Oil prices are poised to extend their recent gains as global markets open Monday, amid the third week of the U.S.-Israel conflict against Iran, which has put key oil infrastructure at risk and kept the Strait of Hormuz closed, creating the largest disruption to global oil supplies in decades.
Iran has warned that “not a litre” of oil will be exported from the Middle East until the United States and Israel stop bombing it. The warning comes on the heels of statements made by President Trump that the war would be over “very soon”, which toppled oil prices from peaks reached on Monday.
Qatar shut down liquefied natural gas production at the world’s largest export facility after it was targeted in an Iranian drone attack, sending European gas prices surging more than 50% and rattling global energy markets. QatarEnergy’s Ras Laffan plant covers about a fifth of global LNG supply and the unprecedented halt now threatens energy security worldwide. […]
Oil swung as traders parsed competing headlines on the status of negotiations between the US and Iran.
Iran has restarted the exports of natural gas to its neighbor Iraq despite U.S. opposition to the exchange, which last year led to the cancellation of these supplies.
Iran and Russia are strengthening their economic and energy cooperation and consider joint development of another Iranian oilfield, top officials from the countries said on Wednesday.
OPEC and its allies (OPEC+) agreed on Sunday, Feb. 1, to keep oil production levels unchanged for March, reaffirming earlier decisions amid heightened geopolitical uncertainty and firmer crude prices.
Oil fell after the close, wiping out a day of gains after US President Donald Trump said he had been assured that Iran would stop killing protesters, signaling he could hold off on a threatened military response to the repression of widespread demonstrations in the nation.
An oil tanker seized by Iran two years ago was released, with satellite images showing the vessel off the coast of Oman, against a backdrop of mounting US pressure on the Persian Gulf state. The St Nikolas — seized in January 2024 in retaliation for what Iran called at the time the US “theft” of Iranian oil […]
Iran is open to international partnerships in the oil and gas industry, offering “golden investment opportunities” in the area, oil minister Mohsen Paknejad said this week, during a meeting with a senior Belarusian official.