An agreement between Iran and Oman on a shipping route through the Strait of Hormuz weighs on oil prices amid cautious optimism over supply stability. West Texas Intermediate crude trades at $74.20 per barrel, extending a four-day decline as Iran and Oman finalize a joint
Attacks on Saudi vessels raise supply disruption risks amid ongoing regional tensions and a blockade imposed last month. Yemen’s Houthi rebels launched missile attacks on two Saudi oil tankers, one near the Red Sea port of Yanbu and another in the Gulf of Aden. The group c
Venezuela’s petroleum production surges as U.S. sanctions ease and foreign investment increases, offsetting global supply disruptions. Venezuela’s oil production has climbed to multi-year highs, reaching levels not seen since before U.S. sanctions intensified. The increase
Brent and WTI diverge after US crude inventories rise 2.5 million barrels, defying expectations for a 1.5 million-barrel draw. Oil markets remained volatile as hopes for a Strait of Hormuz de-escalation deal countered a surprise 2.5 million-barrel build in US crude invento
Closure of the Strait of Hormuz cuts off key LPG exporters Saudi Arabia, UAE, and Qatar, tightening global supply. The Strait of Hormuz, a critical Middle East shipping lane, has effectively closed due to ongoing Iranian attacks on vessels, severing liquefied petroleum gas
Oil prices remain subdued as traders await final agreement on Strait of Hormuz shipping, while unexpected US inventory builds add pressure. West Texas Intermediate crude trades near $74 per barrel, close to three-week lows, as markets await confirmation of a shipping agree
Earnings Call Insights: Par Pacific Holdings (PARR) Q2 2026 Management View William Monteleone (President, CEO & Director) said the company delivered âstrong second quarter financial results,â citing âexcellent operational and commercial executionâ as ârefined product cracks...</
India’s ONGC nears operational takeover of two Venezuelan oil projects, gaining direct access to the world’s largest crude reserves. India’s state-owned ONGC is finalizing agreements to take over operation of two Venezuelan oil projects from PDVSA, securing direct control
Just a day after details emerged of India’s plans to expand strategic crude oil storage, new reports claim New Delhi is considering a new funding mechanism that would shift part of the cost of a far larger, $42-billion strategic fuel reserve program onto gas consumers. Acc
Crude oil inventories in the United States saw an increase of 2.5 million barrels during the week ending July 31, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday The increase brings commercial stockpiles to 407 milli
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