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.
NEWS Feed Atom
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.
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.
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.
The CEO of Pars Oil and Gas Company has announced the completion and commissioning of the third steam unit at the South Pars Besat Combined Cycle Power Plant, marking a significant milestone in strengthening the reliability of southern Iran's electricity grid.
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.
The government of Ghana has signed a Memorandum of Understanding (MoU) with Petrochemical Holding GmbH (PCH) to build a $700 million chemical manufacturing complex and roll out a nationwide programme to recover gold from mining waste and clean up degraded sites.
Qatar has paused efforts to rapidly revive production at the world’s largest liquefied natural gas facility after an attack on one of its tankers near the Strait of Hormuz raised safety concerns, Bloomberg reported 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.
U.S.-based LNG producer Venture Global said on Wednesday average liquefaction fees jumped 69% in the second quarter from the previous three months, benefiting from higher global LNG prices after the Iran war disrupted supplies through the Strait of Hormuz.
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.