Crude oil prices were set for another weekly gain today, also extending their monthly rise to four months in a row amid continued fears of escalation in the Middle East and Houthi attacks on Saudi infrastructure. At the time of writing, Brent crude was trading at $116.56 per barrel, with West Texas Intermediate at $103.35 […]
Tankers previously used to ship crude oil from sanctioned countries are now moving crude out of the Middle East, after being removed from sanction lists. Two very large crude carriers that used to transport Venezuelan crude before are now being used to export oil from the Persian Gulf, and two more are en route to […]
Oil traders appear to be preparing for a resumption of hostilities in the Middle East following the U.S. midterm elections on November 3, and if such a resumption does not take place, oil prices are likely to drop, ING commodity strategists wrote today in a note. With President Trump repeatedly hinting at or outright saying […]
Liquefied natural gas prices on the Asian spot market topped $30 per million British thermal units for the first time since December 2022, Bloomberg reported earlier today. The price jump follows a report about a strike on an LNG tanker in the Gulf of Aden, off the Yemeni coast.
Drilling Tools International (DTI) has entered into a definitive agreement to acquire Aberdeen-based Saltire Energy Limited and Foxley Energy Limited for approximately $80 million in cash and 17.4 million shares of DTI common stock, expanding its drilling equipment rental operations across the North Sea, Middle East and Asia-Pacific. The transaction, expected to close in the […]
Major OPEC+ nations agreed to keep oil production quotas unchanged next month, as conflict in the Middle East continues to shutter swaths of the group’s output. A sub-group of seven countries led by Saudi Arabia and Russia will keep targets steady in November, the coalition said in a statement following a monthly video conference […]
Oil prices edged lower on Monday, October 5, as increased exports from the Middle East and an agreement by the Group of Seven countries to release oil and diesel from strategic reserves weighed on the market.Brent crude futures fell 66 cents, or 0.65%, to $101.59 a barrel. WTI crude lost 95 cents, or 1.03%, to […]
Oil dipped on signs that war-driven market tightness may still persist even as some supply disruptions in the Middle East ease. Global benchmark Brent fell 1% to settle under $105 a barrel, while West Texas Intermediate dipped 0.5% to settle near $102. Saudi Arabia is seeking to return about half the capacity of its key […]
Oil prices continued to rise early on Tuesday, rallying by 1.7% in Asian trade, as the Iran-backed Houthis in Yemen are expanding their control over the west coast along the Red Sea, while the attacks on a key Saudi onshore oil pipeline triggered concerns about additional disruptions to already severely disrupted oil supply from the […]
Gulf Marine Services (GMS) has secured a 183-day contract extension for one of its Small-class self-elevating support vessels operating in the Middle East, extending work for a major national oil company. The extension was awarded under an existing agreement and will allow the vessel to continue supporting the operator’s offshore maintenance activities without interruption. The contract […]