ADNOC CEO Sultan Al Jaber warned that disruption of the Strait of Hormuz represents a direct threat to global energy security, describing attempts to block the vital waterway as “economic terrorism” with far-reaching consequences for oil and gas markets.
Oil prices fell sharply, posting one of the largest intraday swings on record, after President Donald Trump said discussions to end the Iran conflict were underway, though Tehran denied any talks.
In a statement posted on his Truth Social page on Monday, U.S. President Donald J. Trump reported that the U.S. and Iran had had “very good and productive conversations” over the past couple of days.
Saudi Aramco Chief Executive Officer Amin Nasser has withdrawn from a major energy conference in Houston, which gets underway Monday, as the situation in the Middle East remains volatile.
Saudi Arabia and Kuwait are attempting to press on with planned multibillion-dollar energy deals despite a widening conflict that’s seen Iran target oil and gas infrastructure across the Middle East over the past three weeks.
The Trump administration released TotalEnergies from $1 billion in offshore wind leases so the French energy giant can redirect those funds into oil and natural gas investments in the U.S.
Aker BP and Armada have agreed to deploy a modular offshore data center on the Norwegian Continental Shelf, aimed at enabling real-time processing of drilling and operational data directly at the rig site.
Brent crude is seen averaging $85 per barrel this year, and West Texas Intermediate could see an average price of $79, Goldman Sachs commodity analysts said in a note released Sunday. They added that the supply loss from the crisis is going to peak at 17 million barrels daily.
The Dangote Petroleum Refinery has exported 12 cargoes of refined petroleum products totalling 456,000 tonnes to five African countries, expanding its regional presence amid ongoing fuel supply challenges linked to geopolitical tensions in the Middle East.
Iran has said that United States and Israeli strikes hit its South Pars natural gas field and associated infrastructure, Bloomberg reported on Wednesday.