Global oil prices declined during Friday's trading session, reaching their lowest levels since early March. Kuwait's crude oil too fell by 6.1% to $94.84 per barrel on Friday, down from $101.04 per barrel the previous day, according to data from Kuwait Petroleum Corporation (KPC).
GlobalData says geopolitics and supply chain risks, driven by Iran tensions and potential Strait of Hormuz disruption, will dominate oil and gas in 2026, alongside US tariffs, energy transition themes, and emerging digital technologies.
Oil prices eased slightly on Tuesday after jumping about 6% yesterday following increased hostilities in the Strait of Hormuz.
Adnoc has confirmed it is accelerating growth and delivery of its strategy with AED200 billion ($55 billion) in new project awards for 2026-2028. The planned project awards reinforce delivery of Adnoc’s five-year capital expenditure (Capex) plan approved by its Board of Directors last year.
The heads of four major global economic institutions warned on Friday that the war in the Middle East is posing growing risks to the world economy, with disruptions to oil shipments through the Strait of Hormuz driving down global inventories and threatening energy security ahead of peak summer demand.
The United States has announced new sanctions on Iranian oil and petrochemical networks, the latest move in its 'maximum pressure' strategy to curb the country's key sources of income and limit funding for its military operations, said a report.
Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in June, the third consecutive monthly increase, OPEC+ said in a statement.
Global energy investment is expected to reach $3.4 trillion in 2026, with $2.2 trillion going to low-emissions and grid technologies and $1.2 trillion to fossil fuels, according to the IEA report.
Two liquefied natural gas tankers passed through the Strait of Hormuz on Monday ( May 25) heading to route to Pakistan and China, while a supertanker carrying Iraqi crude for China departed the Gulf on Saturday after being stranded for nearly three months, according to shipping data cited by Reuters.
Seven leading producers in the Opec+ are likely to agree to a modest increase in July oil output when they meet on June 7, despite ongoing supply disruptions linked to the Iran war, four sources told Reuters.
