Iran has cut oil production by roughly 400,000 barrels per day (bpd) as exports stall and storage runs out, according to U.S. Energy Secretary Chris Wright. “It looks like they’ve likely already cut back their production, maybe by 400,000 barrels a day,” Wright said in an
Oil prices decline as Brent futures close lower amid broader market sentiment and supply-demand dynamics. Brent crude futures settled at $100.06 per barrel, marking a $1.21 decline or 1.19% drop for the session. The move reflects shifting investor sentiment amid global eco
US crude settles marginally lower as sellers maintain control below critical technical resistance near $97.46. US crude oil futures settled at $94.81, down $0.27 or 0.28%, following a volatile session driven by geopolitical risks and shifting sentiment. The close below the
NYMEX WTI crude June futures settle at $94.81 a barrel, down 27 cents, 0.28%. NYMEX Diesel June futures settle at $3.8166 a gallon NYMEX Gasoline June futures settle at $3.4560 a gallon. NYMEX Natural Gas June futures settle at î2.7690/MMBTU| FJ
Canada’s oil sands can grow, but getting the barrels out of the country is a problem. This is a constraint that has defined the sector for years President Scott Stauth told analysts the industry needs a West Coast export line to unlock meaningful growth. “We need th
Murphy Oil reports Q1 2026 results with offshore production advancements mitigating higher exploration expenses. Murphy Oil’s Q1 2026 financial performance highlights progress in offshore operations, which helped offset increased exploration costs. The company’s focus on d
WTI futures recovered to $93 and Brent reclaimed $100 after geopolitical risks in the Strait of Hormuz outweighed earlier deal optimism. Oil markets erased earlier losses on Thursday as geopolitical tensions in the Strait of Hormuz persisted, overshadowing hopes for a dipl
The price of crude oil is rebounding off session lows near $89.85 after finding support above yesterday’s low around $88.70. That defense of the prior day’s low helped stabilize the market and sparked a recovery move as less optimistic headlines surrounding Iran negotiatio
Tehran cuts output as storage capacity nears limits, potentially tightening global oil supply further. Iran has reduced its crude oil production by 400,000 barrels per day as storage facilities reach capacity. The move follows months of elevated output despite sanctions, l
Global crude oil and fuel inventories are crashing at a record speed as the supply shock from the Middle East is too big to absorb without stock depletion. While the futures markets trade on sentiment and hopes that a U.S.-Iran deal could soon lead to the reopening of the