Gulf countries boosted crude oil and condensate exports in the first half of July to the highest levels since before the Iran war began in late February, shipping data showed, although flows through the Strait of Hormuz are now slowing as fighting escalates
Brent crude, the European benchmark, rose 3.9% to $87.5 per barrel for September delivery as the conflict in the Middle East intensified
Goldman Sachs strategists say the physical oil market is tightening as renewed attacks on tankers in the Strait of Hormuz reverse an earlier recovery in Persian Gulf exports
The U.S. Energy Information Administration raised its global oil production forecast after the reopening of the Strait of Hormuz following a June 18 agreement between the United States and Iran
US Interio Department said it would lower state bonding requirements for wells to $25,000 per state, down from the $500,000 level established during the Biden administration
Oil prices retreated after the latest round of negotiations between the United States and Iran concluded in Switzerland, fueling expectations that additional Iranian crude could eventually return to the international market
The agreement to reopen the Strait of Hormuz has brought swift relief to global markets. However, some traders fear that the stock market rally and the decline in oil prices may have gone too far
A recovery in oil flows through the Strait of Hormuz and oil production following the U.S.-Iran interim peace deal will take time, potentially several months, analysts at two banks said
U.S. Strategic Petroleum Reserve (SPR) inventories fell to 340.3 million barrels, the lowest level since 1983, the Department of Energy said
The U.S. and Iran said they have agreed terms to end their war and reopen the Strait of Hormuz, news that brought relief to markets worldwide, although the pact may hinge on events in Lebanon and defers tricky talks on Tehran’s nuclear programme
