Oil prices climbed nearly 2% on Wednesday as renewed US airstrikes on Iran and fresh sanctions on Tehran's oil exports reignited concerns over supplies from the Middle East after attacks on commercial vessels in the Strait of Hormuz.
Seven Opec+ members have agreed to raise oil production by 188,000 barrels per day in August 2026 as part of a gradual adjustment to the additional voluntary output cuts introduced in April 2023.
Kuwait Oil Company (KOC) has signed up Chinese group Anton Oilfield Services DMCC to deliver comprehensive integrated maintenance and operational support services for its Jurassic Production Facilities (JPF) 1, 2 and 3 located in the country's northern region.
Oil topping $100 amid Red Sea attacks is rattling markets, affirms the CEO of a top independent financial advisory organisation. Brent crude touched $100.64 a barrel on Thursday, a jump of 7%, while US crude rose to $91.83, up 5.8% after Houthi rebels claimed to have struck two Saudi oil tankers in the Red Sea
Brent crude touched $100.64 a barrel on Thursday, a jump of 7%, after Yemen's Houthi rebels claimed to have struck two Saudi oil tankers in the Red Sea.
Oil prices climbed for a second straight session on Wednesday, with Brent crude rising above $92 a barrel, as investors weighed the risk of widening supply disruptions from the escalating Middle East conflict.
The International Energy Agency (IEA) has warned that escalating conflict in the Middle East is increasing risks to global energy security, with threats to the Strait of Hormuz and Bab el-Mandeb Strait fuelling uncertainty over global oil and natural gas supplies.
Oil prices surged above $90 a barrel on Monday as the escalating military confrontation between the United States and Iran heightened concerns over supplies from the Gulf, with shipping through the Strait of Hormuz remaining severely disrupted following another night of attacks.
Iraq has signed energy agreements with US firms including ExxonMobil, KBR and GE Vernova to advance oil and power projects, while progressing a Mediterranean Energy Corridor pipeline initiative with a planned capacity of two million barrels per day.
The United States launched fresh waves of air strikes against Iran on Wednesday, targeting military infrastructure linked to Tehran's ability to threaten shipping in the Strait of Hormuz, while Iran retaliated with attacks on US military sites across the region, pushing the Gulf closer to a broader conflict.
