Data from Argus Media shows that Iranian light crude is now trading at a premium over Brent crude.
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The National Iranian Petrochemical Industries Company issued a statement regarding the enemy’s attack on some side facilities of the petrochemical industries in the Pars Special Economic Energy Zone.
According to the Chairman of the Board of the Iranian CNG Association, the use of compressed natural gas (CNG) is currently saving the country around 6 million liters of gasoline per day.
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.
The Public Relations Office of the Mahshahr Special Economic Petrochemical Zone announced that the fire which broke out in several petrochemical companies in the zone — following an attack — has been completely brought under control and extinguished.
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 annual consumer price inflation rate stood at 46.3 percent in the 12 months ending in February 19, 2026, the Central Bank of Iran said.
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.
The head of energy and carbon management at the National Iranian Gas Co. said a newly issued bylaw governing gas operator firms has accelerated the rollout of gas-saving projects, while creating a framework to reduce waste and improve consumption management.
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.
South Korea's industry ministry said on Wednesday it has approved the country's first petrochemical industry restructuring project, offering a support package worth more than 2 trillion won ($1.39 billion) to help companies weather a prolonged sector downturn.
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 head of information and communications technology at the National Iranian Gas Co. said a new digital platform for industrial gas applicants has made the licensing and gas supply process more transparent, agile and secure.
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.