Oil

Iranian parliament committee reviews bill banning US and Israeli vessels from Strait of Hormuz with fines up to 20% of cargo value. Brent settled up $3.04 to $82.49/bbl and WTI up $2.07 to $77.29/bbl on Thursday. Escalating tensions follow Houthi missile claims on Saudi tankers and troops, renewing Red Sea and Gulf supply disruption fears. Read →

Houthis claimed large-scale attack on Saudi-backed forces in Yemen killing or injuring hundreds. Front-month WTI rose 1% to $78.05/bbl in early Asian trade. Ongoing Red Sea shipping threats to Saudi crude exports sustain geopolitical risk premium. Read →

Houthis struck Saudi Najran province killing 11 civilians and targeted Saudi oil tankers in Red Sea and Gulf of Aden. Brent traded at $83.80/bbl and WTI at $78.33/bbl after reports of Iran considering Hormuz bans and fees. Coordinated attacks with Iraqi militias on energy infrastructure add to Middle East supply risk. Read →

Houthis attacked Saudi Arabia and Riyadh warned of imminent coordinated strikes with Iran-backed groups. Brent rose 1% to $83/bbl but heads for 7% weekly loss. Iran reviewing Hormuz bill barring US and Israeli ships heightens tanker and crude flow concerns. Read →

Saudi Aramco lowered September Arab Light official selling price to Asia to $2/bbl below Oman/Dubai average. Move comes as Hormuz reopening talks advance and some Gulf producers maintain flows. Pricing reflects current market conditions amid fluctuating supply expectations. Read →

Phillips 66 reported Q2 adjusted profit of $9.41 per share, beating estimates of $7.44. Realized refining margin rose to $24.08/bbl from $11.25/bbl a year earlier. U.S. refiners benefited from higher overseas demand for fuel exports amid Middle East supply concerns from the Iran conflict. Read →

Gulf crude and condensate exports averaged 10.7 million bpd in July, up just 2% from June per Kpler data. Iraq drove gains with doubled exports while Saudi and UAE flows declined. Exports remained about 40% below pre-war levels with tanker traffic through Hormuz and Bab el-Mandeb well below normal amid ongoing threats. Read →

Brent traded near $80/bbl and WTI near $75/bbl after modest early gains. Iran announced an agreement with Oman on a proposed shipping route through the Strait of Hormuz, though the route would remain active only two to four months and does not signal full reopening. Traders assessed prospects for eased energy flows from the Middle East. Read →

Brent crude traded down 0.4% near $79.04 per barrel and WTI fell 0.8% to $75.19 per barrel on Wednesday. Markets await clarity on talks to restore traffic through the blockaded Strait of Hormuz after sharp Tuesday losses. U.S. crude inventories rose about 2.7 million barrels last week per API data. Read →

OPEC crude production averaged 19.44 million barrels per day in July, up 1.16 million b/d from June. Gains came mainly from Kuwait, Saudi Arabia and Iraq. Output stays well below pre-war levels amid ongoing Persian Gulf shipping disruptions from the Iran conflict. Read →

Iran-aligned Houthis said they launched a missile attack on a Saudi oil tanker off Yanbu on the Red Sea coast. Saudi officials did not immediately comment. The claim adds to Red Sea shipping risks tied to the broader regional conflict. Read →

China approved refined fuel exports of 2.7 million metric tons for August, excluding Hong Kong and Macau, for the second straight month. Refiners can roll over some allowances into September due to tight timelines. The move provides modest relief to Asian refined product markets. Read →

Front-month Brent futures rose $1.04 to $84.81 a barrel while WTI added 30 cents to $80.64 after Monday's sharp decline. Gains followed mixed signals on US-Iran diplomacy, with Trump claiming talks underway and Iran denying them, plus little change in Hormuz and Bab el-Mandeb shipping. Goldman Sachs sees Brent in an $80-90 range until a deal or major escalation. Read →

ADNOC will price all Abu Dhabi grades against prompt-month Platts Dubai from November 1 instead of Murban futures on IFAD. Traders plan to unwind Murban positions and shift hedging to Dubai or Brent derivatives. The change follows Iran war disruptions that caused hedging losses and aligns OSPs more closely with loading month. Read →

Asia crude imports reached 22.82 million bpd in July, the highest since the Iran war began but 15% below the 26.89 million bpd pre-conflict average. Refined fuel imports also rose yet remained 18.5% lower than before February. Recovery partly reflects a brief mid-June ceasefire allowing stranded tankers to exit Hormuz, with flows likely to weaken again after August. Read →

Brazilian crude production rose 19% year-on-year to a record 4.5 million bpd in June, with total oil and gas output at 5.8 million boe/d. The increase helps offset Middle East supply shortfalls from the Iran conflict and supports Asian buyers seeking alternatives to Hormuz-dependent cargoes. Non-OPEC supply growth cushions the global market during the disruption. Read →

Core OPEC+ members approved a 188,000 bpd production quota increase from September. The move completes the phased unwinding of 1.65 million bpd voluntary cuts from 2023. Further hikes for Q4 remain undecided as the group monitors post-conflict supply normalization. Read →

WTI September futures dropped 5.05% to $80.39 per barrel and Brent October fell about 4% to $84.41. Trump announced on Truth Social he canceled strikes after Middle East allies requested a pause for a deal including immediate Hormuz Strait reopening. Tehran responded cautiously to the proposal. Read →

U.S. crude fell 5% to $80.79 per barrel and Brent fell 5% to $83.87 per barrel Sunday night. Trump cited requests from Iran and regional countries to hold off on attacks pending a rapid deal. The agreement outline includes full Hormuz reopening and ending Iran's nuclear threat. Read →

Brent futures fell $1.03 or 1.2% to $88 a barrel and WTI slipped $1.50 or 1.8% to $82.09. Greater tanker traffic through the Strait of Hormuz offset lack of diplomatic progress. Both benchmarks remain up about 20% for the month. Read →

CPC terminal at Novorossiysk halted loadings for the third time this month after drones hit two tankers overnight. The pipeline carries 80% of Kazakhstan's oil exports. Disruptions risk forcing output cuts for the OPEC+ member and affect Chevron and Exxon investments. Read →

Valero reported its strongest quarterly earnings since 2022 on elevated refining margins. Record product cracks and strong demand for US fuels drove the beat. The result highlights how Middle East disruptions boosted Gulf Coast refiner profitability. Read →

Ampol reported its Lytton refinery margin rose 255% to $30.93 per barrel in Q2 from $8.71 a year earlier. Higher crude prices and Strait of Hormuz shipping disruptions tightened Asian refined product supplies. Shares hit a more than two-year high on the results. Read →

An Aframax tanker loaded Canadian crude via the Trans Mountain pipeline in Vancouver and sailed to Japan's Kiire terminal. Japanese buyers seek supply diversification as Iran-related conflict restricts Middle East crude flows through the Strait of Hormuz. It is the first such shipment since early 2025. Read →

Core OPEC+ members plan to raise quotas by 188,000 bpd in September but will likely hold production steady through year-end pending a capacity review for 2027 quotas. The pause leaves 2 million bpd of cuts in place amid reduced effective spare capacity from the Iran conflict. Read →

US crude inventories fell 3.3 million barrels in the week to July 24 while gasoline stocks rose 918,000 barrels and distillates climbed 355,000 barrels, per API sources. Official EIA data is due Wednesday and supports tighter near-term crude supply. Read →

Houthis launched ballistic missiles at a Saudi oil tanker that allegedly breached their new Red Sea blockade of Saudi Arabia. The attack follows prior Houthi strikes on Saudi oil facilities and widens the conflict's impact on tanker routes. Read →

Brent surged nearly 4% to above $87, recovering from a 16% three-day drop, after fresh US-Iran clashes including intercepted Iranian attacks and militia strikes on Saudi facilities. The moves highlight ongoing supply disruption risks across multiple fronts including Hormuz and the Red Sea. Read →

Saudi Arabia shot down drones launched by Iran-backed militias from Iraq at facilities including Abqaiq, which processes 7 million barrels a day. Minor damage occurred and Houthis separately claimed strikes on Saudi energy infrastructure. Riyadh demanded Iraq prevent use of its territory for attacks. Read →

Brent crude futures fell $5.70 or 5.9% to $91.08 a barrel, while WTI dropped $4.80 or 5.4% to $84.51. The decline followed a weekend pause in US and Iranian strikes after two weeks of attacks, easing fears of prolonged disruption in the Strait of Hormuz. Shipping data showed persistently low tanker traffic despite the lull. Read →

Ship traffic through the Bab el-Mandeb strait fell after Yemeni Houthis attacked Saudi oil installations along the Red Sea coast. One Chinese supertanker exited via the strait, but overall flows stayed constrained. Analysts estimate each month of unresolved disruption adds at least $10 a barrel to prices. Read →

The very large crude carrier Olympic Luck transited the Suez Canal partially laden with Saudi crude into the Mediterranean. Other vessels continued risking the Bab el-Mandeb strait despite Houthi threats. The rerouting highlights persistent uncertainty in Red Sea oil shipping routes. Read →

Brent crude settled up 6% at $100.50 a barrel following the Houthi attacks on Saudi tankers. The surge came as U.S. strikes on Iran entered their 12th consecutive night. Markets also reacted to Big Tech earnings misses on AI spending. Read →

Brent crude futures rose 7% to $100.69 after Houthis claimed strikes on two Saudi tankers in the Red Sea. The move pushed 10-year Treasury yields to their highest in more than a year. Oil's surge added to inflation concerns alongside the U.S.-Iran conflict. Read →

Brent crude rose as much as 4.9% to above $95 per barrel, the first time in nearly six weeks, before closing up 3.4% at $94.07; WTI gained 2.9% to $86.83. U.S. Secretary of State Marco Rubio said Iran is not serious about diplomacy after an 11th night of strikes, while Houthis announced a maritime blockade on Saudi Arabia in the Bab el-Mandeb Strait. National average gasoline prices rose 4 cents to $4.06 per gallon as 10-year Treasury yields hit 4.65%. Read →

Brent crude traded above $95 per barrel, more than $20 above early-July lows, as U.S.-Iran tensions escalated with threats of strikes on Iranian infrastructure. The surge pushed 10-year Treasury yields near 2026 highs and lifted average U.S. pump prices above $4 per gallon. Oil's rally has erased much of the post-June decline following the collapse of earlier diplomatic efforts. Read →

Brent crude futures gained more than 3% to close at $94.07 per barrel; WTI advanced about 3% to $86.83. President Trump threatened to bomb Iranian bridges or power plants if Tehran strikes ships in the Strait of Hormuz, and Secretary Rubio stated Iran is not serious about a deal. Tanker traffic through Hormuz remained minimal with only nine vessels crossing on Tuesday. Read →

Goldman Sachs said Brent could rally above $120/bbl by Q4 if Strait of Hormuz disruptions persist, though not its base case. Escalation in the Middle East has cut Persian Gulf flows below 45% of pre-war levels, pushing prices higher. Read →

Shipping disruptions intensified in key Middle East chokepoints amid the US-Iran conflict. Vessels in the Red Sea made U-turns while visible traffic through the Strait of Hormuz sank. Read →

Brent rose to $92/bbl and WTI traded above $85 as oil extended gains for a fourth day. President Trump downplayed near-term Iran talks while threatening broader strikes, spreading supply risks beyond the Middle East to the Black Sea. Read →

Kazakhstan is stopping crude shipments to the Caspian Pipeline Consortium terminal near Novorossiysk after tanker attacks. Companies refuse to send vessels to the facility, jeopardizing the landlocked country's exports. Read →

Brent gained 1.3% to close at $89.22 and WTI rose 0.9% to $83.23 after President Trump said Iran would pay for deaths of three US service members. US strikes continued for a ninth night; Houthis declared a maritime embargo on Saudi Arabia. Shipping attacks and low Hormuz transits lifted prices 20% this month. Read →

A Houthi closure of the Bab el-Mandeb Strait could push prices above $115-120 by hitting a key Saudi export route. Workarounds via pipelines and alternative paths may blunt some impact. The threat adds to Hormuz supply risks in the ongoing conflict. Read →

Saudi Arabia, UAE, Iraq, Kuwait and Iran boosted crude and condensate exports to 12 million bpd in the first half of July, the highest since February per Kpler data. Renewed fighting is now slowing shipments through the Strait of Hormuz despite the rebound. Read →

China's fuel oil exports, mainly for marine bunkering, rose 55% month-on-month in June to 2.73 million metric tons or 577,000 bpd, the highest level of 2026. First-half 2026 exports climbed 7.7% year-on-year amid lower refinery demand for cheaper crude feedstock. Read →

Brent futures rose $1.05 to $85.28 a barrel and WTI rose $1.03 to $79.98 after US strikes on Iranian targets and Tehran directing Houthis to prepare closing the Red Sea route if power infrastructure is hit. Both benchmarks are on track for over 11% weekly gains amid broken truce limiting Strait of Hormuz flows. The moves reflect heightened supply disruption risks from Gulf escalation. Read →

Chevron plans to sign non-binding accords Friday with Iraq to advance investment in West Qurna-2 and Nasiriyah fields while joining a consortium studying a pipeline to Syria's coast. The moves aim to bypass the Strait of Hormuz amid war-related disruptions that previously carried 20% of global oil. Gulf producers are accelerating alternative export routes. Read →

Iraq halted loadings at all Basra terminals Thursday after a drone struck an oil tanker, though no damage or fire occurred and operations resumed shortly after. The incident adds to tanker and port security concerns in the Gulf amid broader US-Iran hostilities. Sources described it as not a direct attack. Read →

IEA Executive Director Fatih Birol said oil security remains critical and the world should worry if Hormuz flows do not improve within weeks. He spoke amid ongoing US-Iran strikes that have limited tanker traffic through the strait. The warning highlights risks to global supply if disruptions persist. Read →

US Central Command struck missile and coastal sites on Greater Tunb Island and other targets in two waves Wednesday. Strikes aim to degrade Iran's ability to threaten commercial vessels in the Strait of Hormuz after recent attacks on shipping. Renewed action follows Trump's pledge to intensify pressure until Tehran halts strikes and reopens the waterway. Read →

WTI settled at $79.60/bbl after flipping gains and losses, capping an 11% surge over the prior two sessions. US diesel stocks posted a sizable increase. Prices reflect ongoing US-Iran hostilities and risks to Hormuz traffic carrying roughly one-fifth of global oil flows pre-conflict. Read →

Brent traded below $85/bbl after a 12% three-session gain. US airstrikes followed shipping attacks by Iran this week. Markets price in heightened risk to the strategic waterway without full supply evaporation yet. Read →

Prompt Brent futures traded $8.92/bbl above the six-month contract, the widest premium since June 10, flipping the market into backwardation. Traders priced in renewed risks from US-Iran strikes and slower tanker traffic through the Strait of Hormuz. Middle East benchmarks Oman, Dubai and Murban also moved to premiums, signaling tight near-term crude availability. Read →

June crude processing fell 18% year-on-year to 51.24 million tons, the weakest since March 2020. Refiners cut runs after imports hit a near-decade low due to Persian Gulf shipment disruptions and softer demand. The drop highlights how Hormuz tensions are rippling into Asian refining margins and global product balances. Read →

Tankers Rani and Amil, carrying 1 million barrels of Iranian crude, switched signals to Karachi on Tuesday. The vessels were already outside the Gulf when the US reinstated its naval blockade of Iranian shipping. The move signals efforts to find safe haven as flows face heightened risk. Read →

Four-week average seaborne crude exports held near 4.21 million barrels per day through July 12 despite Ukrainian strikes on refineries forcing more crude overseas. Floating storage volumes remain elevated near early-year highs. Persistent export pressure amid sanctions and attacks underscores supply-side strain in non-OPEC barrels. Read →

OPEC trimmed its 2026 world oil demand growth forecast by another 190,000 barrels per day to 780,000 bpd, the third consecutive cut. The group cited Iran war effects while noting OPEC+ output rose 3 million bpd in June as Hormuz flows partially recovered. Read →

Asian refiners have restarted negotiations for spot US crude cargoes as Hormuz traffic stalls and Iran-US hostilities intensify. Executives report wide bid-offer gaps but active sourcing discussions for American barrels. Read →

At least two Chinese refiners requested no Saudi term crude cargoes for August due to weaker local demand and Saudi flow constraints. Other refiners received no provisional allocations, with volumes still subject to change. Read →

Brent rose $2.67 or 3.51% to $78.68 and WTI $2.48 or 3.47% to $73.89 after weekend US strikes on Iranian targets and Iranian attacks on Gulf facilities and claims the strait is closed. Vessel traffic through the strait, which carries one-fifth of global oil, fell to a five-week low. The escalation casts doubt on the interim US-Iran peace deal and adds risk premium to prices. Read →

Brent climbed more than 4% to $79 a barrel Sunday after US strikes on 140 Iranian targets and Iranian missile/drone responses. Daily ship traffic through the strait dropped sharply to as low as 6-22 vessels versus 130+ pre-war. Markets priced renewed risks to one-fifth of global oil flows amid fragile ceasefire talks. Read →

Brent futures hit $79.26, highest since June 22, up over 4% Monday amid US strikes on Iranian targets and Iranian attacks on regional US allies. Traffic through the strait fell to multi-week lows with only a handful of transits tracked overnight. Analysts expect prices to hold in upper $70s near-term on persistent geopolitical risk despite slow demand recovery. Read →

US 3-2-1 crack spread reached record $64.58/bbl on July 8 amid Middle East tensions, Russian diesel export ban, and multi-year low fuel inventories. The surge boosts Gulf Coast and global refinery profitability even as crude prices fluctuate on geopolitics. Read →