Trump’s decision to delay military action against Iran triggers a sharp decline in oil prices amid easing geopolitical tensions. Brent crude futures fell more than 7% to below USD84 in early Asian trading after the US signaled it would pause further strikes on Iran. The mo
Kuwait's daily oil production rose sharply in July, nearing pre-cut levels as OPEC+ unwinds supply restrictions. Kuwait’s crude oil production climbed to 1.971 million barrels per day in July, up from 1.65 million in June. The increase follows OPEC+’s gradual reversal of o
Oil prices fall sharply as diplomatic progress with Iran and OPEC+ production increases weigh on the market. West Texas Intermediate crude oil prices plunged nearly 8% to below $78.00 amid optimism over a potential US-Iran nuclear deal. President Trump announced negotiatio
Red Sea oil flows drop 4 mb/d since July 1 Red Sea and Bab al-Mandab security risks are forcing oil cargoes onto longer routes. The main challenge for oil now lies in safe delivery rather than production. Total Red Sea oil flows have dropped by 4 mb/d since
Brent oil prices fall over 7% to under USD84 Brent oil prices have opened lower by over 7% to under USD84 after President Trump said the US would hold off on new strikes against Iran. The Strait of Hormuz remains effectively closed, disrupting Persian Gulf oil exports
WTI price falls 7.6% to $78.60 on eased US-Iran tensions The WTI price has fallen 7.6% to around $78.60 due to eased tensions between the US and Iran. The price drop comes after the US President announced a suspension of planned attacks on Iran. The WTI tec
Oil prices stabilize in Asian trading after sharp losses driven by Middle East peace talks and OPEC+ supply increases. West Texas Intermediate crude oil recovers modestly after opening lower, trading near $79.30 per barrel. Prices remain down nearly 7% from recent highs am
Oil prices fall nearly 7% as geopolitical tensions ease and OPEC+ agrees to restore production cuts, increasing supply. West Texas Intermediate crude oil extended losses, trading near $79.30 per barrel in Asian markets Monday, down nearly 7% from prior levels. The decline
Red Sea and Hormuz straits see sharply reduced vessel crossings, raising concerns over global oil supply stability and shipping costs. Vessel traffic through critical oil chokepoints, including the Red Sea and Strait of Hormuz, remains significantly below pre-conflict leve
The alliance continues monthly quota hikes despite Middle East supply constraints and ongoing regional conflict. OPEC+ will raise its oil production by 188,000 barrels per day starting in September, the group announced. The decision marks another incremental increase in mo
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