August WTI settled at $71.84 after surging $3.38 as traders priced in heightened Middle East shipping risks. August WTI crude oil rose $3.38, or 4.94%, to $71.84 on Thursday, driven by escalating concerns over oil shipments through the Strait of Hormuz. The contract fluctu
ADNOC Logistics and Services has placed a $900-million order for four newbuild LNG carriers to expand its fleet as Abu Dhabi’s national oil company seeks to boost gas exports to seize the global rise in LNG demand. ADNOC Logistics and Services on Friday announced a newbuil
Tightening global fuel inventories and Russia’s diesel export ban drive refining margins to all-time highs in Europe. European diesel refining margins climbed to a record $60 per barrel Wednesday, fueled by Russia’s ban on diesel exports and shrinking global fuel inventori
Five LNG carriers entered the Strait of Hormuz in recent days, signaling reduced disruption despite heightened geopolitical risks in the region. Five liquefied natural gas tankers, including four linked to Qatar and one Greek-owned, entered the Strait of Hormuz over the pa
Oil supply rose 4.1 million bpd in June The global oil supply increased by 4.1 million barrels per day in June as flows through Hormuz resumed. This increase comes as the world oil supply remains 9.4 million barrels per day behind pre-war levels. The oil mar
WTI oil futures near $71.50 WTI oil futures are trading slightly lower to near $71.50 during the European trading session. The oil price extends its correction after posting a fresh over two-week high at $75.73.
India’s state-run ONGC will expand strategic crude storage by 12.8 million barrels, seeking government approval for commercial use. India’s Oil and Natural Gas Corp will build a 1.75 million ton crude reserve, equivalent to 12.8 million barrels. The move aims to bolster na
Global fuel retail price stays around $202 The global average fuel retail price has remained sticky, staying around $202 per barrel. This is despite crude oil prices coming off their earlier highs. Brent crude has given back about 70% of its earlier gains,
Geopolitical risks in the Strait of Hormuz drive modest crude gains, offsetting recent supply glut concerns. Brent crude rose to $76.60 a barrel, while West Texas Intermediate traded at $72.37, marking a weekly gain amid renewed US-Iran tensions. The increase follows four
Crude Oil Prices Rebound After Five-Week Losing Streak, Testing Key Technical Resistance Levels West Texas Intermediate Crude Oil Prices regain the $72.00 mark during the Asian session, halting a retracement slide from a three-week high. The recovery follows a drop to the
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