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Iran Strikes U.S. Air Bases in Kuwait and Bahrain as Saudi Supertankers Reroute Around Africa
Iran bombed U.S. air bases in Kuwait and Bahrain July 31 as Saudi supertankers detoured around Africa. Brent settled at $87.93 per barrel on ICE.
ExxonMobil Earns $14.5 Billion and Chevron Posts Record $12.2 Billion in Q2 as Iran War Drives Refining Margins Higher
ExxonMobil's $14.5B Q2 profit and Chevron's record $12.2B combine for $26.5B as Iran war drives refining margins to multiyear highs. Trump eyes DOJ probe.
WTI Crude Oil Posts 23 Percent July Gain as Iran Seizes Two Hormuz Tankers and Ukraine Hits Lukoil Volgograd
WTI crude settled at $84.67 per barrel Friday, capping a 23% monthly gain as Iran seized two Hormuz tankers and Ukraine struck Lukoil's Volgograd refinery.
WTI Settles at $84.67 and Brent at $87.93, Capping July With 20-Percent Monthly Gain as Iran War Squeezes Global Crude Supply
Brent closed July at $87.93 and WTI at $84.67 per barrel, both up 20% on the month, as Iran struck US bases and six Saudi supertankers rerouted around Africa.
OPEC+ Clears Fifth Straight Monthly Hike of 188,000 Barrels Per Day as Gulf Export Routes Reopen
OPEC+ approved its fifth monthly output hike of 188,000 bpd for August as Strait of Hormuz exports recover. The cumulative 2026 unwind now totals 940,000 bpd.
ExxonMobil and Chevron Post $26.5 Billion Combined Net Income as Record Permian Output and Refining Recovery Drive Q2 Results
ExxonMobil posted $14.5B and Chevron $12.2B in Q2 2026 net income as Permian records and a $6.8B one-quarter refining swing drove results to decade highs.
Iran Fires Ballistic Missiles at US Bases in Kuwait and Bahrain as Brent Tests $91 Per Barrel
Iran struck US military bases in Kuwait and Bahrain, lifting Brent to $90.35. Saudi tankers rerouted around Africa as Hormuz shipping risks escalate.
WCS Jumps 7.8 Percent as Saudi Aramco Jazan Refinery Goes Offline After Houthi Strike
WCS surged 7.8% to $72.11 per barrel on Tuesday after Saudi Aramco's 400,000-bpd Jazan refinery went offline, narrowing the WCS-WTI differential to $11.94.
China Crude Imports Drop to 7.12 Million Barrels Per Day, Eight-Year Low Absorbs Hormuz Supply Shock
China's crude imports crashed to 7.12 million bpd in June, their lowest since 2016, as 62% EV penetration and Hormuz-hit supply set a ceiling on Brent.
Brent Crude Settles at $90.71 Per Barrel Wednesday, Beating Goldman $80 Target as WCS Netbacks Climb to CAD $105
Brent crude settled at $90.71 per barrel on Wednesday, topping Goldman's $80 year-end target and pushing Canadian WCS netbacks above CAD $105 per barrel.
WTI Crude Hits $84.95 as EIA Reports 7.2-Million-Barrel Draw and Trump Threatens Iran
WTI surged 7.2% to $84.95 per barrel as a 7.2-million-barrel EIA crude draw and Trump's Iran threat pushed oil past Goldman's $76 Q4 floor.
Iran Rejects Oman Hormuz Plan and Strikes US Forces, Brent Crude Surges to $89.83 Per Barrel
Iran rejected Oman's Hormuz plan and struck US forces with ballistic missiles, driving Brent futures to $89.83 on ICE, a 6.8% surge on Wednesday.
WTI Crude Settles at $79.28 as Oman Advances Hormuz Security Pact, Goldman Sachs $76 Floor Now $3.28 Away
WTI settled at $79.28 per barrel Monday on the CME, down 4.03%, as Oman proposed a Hormuz framework. Goldman Sachs's $76 Q4 target is now $3.28 away.
OPEC+ Signals Final Output Increase for September Then Freezes Monthly Quota Hikes
OPEC+ will approve one final output increase for September, then pause monthly hikes, as WTI crude settles at $79 on the Iran ceasefire's fourth day.
OPEC Delivers 48% of July Production Pledge as Iranian Crude Returns, Brent Tracks Toward EIA's $82 Forecast
OPEC members delivered 310,000 bpd of their 648,000 bpd July production pledge while Iranian barrels return, adding dual supply pressure to oil markets.
WCS Falls 8.7% as Iran-U.S. Ceasefire Unwinds Alberta Oil Sands Hormuz Premium, Spread Widens to $8.37
WCS crude fell 8.7% to $70.26 per barrel Monday, outpacing WTI's 4.8% slide, as Iran-U.S. ceasefire unwinds the Hormuz premium that lifted Alberta bitumen.
Iran Fortifies Kharg Island Export Hub as WTI Slides to $80.78 Approaching Analyst Year-End Targets
Iran is fortifying Kharg Island, which handles 90 percent of its crude exports, as WTI slides to $80.78 and nears Goldman Sachs's $80 year-end target.
WTI Falls Below $83 as US-Iran Ceasefire Wipes Seven Percent Off Crude in a Single Session
WTI crude fell to $82.77 and Brent to $89.15 on July 27, 2026, as a US-Iran ceasefire announcement unwound weeks of war-risk premium in one session.
Brent Falls Below $91 as US and Iran Halt Direct Strikes, Strait of Hormuz Remains Closed
Brent crude fell to $90.84 per barrel Monday on ICE as US-Iran direct strikes paused. With Hormuz still shut, analysts see fair value at $75 to $85.
WTI Settles at $89.31 and Brent at $96.78 as Pakistan-China Diplomacy Trims Iran War Premium
WTI crude settled at $89.31 per barrel Friday and Brent at $96.78 as Pakistan and China backed fresh U.S.-Iran talks, trimming the week's war premium.
WCS Rises 7 Percent to $79.84 as Hormuz Disruptions Redirect Heavy Crude Demand to Alberta Oil Sands
Western Canadian Select crude rose 7.2% to $79.84 per barrel on Friday as Hormuz disruptions cut alternative heavy crude supply for global refiners.
Ukraine Drone Strike Shuts CPC Novorossiysk Terminal, Cutting Tengiz Output to 406,000 Barrels a Day and Threatening 15 Percent of EU Crude Imports
Ukraine drone strikes shut the CPC Novorossiysk terminal July 21, halving Tengiz output to 406,000 b/d and putting 15% of EU crude imports at risk.
EIA Cuts 2026 Brent Forecast to $82 Per Barrel as OPEC+ August Hike and Returning Iranian Crude Reshape Market
EIA's July 2026 STEO cut Brent crude forecast to $82 per barrel for 2026 and $65 for 2027, with OPEC+ adding 188,000 bpd in August as Iranian crude returns.
BPCL and HPCL Pivot to Angola and Venezuela as Saudi Red Sea Crude Exports Collapse 41 Percent
India's BPCL and HPCL are sourcing new crude from Angola and Venezuela as Saudi Red Sea exports collapsed 41% to 2.39 million bpd since March.
Brent Crude Slides to $97 on Profit-Taking as Iran Conflict Enters Day 13 and CPC Halts Kazakhstan Black Sea Loadings
Brent fell 2.97% to $97.27 Friday as US-Iran conflict entered day 13, Hormuz tanker traffic hit May lows, and CPC suspended Kazakhstan Black Sea loadings.
US Refineries Run at 96 Percent Capacity as Gasoline Tops $4 and Diesel Hits $5.13 Per Gallon
EIA data shows US refineries ran at 96.2% capacity the week of July 17 as national average gasoline hit $4 and diesel reached $5.13 per gallon.
US Crude Inventories Draw 3 Million Barrels as Brent Tops $100 on Iran Escalation
US crude stocks fell 3 million barrels as American refineries ran near record capacity and Brent crossed $100 on escalating US-Iran military strikes.
Brent Crude Surges to $99.86 as US Strikes Iran for 12th Consecutive Night and Saudi Tankers Come Under Houthi Attack
Brent crude at $99.86 per barrel, up 6.1%, as the US struck Iran for a 12th consecutive night and two Saudi oil tankers came under Houthi attack.
Brent Crude Settles at $95.08 as Houthis Declare Red Sea Naval Blockade While Kuwaiti Tanker Takes Hit in Hormuz
Brent crude settled at $95.08 per barrel on Wednesday as Houthis declared a Red Sea naval blockade and Iran struck a Kuwaiti tanker in Hormuz.
WCS-WTI Heavy Oil Discount Hits $29 Per Barrel as Hormuz Fears Push WTI to $86 While Canadian Crude Holds at $58
WCS heavy crude held at $57.99 Tuesday while WTI surged to $86.57, pushing the heavy oil discount to $28.58 per barrel, 138% above the AER's $12 forecast.
Goldman Sachs Sets $120 Brent Bull Case for Q4 as EIA Forecasts $70 and Global Supply Runs 9.4 Million Barrels Per Day Below Pre-War Levels
Goldman Sachs sees Brent above $120 in Q4 if Hormuz stays blocked. The EIA forecasts $70. At $91.46, the market sits $21 above the EIA's own Q4 target.
Brent Crude Hits $91.17 on ICE, Topping EIA Q3 Forecast by $17 Per Barrel as Iran Exits 31-Day Hormuz Ceasefire
Brent crude hit $91.17 on ICE Tuesday, $17 above EIA's July Q3 forecast, after Iran quit its Hormuz ceasefire 31 days in. Rystad warns 2.5M bpd Saudi risk.
Houthis Declare Naval Blockade on Saudi Arabia, Threatening 4 Million Barrels Per Day Through Bab al-Mandeb
Yemen's Houthis declared a naval blockade on Saudi Arabia on July 20, threatening 4 million bbl/day in Red Sea exports and pushing Brent above $90.
Hormuz Oil Flows Collapse 59 Percent to 5.1 Million Barrels Per Day as Brent Tops $90 in Asian Trading
Iran's IRGC Navy cut Hormuz oil flows from 12.5M to 5.1M bpd in a week, vowing zero transit without permission. Brent hit $90 before easing to $88.61.
US Strikes on Iranian Infrastructure Drive Brent to $88.10 Per Barrel as IMO Urges Ships to Avoid Hormuz
US strikes on Iran drove Brent to $88.10 per barrel on Thursday as oil posted its biggest weekly gain since April. The IMO urged ships to avoid Hormuz.
WCS Discount Widens to $15.84 Per Barrel as Iran-Driven WTI Backwardation Squeezes Alberta Heavy Crude Producers
WCS slipped to $66.60/bbl Friday, widening its discount to WTI to $15.84, above CAPP's $12 annual forecast, as WTI backwardation from Iran tensions deepens.
Tengiz Field at 932,000 Barrels Per Day Accounts for 58 Percent of Kazakhstan's OPEC+ Quota as Compliance Deadline Extends to December 2026
Tengiz field hit 932,000 bpd in May 2025, equal to 58% of Kazakhstan's 1.61 million bpd OPEC+ ceiling. Russia has underproduced its quota since November 2025.
Western Canadian Select Discount Narrows to $13.40 as WTI Reaches $82.49, Giving Alberta Producers $69.09 Per Barrel at Hardisty
WCS August delivery settled $13.40 below WTI on July 15. At WTI's July 17 close of $82.49, Alberta heavy oil producers clear $69.09 per barrel at Hardisty.
OPEC+ August Output Hike of 188,000 Barrels Per Day Covers Just 2 Percent of the Hormuz Supply Gap
Seven OPEC+ nations added 188,000 bpd for August on July 5, but the Strait of Hormuz disruption holds 9.4 million bpd off the market, per Rapidan Energy.
Baker Hughes Counts 581 US Rigs, Up 44 Year-Over-Year, as WTI at $80.77 Points to $28 Permian Margin
US rigs hit 581 the week of July 10, up 44 year-over-year. At $80.77 WTI, Permian Tier-1 wells clear $28 per barrel above Devon Energy's $50-$55 breakeven.
EIA Crude Draw Moderates to 1.7 Million Barrels as Distillate Stocks Build 4.6 Million, WTI at $78.94
US crude stocks fell 1.7 million barrels in the week ending July 10 as distillates built 4.6 million barrels; WTI hit $78.94 and WCS held at $67.25.
Hormuz Tanker Attacks Carry Brent to $85.77, Past EIA's $82 Full-Year Target, as India Halts Seafarer Deployments
Brent crude at $85.77 as US-Iran strikes enter day five, Hormuz oil flows fall to 3.9 million bpd, and India bans crew deployments to the strait.
Ukraine Drone Campaign Hits 20 Russian Tankers in Black Sea as 135-Million-Barrel Crude Backlog Builds
Ukraine hit 20 Russian oil tankers in the Black Sea July 15 as 135 million barrels of crude backed up at sea, a backlog worth $11.5 billion at Brent prices.
Brent Flips to Backwardation at $84.77 as EIA Data Shows 4.7 Million Barrel US Crude Draw and 96 Percent Refinery Utilization
US crude stocks drew 4.7 million barrels in the week ending July 10 as refinery utilization hit 96.2% and Brent flipped into backwardation at $84.77.
Brent Flips to Backwardation at $85 as IMO Issues Hormuz Transit Warning, EIA Crude Inventory Data Due at 10:30 AM ET
Brent futures flipped to backwardation Wednesday as the IMO warned on Hormuz, with US crude inventories already 6 percent below the five-year average.
Brent Settles at $85.21, Running 15 Percent Above EIA's July Baseline as Iran Truce Collapses
Brent settled at $85.21 on Monday, 15 percent above EIA's July forecast of $74. Iran's truce collapsed, invalidating EIA's Hormuz reopening assumption.
WCS-WTI Discount Narrows to $13.28 as Hormuz Closure Steers Asian Refiners to Alberta Heavy Crude
WCS settled at $65.79 on July 13, narrowing the WTI discount to $13.28 per barrel, as the Hormuz closure drove Asian refiners toward Alberta heavy crude.
China June Crude Imports Drop 41 Percent to Decade-Low 7.12 Million Bpd as Saudi Aramco Posts Largest Arab Light Discount in 20 Years
Saudi Aramco cut Arab Light to its deepest discount in 20 years as China's crude imports dropped 41% year-on-year to a decade-low 7.12 million bpd in June.
Trump Reinstates Hormuz Blockade and 20 Percent Cargo Fee, Brent Settles at $83.30 Surpassing Goldman's Q4 Target
Brent crude settled at $83.30 on Monday's ICE close, beating Goldman's $80 Q4 target as Trump reinstated Hormuz blockade with a 20% cargo toll.
OPEC+ Approves 188,000 Bpd August Hike as UAE Posts Record Crude Exports Outside the Cartel
OPEC+ approved 188,000 bpd more for August as the UAE, now outside the cartel, hit record 3.7-4 million bpd of exports in June per Kpler data.