Oil fell after both the U.S. and Iran signaled that discussions to restore shipping through the Strait of Hormuz are ongoing, raising hopes for a pickup in supply from the Middle East.
Oil and gas markets have been rocked by disruption to supply out of the Persian Gulf. Prices of both commodities have jumped since the US and Israel began their strikes on Iran. Iran’s retaliation has involved the targeting of energy infrastructure across the Gulf, interrupting production and prompting closures as a precautionary measure. More significantly, […]
SLB, the world’s biggest oil field services provider, said it will take time for full production capacity to return to the Middle East and will require a durable resolution to the US-Iran conflict.
Despite the challenges posed by war, sanctions, and trade restrictions, Iran’s Ministry of Oil maintained crude oil production and exports, achieving approximately 60% of the annual oil revenue target in the first months of the Iranian year 1405 (started late March 2026). The ministry generated $18 billion in oil revenue, including $11.5 billion during the war and $6.5 billion during the ceasefire, while transferring around $11 billion to the state treasury.
Oil prices jumped by 4% in Asian trade on Monday, following a weekend of intense U.S. strikes on Iran, claims from Iran that the Strait of Hormuz is closed to traffic once again, and Iranian strikes on five U.S. allies in the region. Brent Crude futures surged by 4% to top $79 per barrel in Asian […]
The United States launched a third round of strikes on Iran this week as Tehran declared it was closing the Strait of Hormuz “until further notice,” sharply escalating tensions around one of the world’s most critical energy chokepoints. U.S. Central Command (CENTCOM) said President Donald Trump ordered the strikes after Iranian forces attacked the Cyprus-flagged […]
The US and Iran exchanged fresh strikes overnight into Monday as they continued their tit-for-tat attacks while issuing conflicting declarations over whether the Strait of Hormuz was open to shipping. US Central Command said American forces carried out a new round of attacks to degrade Iran’s ability to threaten shipping in the narrow waterway. Dozens […]
Oil prices jumped Wednesday after U.S. President Donald Trump declared that the ceasefire with Iran was effectively over and said the United States would “probably” launch additional military strikes, raising the prospect of renewed conflict in one of the world’s most important oil-producing regions.
The US carried out a new round of strikes in Iran targeting more than 80 sites and revoked a waiver allowing new sales of its oil, further imperiling a peace agreement after a series of attacks on ships in the Strait of Hormuz. American forces struck Iranian air defense systems, command and control networks, coastal […]
The U.S. Energy Information Administration (EIA) has raised its global oil production forecast in its July Short-Term Energy Outlook (STEO), citing the recovery of shipping through the Strait of Hormuz following the June 18 agreement between the United States and Iran to reopen the strategic waterway. EIA now expects global crude oil production and trade flows to […]