Saudi Arabia has reduced the official selling price of its flagship crude loading for Asia in June from the May record high, but the price cut was less than expected.
Crude oil prices extended losses for a second day today, after President Trump said the United States would pause its plan to escort vessels out of the Strait of Hormuz just a couple of days after it was announced.
Oil prices jumped as critical energy infrastructure and tankers in the Middle East came under attack, marking a significant escalation in the US-Iran hostilities and jeopardizing a four-week-old ceasefire.
Higher oil prices drove the first-quarter adjusted earnings at ExxonMobil (NYSE: XOM) above the analyst estimates as the jump in prices more than offset lower oil and gas production in the Middle East and Kazakhstan.
Oil prices edged lower in early Asian trading on Monday after President Trump announced the U.S. would guide ships through the Strait of Hormuz and OPEC+ confirmed a modest output increase.
Oil prices rose Sunday after an Iranian official warned that the Strait of Hormuz will “under no circumstances” return to its previous state.
Oil prices climbed sharply in early Asian trade on Monday, as the U.S. Navy intercepted an Iranian vessel it accused of attempting to break its blockade. The seizure reignited fears of a major escalation in the conflict and a prolonged disruption in the Strait of Hormuz.
The U.S. Energy Information Administration (EIA) increased its 2026 Brent oil price projection in its latest short term energy outlook (STEO), which was published on April 7.
Oil has sharply repriced lower into the mid-$90s, Naeem Aslam, CIO at Zaye Capital Markets, said in a statement sent to Rigzone on Wednesday.
Oil and natural gas prices dropped sharply after the U.S. and Iran agreed to a two-week ceasefire aimed at halting the six-week conflict, though uncertainty persists over the timing of resumed flows through the Strait of Hormuz.