Global oil supply is projected to decline sharply in 2026 due to Middle East tensions and reduced refinery runs, widening the supply-demand gap. The International Energy Agency revised its 2026 oil supply forecast downward, projecting a 3.9 million barrels per day decline,
Brent crude rises 3.4% to USD107.77 Brent crude surged 3.4% to around USD107.77 due to supply disruptions in the Persian Gulf. The disruptions have led to a significant reduction in Iranian exports from Kharg Island. Satellite imagery shows tankers used as
Supply risks in the Persian Gulf halt Iranian oil shipments, lifting Brent prices amid heightened geopolitical tensions. Brent crude prices climbed 3.4% to USD107.77 as supply disruptions in the Persian Gulf escalated. Satellite imagery revealed Iranian exports from Kharg
The acquisition expands BP’s footprint in Central Asia with access to six exploration blocks in Uzbekistan’s Ustyurt region. BP has acquired a 40% participating interest in a production-sharing agreement covering six oil and gas exploration blocks in Uzbekistan’s Ustyurt r
A Cosco-owned VLCC tests Iran’s response as President Trump prepares for trade discussions with Beijing. A Chinese-owned very large crude carrier, Yuan Hua Hu, is sailing south through the Strait of Hormuz, ship-tracking data shows. The vessel’s passage comes as tensions p
Tehran approves passage for 4 million barrels of Iraqi crude and Qatari LNG tankers amid tightened control over the critical waterway. Iran has approved the transit of two Iraqi crude carriers, each holding 2 million barrels, and two Qatari LNG tankers through the Strait o
Oil prices surge 3.3% after Trump dismisses Tehran’s peace offer, raising risks of prolonged Hormuz disruptions and supply cuts. WTI crude oil settled near $99.40 on Tuesday, up 3.3%, as markets priced in heightened geopolitical risks after President Trump rejected Iran’s
Refiners retreat from $150 per barrel cargoes amid conflict resolution hopes, collapsing premiums despite Middle East supply risks. Physical crude premiums have collapsed to near-parity or small discounts against Brent, down from over $30 per barrel in early April. The dro
Crude oil inventories fell by 2.188 million barrels The decline in US crude oil inventories was reported for the week ending May 8. The decrease follows a prior week drop of 8.1 million barrels. Analysts had expected a smaller draw of 1.65 million barrels,
Crude oil inventories fell by 2.188 million barrels The decline in US crude oil inventories was reported for the week ending May 8. The decrease follows a prior week drop of 8.1 million barrels. Analysts had expected a smaller draw of 1.65 million barrels,
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