The front-month Brent crude oil futures contract rose by $0.17 (0.27%) to $62.55 per barrel, while the U.S. West Texas Intermediate (WTI) crude futures contract increased by $0.20 (0.34%) to $58.58 per barrel.
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Iraq’s supply of gas from Iran has been halted, the electricity ministry said on Tuesday, adding that the stoppage was due to the shutdown of some generating units and load shedding at others.
A growing backlog of at least 20 tankers loaded with Russian crude has formed off the coasts of India and China, turning vast volumes of oil into floating storage as unloading delays mount despite Russia’s exports hitting a more than two-and-a-half-year high.
The CEO of Ilam Gas Refining Company said extensive measures are underway to reduce gas flaring and protect the environment, noting that flaring at the complex has been cut by about 50% and is moving toward complete elimination.
Natural gas consumption in the household, commercial and small industrial sectors climbed above 655 million cubic meters on Monday as cold weather persisted across the country, according to data from the National Iranian Gas Company.
Brent crude futures rose by 7 cents (0.11%) to $62.14 per barrel. U.S. West Texas Intermediate (WTI) crude increased by 4 cents (0.07%) to $58.05 per barrel.
In 2025, China has supplanted OPEC+ as the key oil price setter by using its import and storage strategy to enforce both a floor and a ceiling on crude prices.
Despite record highs in India’s main indices, several fundamentally strong large-cap stocks are near 52-week lows, creating potential buying opportunities.
Iran’s petrochemical industry has invested more than $95 billion to date in the sector, with a further $24 billion in new investment planned under the country’s seventh National Development Plan, the head of the National Petrochemical Company (NPC) said on Sunday.
Brent crude futures rose by $1.11 (1.84%) to $61.58 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by $1.04 (1.84%) to $57.56 per barrel.
Comptroller and Auditor General of India has flagged the “sub-optimal” utilisation of India’s strategic petroleum reserves by the Ministry of Petroleum and Natural Gas, both for emergency crude shortages and commercial use.
Iranian and Vietnamese officials and private-sector representatives discussed ways to expand joint investment and financial cooperation, with a focus on building long-term economic ties and using Vietnam as a gateway to Southeast Asia.
The managing director of Arvandan Oil & Gas Company said production has increased following the start-up and flow of Well 35 at the Darkhovin oil field after years of inactivity, adding 4,000 barrels per day to the company’s oil output.
The U.S. intercepted an oil tanker off Venezuela just days after President Donald Trump ordered a “total and complete blockade” on sanctioned vessels, Homeland Security Secretary Kristi Noem confirmed.
In 2025, global oil demand forecasts shifted as geopolitical tensions, slower renewable adoption, and India’s rising consumption reinforced oil and gas’s stronger-than-expected position.
The second conference on “Understanding the Indian Market and Trade Opportunities” was held on Wednesday at Iran’s Trade Promotion Organization, focusing on Iran–India economic ties and trade opportunities for 2026.
South Korean petrochemical firms have submitted restructuring plans—including major plant closures and potential mergers—to help the government cut up to 3.7 million tons of naphtha cracking capacity ahead of a high‑level review on Monday.
Egypt has launched its largest-ever oil and gas exploration program, including seismic surveys over nearly 10% of the country and 101 wells planned for drilling in 2026 under a $5.7 billion investment.
The CEO of the South Pars Gas Complex said all 13 refineries at South Pars are on full alert and gas production is continuing steadily and without interruption, driven by the round-the-clock efforts of the complex’s skilled and committed workforce.
Futures prices for Brent crude oil fell by 12 cents (0.2%) to $59.70 per barrel. Futures prices for U.S. West Texas Intermediate (WTI) crude oil dropped by 16 cents (0.3%) to $55.99 per barrel.