84.51 a barrel.