Argentina’s President Javier Milei threatened to impose sanctions on oil companies drilling near the Falkland Islands, after reiterating his claim that the territory under British control is Argentine.
European benchmark natural gas prices on Friday headed for their fourth consecutive weekly gain as the re-escalation in the Middle East dampened hopes that LNG flows from the Strait of Hormuz could normalize soon.
Iran pursues various tactics to bypass the U.S. blockade, which President Trump reimposed in the middle of July after the deal to make a deal collapsed, according to Iranian Oil Minister Mohsen Paknejad.
Supply of fuel oil for the shipping industry is getting squeezed by the war-driven tightness in diesel fuel, as refiners prioritize the latter over the former, Reuters has reported, with Asia set to suffer the most severe blow.
South Korea has reportedly agreed to invest $22.3 billion in a gas-fired power plant in Texas as part of its trade deal with the Trump administration.
Russia’s oil revenue slumped to a six-month low in August, reflecting lower export prices and compounding pressure on the Kremlin’s ability to finance its war in Ukraine.
The UK government is reportedly poised to approve the Jackdaw development in the North Sea, a move welcomed by Aberdeen energy leaders who are urging officials to follow with approval of Rosebank and broader reforms aimed at restoring offshore investment.
Iran said it targeted three oil tankers using an unauthorized route through the Strait of Hormuz, as well as a number of U.S.-linked ships, in retaliation for American attacks on Iranian tankers over the weekend.
Major OPEC+ nations stuck with their plan to keep oil production quotas unchanged, while the Iran war continues to shutter vast swathes of output in the Middle East.
China’s oil consumption fell 9% year over year in the second quarter as expensive crude accelerated the use of electric cars, trucks, rail and industrial equipment.