Oil prices surged in early Asian trading on Monday, breaking above $100 per barrel for the first time in nearly four years as the Iran conflict escalated and Ayatollah Mojtaba Khamenei was chosen as supreme leader.
Oil and fuel futures and options contracts traded on Monday hit an all-time high as traders rushed to lock in surging benchmark prices, Reuters has reported, citing ICE data. The total number of futures and options in crude and fuels reached 12.7 million, with the number of contracts for ICE’s Low Sulphur Gasoil hitting 1.3 million—the […]
Oil futures extended gains as the U.S.-Iran conflict widens and energy infrastructure across the Middle East comes under attack, according to Sasha Foss, Energy Analyst at CSC Commodities, a division of Marex. Front-month Brent crude rose $5.66/b to $83.40, with the prompt spread widening to $2.65/b, reflecting tightening near-term supply conditions. Foss said the biggest […]
Oil prices posted their largest single-day gain in four years as conflict in the Middle East disrupted tanker traffic through the Strait of Hormuz and heightened concerns about supply from one of the world’s most critical producing regions. Brent crude climbed roughly 9% after briefly topping $80/bbl, while diesel futures jumped more than 20% at […]
Transocean has secured contract fixtures for its Encourage and Enabler rigs in Norway, amassing a firm backlog of approximately $184m (SFr141.4m).
Oil gained as tensions in the Middle East outweighed concerns that there is a supply glut building in the market.
In its latest short term energy outlook (STEO), which was released on February 10, the U.S. Energy Information Administration (EIA) projected that the average Brent spot price will drop in 2026 and 2027.
Oil fell for the first time in three days after Iran confirmed it would hold negotiations with the US, easing the immediate risk of military conflict and supply disruptions from the OPEC producer.
Equinor Brasil Energia has opted for a one-year contract extension with Seadrill for the ultra-deep-water drill-ship West Saturn.
In a market comment sent to Rigzone on Thursday, Mazen Salhab, Head of Market Research at MH Markets, highlighted that oil prices “remain elevated and volatile … as the market prices supply risk and demand uncertainty at the same time”.