August WTI futures settled at $75.22 after shedding $7.22 as traders priced out geopolitical risks following a US-Iran agreement. August WTI crude oil futures fell $7.22, or 8.73%, to settle at $75.22 for the week ending June 19. The decline followed a breakthrough agreeme
Libya signs production-sharing agreements with Repsol, Eni, and others, boosting output to 1.4 million bpd amid geopolitical efforts to secure crude supply. Libya’s National Oil Corporation has finalized exploration and production-sharing deals with international oil major
An interim US-Iran agreement reopens the Strait of Hormuz, reducing oil prices and easing inflationary pressures on Asian currencies. Brent crude prices fell to around USD76 after the US and Iran signed an interim agreement reopening the Strait of Hormuz to maritime traffi
India targets energy security by expanding strategic petroleum reserves amid rising import costs and supply risks from geopolitical tensions. India’s government has directed state-owned Oil and Natural Gas Corp (ONGC) to construct and fill a new strategic petroleum reserve
WTI trades around $75.60, up 0.21% on the day West Texas Intermediate (WTI) US Oil prices have paused their decline. Crude shipments have resumed through the Strait of Hormuz, supporting the stabilization. The price increase of 0.21% comes after a sharp dec
A temporary agreement between the US and Iran reduces immediate threats to oil transit through the Strait of Hormuz but leaves future fees unresolved. A 60-day memorandum of understanding between the US and Iran has eased near-term risks to global oil flows by keeping the
Indian buyers hold two months of crude stockpiles and resist long-term supply deals despite producer pressure. Indian refiners will not immediately resume purchases of Middle Eastern crude following the reopening of the Strait of Hormuz. Current stockpiles are sufficient t
Postponement of US-Iran negotiations sparks fears of prolonged supply disruptions, lifting oil prices in early Asian trade. Brent crude rose above $80 per barrel in early Asian trading Friday after Switzerland confirmed the postponement of US-Iran peace talks. West Texas I
Forty tankers loaded with 80 million barrels of crude are preparing to transit the key chokepoint following a U.S.-Iran preliminary deal. Tankers carrying 80 million barrels of crude are poised to exit the Strait of Hormuz, a critical global oil transit route. The shipment
Oil prices to trend to $60-65 by Q1 2027 Citi forecasts oil trending to $60-65 per barrel by Q1 2027 as Hormuz flows normalize. The bank's base case assumes sustained normalization of Hormuz flows under the US-Iran memorandum of understanding. This re-anchors pri