Beijing’s reduced crude purchases, falling to an eight-year low of 8 million barrels daily, helped prevent a sharper price surge amid supply disruptions. China’s crude oil imports dropped to under 8 million barrels a day in May, an eight-year low, easing pressure on global
Equity index futures decline while oil prices gain, with UK political turmoil weighing on GBP ahead of a key deadline. US equity index futures opened lower on June 22, 2026, as political uncertainty in the UK and mixed geopolitical signals weighed on sentiment. Oil prices
National average gasoline prices fall to $3.99 per gallon, down nearly 4 weeks straight, as crude oil declines amid geopolitical easing. 7-Eleven is offering lower gasoline prices than Costco, Kroger, and Sam’s Club, leveraging aggressive discounts without membership fees.
Iraq plans to continue shipping 3.6 million barrels of crude via Syria’s Baniyas port, reducing reliance on the Strait of Hormuz. Iraq will keep exporting crude oil and naphtha through Syria’s Mediterranean port of Baniyas, even after the Strait of Hormuz reopens. The move
The International Energy Agency reduces its 2026 global oil demand outlook due to Gulf supply disruptions and elevated energy prices. The International Energy Agency has cut its 2026 global oil demand forecast by 1.1 million barrels per day, down from a prior estimate of a
M47 oil block is near producing fields in southeastern Türkiye Trillion Energy's M47 oil block is situated in a strategic location, approximately 57 kilometres from the Syrian border and 90–100 kilometres from the Iraqi border. The project is near several producing fi
Gas prices drop 13% since mid-May peak Gas prices have fallen below $4 a gallon for the first time since March, with the US national average at $3.95 a gallon. The possibility of a cease-fire between the US and Iran may lead to lower oil prices. Crude oil prices
Kuwait expects to raise its oil production to 2 million barrels per day (bpd) within a week, up from an average of 573,000 bpd in May, amid the reopening of the Strait of Hormuz. This estimate was given by Sheikh Nawaf Saud Al-Sabah, deputy chairman and CEO of Kuwait Petro
WTI and Brent crude fall nearly 10% on a US-Iran ceasefire, though refined product markets remain tight amid persistent downstream constraints. West Texas Intermediate and Brent crude prices have dropped sharply this week, erasing most gains since late February when the St
A temporary easing in Middle East tensions briefly lowered oil prices, though sustained recovery hinges on Strait of Hormuz traffic normalization. Oil prices fell and equities rose after the US and Iran signed a memorandum of understanding to end hostilities, easing geopol
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