Gas prices drop 13% since mid-May peak Gas prices have fallen below $4 a gallon for the first time since March, with the US national average at $3.95 a gallon. The possibility of a cease-fire between the US and Iran may lead to lower oil prices. Crude oil prices
Kuwait expects to raise its oil production to 2 million barrels per day (bpd) within a week, up from an average of 573,000 bpd in May, amid the reopening of the Strait of Hormuz. This estimate was given by Sheikh Nawaf Saud Al-Sabah, deputy chairman and CEO of Kuwait Petro
WTI and Brent crude fall nearly 10% on a US-Iran ceasefire, though refined product markets remain tight amid persistent downstream constraints. West Texas Intermediate and Brent crude prices have dropped sharply this week, erasing most gains since late February when the St
A temporary easing in Middle East tensions briefly lowered oil prices, though sustained recovery hinges on Strait of Hormuz traffic normalization. Oil prices fell and equities rose after the US and Iran signed a memorandum of understanding to end hostilities, easing geopol
Oil: Strait of Hormuz reopening steadies crude prices– UOB UOB Global Economics & Markets Research reports that Oil prices stabilized after comments from US Vice President JD Vance confirmed tankers carrying over 12 million barrels had crossed the Strait of Hormuz. Brent c
The LNG carrier Disha docked at Dahej Port, marking India’s first post-deal energy shipment through the critical chokepoint. India received its first liquefied natural gas shipment through the Strait of Hormuz since the U.S. and Iran reached a deal last weekend. The Malta-
August WTI futures settled at $75.22 after shedding $7.22 as traders priced out geopolitical risks following a US-Iran agreement. August WTI crude oil futures fell $7.22, or 8.73%, to settle at $75.22 for the week ending June 19. The decline followed a breakthrough agreeme
Libya signs production-sharing agreements with Repsol, Eni, and others, boosting output to 1.4 million bpd amid geopolitical efforts to secure crude supply. Libya’s National Oil Corporation has finalized exploration and production-sharing deals with international oil major
An interim US-Iran agreement reopens the Strait of Hormuz, reducing oil prices and easing inflationary pressures on Asian currencies. Brent crude prices fell to around USD76 after the US and Iran signed an interim agreement reopening the Strait of Hormuz to maritime traffi
India targets energy security by expanding strategic petroleum reserves amid rising import costs and supply risks from geopolitical tensions. India’s government has directed state-owned Oil and Natural Gas Corp (ONGC) to construct and fill a new strategic petroleum reserve