Oil

Brent eased 0.49% to $95.05/bbl and WTI fell 0.70% to $90.66/bbl on Friday but posted weekly gains of 6.5% and 8.8%. US strikes this week killed dozens of Iranian civilians in the fiercest clashes since July; Hormuz tanker transits dropped to four vessels Thursday versus a 15-vessel 10-day average. Citi raised its Q3 Brent forecast to $86/bbl from $80, citing slower strait reopening; ANZ lifted its short-term Brent view to $95 with upside risk if fighting escalates. Read →

WTI swung near $91/bbl and Brent steadied above $95 after Iran claimed new strikes on US bases and Israel signaled readiness to target Iranian energy infrastructure. Prices rose about 7% over the prior three sessions on renewed Middle East supply risks. Saudi Arabia kept official selling prices flat, providing limited offset to tightness concerns. Read →

Brent held near $95/bbl and WTI near $91/bbl after a three-day surge of nearly 8%. President Trump stated the latest US campaign against Iran would not last 'too long' while US officials noted steady Hormuz flows under escort. Saudi crude exports hit multi-year lows last month amid attacks on tankers. Read →

Brent fell 56 cents to $95.07 and WTI dropped 50 cents to $90.51 in the first decline in four sessions. Six vessels transited Hormuz on Wednesday, below average, while Iran added more non-compliant ships to its blacklist. The attacks mark the biggest US-Iran exchange since July. Read →

Core OPEC+ members including Saudi Arabia and Russia are expected to leave production quotas unchanged for October at their Sunday meeting. The group completes the unwind of one layer of 2023 cuts this month and shifts focus to 2027 quota negotiations amid Iran war disruptions. Read →

Commercial US crude stocks fell 4.5 million barrels to 424.5 million barrels, exceeding the expected 1.1 million barrel draw. Refinery utilization hit 98%, its highest since August 2018, with crude runs up 103,000 bpd and exports rising 691,000 bpd. Read →

Key OPEC+ members plan to keep crude production quotas unchanged for October. The sub-group nominally completed the return of output halted in 2023, though the Iran war has blocked Middle East nations from delivering the hikes. Read →

Kpler data showed only four tanker crossings on Tuesday, below the 10-day average of 13. Windward reported similarly low numbers, some in dark mode. Attacks on supertankers and renewed hostilities threaten the tentative recovery of flows through the strait. Read →

The Sidr (Bahri-operated) and Senegal Prosperity (Sinokor-operated) VLCCs were hit outbound from the Persian Gulf near Khasab, Oman. UKMTO warned of a Monday incident with three projectiles; no casualties reported. Iran separately claimed a supertanker hit mines while transiting illegally. Read →

API estimated US crude inventories dropped 2.6 million barrels for the week ended Aug 28. Distillate stocks fell another 300,000 barrels; gasoline rose modestly. Commercial crude has drawn sharply over 20 weeks despite SPR releases, keeping inventories tight. Read →

Brent crude futures rose 66 cents or 0.7% to $91.15 a barrel while WTI gained 70 cents or 0.8% to $86.46 as the first direct US-Iran attacks in a month renewed fears of disruptions through the Strait of Hormuz. Vessel transits stayed at five per day with no liquid tankers, well below the pre-conflict average, while Trump vowed further strikes. US SPR inventories fell another 3.1 million barrels to 286.6 million, tightening buffers amid stalled mediation by Qatar and Oman. Read →

Brent for November delivery climbed 1.35% to $91.73 a barrel and WTI rose 1.5% to $87.09 in early trade after US forces struck Iranian rocket launchers on Larak Island in the Strait of Hormuz and Iran retaliated against targets in Jordan. Analysts note officials on both sides now prepare for months of conflict with no near-term Hormuz reopening, keeping a geopolitical premium in prices despite some continued Gulf exports. Read →

Brent settled up 2.71% at $90.49 a barrel and WTI gained 2.83% to $85.76 following Sunday's first direct military exchange in roughly a month, with US strikes on Larak Island and Iranian missiles at US bases in Jordan. Trump pledged a hard response, reviving short-term supply risk premium after last week's price retreat on partial Hormuz flow hopes. The move also lifted monthly gains for both benchmarks. Read →

Brent climbed above $91 a barrel on Tuesday after a tanker was struck by projectiles while exiting the Strait of Hormuz and fresh US-Iran hostilities raised escalation risks. US forces had hit Iranian launchers on Larak Island; Iran responded with attacks including on Jordan bases, with Trump vowing retaliation. Flows remain far below pre-war levels at around 6 million barrels per day per satellite data, pressuring global supply buffers. Read →

Oil prices jumped more than 2% on Monday with Brent rising above $90 a barrel after the US and Iran exchanged fire for the first time in a month, reviving supply disruption concerns in the Gulf. The weekend attacks on Larak Island and Jordan bases, plus Trump's hard-response pledge, reversed last week's declines tied to partial Hormuz optimism. Tanker traffic stayed minimal at five vessels daily with no liquid tankers reported. Read →

Brent and WTI fell as more crude exited the Strait of Hormuz following Iran-Oman corridor talks and US mine-clearance claims. Flows reached levels surprising Asian refiners, pressuring prices despite ongoing US-Iran tensions. The decline keeps benchmarks on track for weekly losses of around 5%. Read →

President Trump said the US secured majority control of over 65 billion barrels of Venezuelan proven reserves through a private partnership, aiming to boost US supply and lower fuel prices. Venezuelan interim leader Delcy Rodriguez welcomed the deal, projecting $209 billion in revenue and development of 17 fields. The move targets replenishing the Strategic Petroleum Reserve without taxpayer cost. Read →

Thiel Macro LLC acquired about 1.2 million ADS in Vista worth $76 million, equating to a 1% stake. Vista operates in Argentina's Vaca Muerta shale, the world's second-largest shale gas and fourth-largest shale oil formation. The investment follows Thiel's meeting with President Milei and comes as Vista boosts output targets. Read →

Brent traded near $89.17 and WTI near $83.19, down over 5% and 4% for the week. Choppy Hormuz tanker traffic and lack of diplomatic progress failed to support prices. US 'toughest sanctions' on Iran and focus on economic rather than military pressure weighed on sentiment. Read →

Brent fell 0.3% to $89.45/bbl and WTI 0.3% to $83.31/bbl on Friday, putting both on track for 5.3% and 4.3% weekly declines. Markets reacted to a WSJ report that the Trump administration rejects reviving the June Iran deal, complicating diplomacy, while the US imposed tough new sanctions on Iran and Hormuz flows remain limited. The moves signal traders are pricing in persistent supply risks but fading near-term escalation hopes. Read →

Brent slipped 0.6% to $89/bbl and WTI 0.5% to $83/bbl, heading for the first weekly decline in three weeks. A WSJ report said Trump has no interest in the June Iran MOU, while Monday's 'toughest sanctions' drew Iranian criticism; Goldman Sachs warned of $120/bbl Brent if Hormuz disruptions last. JPMorgan sees each extra month of issues adding $7-8/bbl. Read →

Brent rose 2.1% to $89.70/bbl and WTI 1.6% to $83.53/bbl on Thursday after the WSJ report that Trump spurns the June Iran MOU, reducing hopes of quick Hormuz reopening. Washington confirmed no direct talks with Iran amid Qatari mediation efforts; Kpler data showed Hormuz traffic at 10 vessels, below the 15-vessel average. Analysts noted persistent uncertainty over the strait that handles one-fifth of global oil flows. Read →

Kpler data indicated commodity vessel transits through Hormuz fell below the recent 10-day average of 15, with only modest improvement from prior lows. The limited flows sustain supply concerns despite Iran-Oman talks on a joint corridor and US claims of cleared mines. Pre-war the strait handled about one-fifth of global oil and LNG shipments. Read →

Traders weighed Hormuz flow progress against Russia-Ukraine tensions curbing output. Brent traded near $87 a barrel, down more than 7% this week; WTI near $82. Gains on Ukraine escalation reports reversed after Iran-Oman revenue-sharing announcement. Read →

Brent fell 60 cents to $87.24 a barrel for a fourth day; WTI dropped 56 cents to $81.67. Iran and Oman advanced details on a Hormuz control agreement after IRGC revenue-sharing claims, with Qatar's PM heading to Iran. U.S. distillate stocks hit a seasonal low at 103.4 million barrels after a 2.2 million barrel draw. Read →

Commercial crude stocks rose 95,000 barrels to 428.9 million barrels in the week to Aug. 21, below the expected 500,000 barrel build. Gasoline inventories fell 2.5 million barrels and distillates dropped 2.2 million barrels to a record seasonal low of 103.4 million barrels. SPR stocks fell another 3.7 million barrels on releases. Read →

Saudi Arabia is using ship-to-ship transfers to bypass Strait of Hormuz constraints for Asian deliveries. The workaround sustains flows to China amid limited strait traffic. It highlights efforts by Gulf producers to maintain exports despite ongoing disruptions. Read →

Brent crude futures dropped more than $2 a barrel on Wednesday to a two-week low after Iran and Oman discussed a temporary joint navigational corridor through the Strait of Hormuz and mine-clearing. The talks, under a June interim U.S.-Iran deal, raised hopes of easing shipping constraints on Middle East crude flows. Preliminary data showed only five commodity vessels transited the strait on Tuesday. Read →

Brent traded below $87 a barrel on Tuesday, extending its weekly decline to about 8%, as Iranian and Omani foreign ministers discussed an interim framework for a temporary joint maritime corridor in the Strait of Hormuz. The Oman News Agency carried the statement on the initiative. West Texas Intermediate hovered near $81 amid the diplomatic signals. Read →

October WTI crude futures settled $2.05 lower at $85.01 per barrel and Brent fell $2.22 to $92.17 per barrel on Monday after the Trump administration announced Operation Economic Outcast sanctions targeting Iran and enablers. Analysts said the measures appeared less dramatic than the rhetoric, with limited near-term impact on flows unless China sharply cuts purchases. Refined product futures also declined. Read →

WTI settled down 3.1% at $82.36 per barrel and Brent fell 3.9% to $88.58 per barrel on Tuesday amid stepped-up U.S. economic pressure on Iran. Iran and Oman advanced talks on a temporary shipping corridor through the Strait of Hormuz, with Omani officials signaling a possible announcement soon. The market interpreted the sanctions shift as raising negotiation prospects rather than immediate supply risks. Read →

Brent crude futures settled down $2.22 (2.35%) to $92.17 while WTI fell $2.05 (2.35%) to $85.01 on Monday. Traders booked profits after two weeks of gains exceeding 5% despite Treasury Secretary Scott Bessent announcing expanded secondary sanctions targeting Iran's trading partners and oil revenue networks. The moves signal limited immediate market belief in rapid supply relief from the Strait of Hormuz amid the six-month US-Iran conflict. Read →

Treasury Secretary Bessent unveiled an 'economic onslaught' giving nations defined timelines to sever Iran links or risk dollar-system exclusion, while sanctioning over 60 entities and vessels. No major Chinese banks were hit yet despite Beijing's role as top Iranian oil buyer; Bessent signaled a major financial institution sanction by week's end. Analysts see limited short-term oil-flow impact unless enforcement targets China aggressively. Read →

Brent futures fell $1.49 or 1.6% to $92.90 a barrel and WTI dropped $1.74 or 2% to $85.32 in early trade. Traders locked in gains from last week's 5%+ rally as U.S. Treasury Secretary Scott Bessent prepares a Monday press conference on new sanctions targeting Iranian oil buyers and shippers. The move risks further curbing already-low tanker traffic through the Strait of Hormuz. Read →

Only 13 vessels crossed on Saturday and four on Sunday per Kpler data. U.S. and Iranian blockades plus recent incidents keep flows at roughly 10% of pre-conflict levels. Persistent low throughput sustains supply concerns for Middle East crude and products. Read →

Shell drew interest from ExxonMobil, LyondellBasell, Apollo Global Management and Kuwait Petroleum for its U.S. chemicals plants in Louisiana, Texas and Pennsylvania. Non-binding offers were submitted last month for the assets valued up to $8 billion. The divestment forms part of Shell's push to exit underperforming chemical operations. Read →

Fewer than 20 vessels traversed the Strait of Hormuz over the weekend. Renewed threats between Washington and Tehran have kept traffic suppressed. The chokepoint normally handles about one-fifth of global oil supply. Read →

WTI and Brent futures each fell more than 2% in early Asian trade Monday. Traders took profits from the prior week's gains while awaiting U.S. Treasury Secretary Scott Bessent's 2 p.m. ET press conference detailing new sanctions on Iran and its oil customers. Read →

Offers of Iranian crude cargoes for September-October delivery to Chinese buyers have declined sharply this week as the U.S. blockade curtails Tehran's shipments, with some barrels now quoted at a $2/bbl premium to Brent versus a $3 discount earlier. Iran's floating storage outside the blockade zone has dropped to 80 million barrels from 105 million before the July 13 re-imposition, and August imports to China have fallen to 534,000 bpd. Shandong teapot refiners are shifting toward alternatives such as Brazilian Lapa or Iraqi Basrah crude. Read →

Front-month WTI futures fell 0.6% to $86.30/bbl in early European trading after a five-session rally, reflecting a likely technical correction. Losses remain capped by stalled U.S.-Iran talks on reopening the Strait of Hormuz and Washington's renewed vow to escalate economic sanctions. Conflicting signals on Hormuz traffic and the threat of additional regional tensions continue to underpin prices. Read →

Brent traded above $93/bbl on pace for a roughly 6% weekly advance while October WTI held near $86/bbl after five straight sessions of gains. The move follows the U.S. push to isolate Iran's economy, raising the prospect of further market disruption from the conflict. Washington is set to detail additional sanctions measures on Monday. Read →

Brent for October climbed $1.20 to $92.82 a barrel and the active October WTI contract rose $1.13 to $85.52 in the session. Both benchmarks reached their highest levels since late July on the fifth consecutive gain. Traders cite ongoing U.S.-Iran standoff and risks to Gulf exports as the key support. Read →

Global oil supply is now projected to fall 4.3 mb/d in 2026 after renewed Hormuz disruptions cut July Gulf output recovery. Observed inventories plunged 69 mb in July, or 2.2 mb/d, with most of the draw from oil on water. Product cracks and refining margins hit record highs in Europe amid tighter distillate markets. Read →

U.S. commercial crude inventories increased 4.4 million barrels for the week ending August 14 to levels 6% below the five-year average. Refinery inputs averaged 17.4 million barrels per day at 97.2% utilization. Distillate stocks declined while gasoline production rose to 9.7 million barrels per day. Read →

Oil futures advanced in early Asian trade after Iran fired ballistic missiles toward the Strait of Hormuz on Tuesday, with one hitting a bulk carrier east of Oman. ANZ Research noted renewed attacks raise prospects of ongoing supply disruptions. Front-month WTI traded 0.5% higher near $85.34 per barrel. Read →

COSCO Shipping Energy Transportation and China Merchants Energy Shipping have kept VLCCs out of the Strait of Hormuz and Bab al-Mandeb since late July, shifting to ship-to-ship transfers at Fujairah and Omani ports. The two firms previously handled about half of China's Middle East crude imports excluding Iranian barrels. Oman-China voyage freight rates reached $140,000 per day with margins near $110,000 versus $30,000-$40,000 pre-conflict. Read →

Saudi Aramco restarted loadings from terminals inside the Strait of Hormuz last week with multiple VLCCs active at Ras Tanura and more vessels queued. The company offered prompt spot cargoes of Arab Medium and Arab Heavy grades. Traders noted potential use of the Saudi fleet to lift additional volumes. Read →

Iraq's cabinet approved a three-month mechanism starting September 1 allowing exports through specialized local and international companies via multiple outlets. The move aims to diversify channels and maintain flexibility amid Hormuz disruptions. Iraq's daily exports have averaged around 2 million barrels since early August. Read →

China recorded a 210,000 bpd crude surplus in July after processing 12.51 million bpd against 8.41 million bpd imports plus domestic output. Refiners drew far less from the estimated 1.2 billion barrel stockpile than expected amid Hormuz disruptions. Beijing eased fuel export curbs for August, positioning China to absorb restricted Middle East supply. Read →

The US diesel crack spread reached an all-time high of $102.20 a barrel Monday amid Iran and Ukraine supply disruptions coinciding with peak agricultural demand. The spread has set intraday records in five of the past six sessions. Fresh attacks on Middle Eastern refineries intensified pressure on distillate availability. Read →

Crude oil rose above $85 per barrel Tuesday for a third straight session after President Trump ruled out extending an interim US-Iran peace deal. Geopolitical tensions and limited Hormuz shipments outweighed any signs of increased oil flows. Prices have risen over 3% in the past month. Read →

Brent crude futures rose 0.31% to $88.79 a barrel while WTI fell 0.29% to $82.16. Shipping data showed only five vessels transited the Strait of Hormuz on Saturday versus 31 the prior weekend after attacks on ADNOC tankers. Analysts said prices face limited upside without a full halt in crude flows or new major supply outages. Read →

Brent held near $89 after a 6% weekly gain while WTI traded around $82. Fresh fighting in Lebanon and vessel attacks in the Strait of Hormuz clouded prospects for ending the US-Iran conflict. Wider negotiations appeared at a standstill. Read →

Thiel Macro LLC acquired about 1.2 million American Depositary Shares worth $76 million in Vista Energy. Vista ranks among the largest operators in Argentina's Vaca Muerta shale formation. The filing followed Thiel's April meeting with President Javier Milei. Read →

Iraq's Oil Ministry agreed with JGC Corporation to restart work on the fluid catalytic cracking complex at South Refineries Company in Basra. JGC teams remobilized August 10 to prepare units for full design capacity. The project will add 5 million liters of gasoline and 7 million liters of diesel daily plus 400 metric tons of LPG. Read →

Brent rose 1 cent to $87.08 per barrel and WTI gained 6 cents to $81.31 after the US warned it could maintain an indefinite naval blockade of Iran and ramp up economic sanctions. The move revives supply disruption fears through the Strait of Hormuz despite Thursday's largest US crude stock build in over 3.5 years and softer demand forecasts from OPEC and the IEA. Read →

Supertankers are extending periods with transponders off to transit the Strait of Hormuz and Bab el-Mandeb, building on tactics used since the Iran war began. This reflects heightened risks and efforts to move non-Iranian crude despite the stalemate. Read →

Russian crude accounted for 50.83% or 2.47 million barrels per day of India's July imports, up 62% year-over-year as Middle East supply disruptions from the Iran war force buyers to Russian barrels. The shift reduced Middle East's share to about 30% from 43% a year earlier. Read →

State-owned Indian refiners including Indian Oil and Hindustan Petroleum are securing spot crude supplies months in advance through October and into November due to uncertainty from Ukrainian strikes on Russian assets and the Hormuz stalemate. This extends their typical one-to-two-month purchasing horizon. Read →

Over 540,000 barrels of low-sulphur straight-run fuel oil from PRefChem departed August 8 for a US West Coast refinery, the first such shipment since 2023. Tight global feedstock supplies from the Iran war and strong refining margins are driving longer-haul trades. Read →

Brent fell 1% to $88.07/bbl and WTI dropped 1.2% to $82.31/bbl Thursday. OPEC cut its 2026 global oil demand growth forecast to 580,000 bpd while the IEA sees a 1.6 million bpd contraction this year. US commercial crude inventories surged 17.4 million barrels to 424.4 million in the week to August 7. Read →

OPEC lowered its 2026 world oil demand growth forecast to 580,000 bpd, the fourth straight cut. It still projects growth unlike the IEA, which forecasts a contraction, reflecting differing views on Iran war impacts. OPEC raised its 2027 demand growth outlook. Read →

The IEA projects a 1.8 million bpd global supply shortfall this quarter, more than double prior estimates, due to Middle East disruptions from the Iran war. The 2026 deficit will be the widest in five years even as demand falls from higher prices. Global oil supply is forecast to decline 4.3 million bpd this year. Read →

Marathon, Phillips 66 and Valero earned a combined $12.6 billion in Q2, the highest since 2022, on surging refining margins from Hormuz disruptions. The trio returned $6.3 billion to shareholders via buybacks and dividends. Analysts expect continued strong capital returns into 2027. Read →

The Trump administration's Gulf of Mexico lease sale attracted $82.7 million in high bids on 330,000 acres from 16 companies including BP, Chevron and Shell units. Bidding exceeded March's total but trailed December's $279 million auction. Offshore fields supply about 15% of US output. Read →

U.S. crude rose 0.61% to $83.71 a barrel and Brent to $89.46 per barrel on Wednesday, extending a sixth straight daily gain after settling more than $1 higher Tuesday. Gains follow fading prospects for a Strait of Hormuz reopening deal amid hardening U.S.-Iran positions. The move adds to supply-risk premium in global crude benchmarks. Read →

ADNOC offered Upper Zakum, Umm Lulu and Das grades for October-November loading in its latest spot tender. The UAE, which exited OPEC in May, has sold over 90 million barrels via spot tenders since early June using workarounds around Hormuz. Output reached a record 4.1 million bpd in June despite shipping risks. Read →

API data showed U.S. crude stocks rose 9.072 million barrels in the week ending August 7 versus an expected 500,000-barrel draw. The build followed a 2.69 million barrel increase the prior week and stemmed partly from higher imports relative to exports. Cushing stocks also rose amid ongoing global inventory draws. Read →

Ukraine said it struck Tatneft’s Taneco refinery in Nizhnekamsk, Tatarstan, causing a fire. The attack killed at least 13 people including a child and wounded dozens. It forms part of Kyiv’s campaign targeting Russian energy infrastructure far from the front lines. Read →

The 11-member OPEC (excluding UAE) pumped 19.85 million bpd in July, up 1.17 million bpd month-on-month, extending recovery from May's low. Iraq posted the largest increase followed by Kuwait, with Iran also raising exports despite a mid-July US port blockade; Saudi output edged lower while Libya increased. The rise came as Gulf members restored supplies previously shut by the Iran conflict and Strait of Hormuz closure, though overall output remains well below quotas. Read →

Oil held a four-day advance with Brent near $88 per barrel and WTI above $82 after President Trump demanded Iran pay compensation for deaths and injuries, complicating prospects for a deal to reopen the Strait of Hormuz. Tehran had reiterated its own compensation and sanctions-relief demands as conditions for reopening. Prices advanced 5% in the prior session on the fading deal hopes. Read →

Brent and WTI each jumped about 5% on Monday amid Iran-US demands over Strait of Hormuz reopening, while US stocks edged lower. Traders are watching Wednesday's July US CPI reading for clues on Fed rate policy, with oil's move adding to inflation focus. Gold touched a nine-week high as markets weighed geopolitical risks. Read →

Rosneft's Saratov refinery stopped processing crude after a Ukrainian drone attack on August 2 damaged facilities and caused fires, shutting its only crude distillation unit. The outage adds to recent Ukrainian strikes on Russian energy infrastructure including the Taneco refinery. This tightens refined product supply in a market already facing geopolitical disruptions. Read →

Brent rose 1% to $84.39/bbl and WTI gained 0.75% to $78.77/bbl Monday. Iran said a shipping-lanes deal with Oman is in final stages but the U.S. must meet additional conditions first, keeping Hormuz flows restricted. The benchmarks had dropped more than 7% last week on earlier reopening hopes. Read →

Saudi energy ministry said a fire at Aramco’s Jazan refinery was extinguished with no injuries reported. Iran-backed Houthis claimed responsibility for the strike on the Red Sea facility. The incident adds to supply risks in the Gulf region. Read →