Two ADNOC vessels were attacked while transiting the Strait of Hormuz on Thursday, adding to growing tensions in the strategic waterway as the United States prepares tougher economic measures against Iran.
Renewed Gulf export disruptions have derailed the global oil market recovery, prompting the International Energy Agency (IEA) to cut its 2026 supply and demand forecasts. Global oil demand is now expected to decline by 1.6 million barrels per day as the Strait of Hormuz remains closed.
Egypt’s exploration sector has delivered positive results over the past two fiscal years, with 149 exploration wells drilled and 112 new discoveries made, including 88 crude oil and 24 natural gas finds, the government said. Among the notable discoveries was the Denis offshore gas field in Port Said.
Oil prices extended their rally on Tuesday after surging about 5% in the previous session, as fresh demands by US President Donald Trump and Iran's insistence on major concessions from Washington cast renewed doubt over efforts to reopen the strategically vital Strait of Hormuz.
Saudi Aramco Base Oil Company (Luberef) has announced that it had extended its utilities sales and land lease agreement with its majority stakeholder and global oil giant Aramco through 2030, supporting the continued operation of its key facility in Jeddah as well as Group I base oil production.
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.
bp and Türkiye Petrolleri Anonim Ortaklığı (TPAO) have agreed terms for TPAO to acquire a 15 per cent interest in BP Energy Company of Kirkuk (BP ECKL), strengthening cooperation on the redevelopment of major oil and gas fields in Iraq’s Kirkuk region.
Oil prices remained under pressure as the pause in military operations in the Middle East reduced the risk of immediate geopolitical escalation. Also hopes surrounding talks between Iran and Oman over shipping through the Strait of Hormuz improved market sentiment, said an industry expert.
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.
