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Iran Rejects US Negotiations on Strait of Hormuz Shipping Corridor, Brent Closes at $83.55
Iran rejected US Hormuz talks on August 9, stalling a deal to restore commercial shipping. Brent settled Friday at $83.55, down more than 7% on the week.
Iran Reaches Hormuz Route Deal with Oman but Demands Vessel Fees and Bans US Ships, Leaving 20 Million bpd Blocked
Iran and Oman agreed on Hormuz shipping coordinates, but Iran's demands for US sanctions relief and military withdrawal keep 20 million bpd in limbo.
Houthi Drones Strike Saudi Aramco's Jazan Refinery for Second Time, Threatening August 15 Restart of 400,000-bpd Plant
Houthi drones struck Aramco's Jazan refinery Sunday for the second time in two weeks, clouding the plant's planned August 15 return to 400,000-bpd.
Brent at $83.55 and WTI at $78.18 After 7 Percent Weekly Drop as Iran-Oman Corridor Progress Deflates Hormuz Premium
Brent crude settled at $83.55 per barrel Friday, down 7 percent on the week as Iran-Oman corridor talks trimmed Hormuz risk premium; WTI ended at $78.18.
US Oil Rigs Rise to 454 as Henry Hub Prices Keep Gas Rigs at 124 in Baker Hughes August 7 Count
US oil rigs climbed to 454 while gas rigs fell 3 to 124 in Baker Hughes' August 7 count, as $77 WTI and $2.67 Henry Hub drive oil-gas drilling rotation.
WCS Discount Widens to $14.80 Below WTI as Hormuz Recovery and China Demand Weakness Compress Canadian Heavy Crude Netbacks
WCS settled at $14.80 per barrel below WTI on August 5, widening from $14.25, as Hormuz flows recover and China's demand for heavy crude stays soft.
OPEC+ Completes 2023 Cut Reversal With 188,000 bpd Hike While Iraq and Kazakhstan Owe Over 1 Million bpd in Compensatory Cuts
OPEC+ approved its final 188,000 bpd quota increase on August 2 while Iraq and Kazakhstan together owe over 1 million bpd in compensatory cuts.
China July Crude Imports Rebound 22 Percent to 8.45 Million Barrels Per Day as Sinopec Locks In Russian ESPO
China crude imports rebounded 22% in July to 8.45 million barrels per day as Sinopec locks in Russian ESPO, but August faces renewed Hormuz headwinds.
Hormuz Vessel Traffic Drops to 33 for Week as Iran-Oman Corridor Deal Advances and Attacks Continue
Hormuz vessel transits fell to 33 for the week from 50, as Iran-Oman agree on safe-corridor coordinates and Brent rises to $82 on fading deal optimism.
Houthi Missiles Strike Saudi Tanker NCC WAFA, Bab-el-Mandeb Traffic Drops 95% and Brent Hits $82.90
Houthi forces claimed strikes on Saudi tanker NCC WAFA, cutting Bab-el-Mandeb traffic by 95% and sending Brent crude up 4.34% to $82.90 per barrel Thursday.
Brent Settles at $79.45 as US, Iran and Oman Near 60-Day Hormuz Deal While EIA Confirms 2.5 Million Barrel Build
Brent settled at $79.45 per barrel Wednesday as the US, Iran and Oman near a 60-day Hormuz deal; EIA confirmed a 2.5 million barrel crude build for last week.
WCS Oil Sands Discount Widens to $14.80 Per Barrel as Supply Surges and Chinese Demand Softens
WCS oil settled $14.80 per barrel below WTI Tuesday, widening from $14.25 on Friday, as completed oil sands turnarounds add supply and China demand weakens.
Saudi Arabia and Russia Lead OPEC+ August Output Hike as Voluntary Cut Reversal Nears Completion
Seven OPEC+ producers added 188,000 bpd for August. Saudi Arabia and Russia each add 62,000 bpd as September's hike closes the 1.65-million-bpd reversal.
API 2.69-Million-Barrel US Crude Build Precedes Wednesday EIA Report as China Releases 2.7 Million Tons of Fuel and OPEC+ Reversal Adds Supply
API logged a 2.69-million-barrel US crude build ahead of Wednesday's EIA report as China released 2.7 million tons of refined fuel to world markets.
Houthi Ballistic Missiles Strike Saudi Tanker NCC WAFA off Yanbu, Closing Aramco's Hormuz Bypass as Brent Climbs to $80.10
Houthi missiles struck Saudi tanker NCC WAFA off Yanbu Wednesday, threatening Saudi Aramco's East-West Pipeline bypass as Brent rose to $80.10 per barrel.
WTI Tumbles 5.7% to $75.76 as Trump Cancels Iran Strike and Bessent Signals Deal Progress
WTI crude fell 5.7% to $75.76 on Tuesday as Trump canceled a planned Iran strike and Treasury Secretary Bessent signaled ceasefire talks are imminent.
Cenovus Oil Sands Output Hits Record 786,400 boe/d but WCS Crash to $65 Cuts Alberta Heavy Oil Netbacks C$10 Per Barrel
Cenovus oil sands hit a record 786,400 boe/d in Q2, including MEG Energy, but today's WCS selloff to near $65 wiped C$10 per barrel in a single session.
Kuwait Crude Output Triples to 1.97 Million Barrels as OPEC+ Completes 1.65-Million-Barrel Production Reversal
Kuwait Crude Output Triples to 1.97M Barrels as OPEC+ Completes 1.65-Million-Barrel Production Reversal. Kuwait's crude oil production surged to 1.971M bpd.
Chevron Q2 Profit Hits Six-Year High of $12.1 Billion While Trump Demands CEO Wirth Lower Gasoline Prices
Chevron posted a $12.1B Q2 profit, its highest in six years, as President Trump demands CEO Mike Wirth cut gasoline prices amid a Venezuela dispute.
WTI Crude Plunges 7 Percent as Trump Halts Iran Strikes and OPEC+ Boosts September Output
WTI crude fell to $78.73 as Trump halted Iran strike plans Monday, erasing 37% of July's war premium. OPEC+ approved 188,000 bpd in September supply.
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.