Industry News

'One would assume that a fair price today would be more like $80-90 per barrel than low $70s', SEB Chief Commodities Analyst Bjarne Schieldrop said.

'This direct award follows a five-year collaboration agreement signed in 2025 to deliver subsea projects utilizing TechnipFMC's integrated model and accelerate development through coordinated portfolio execution'.

Uniper agreed to buy 100 megawatts from the future Gennaker offshore wind farm on Germany's side of the Baltic Sea for an extendable 10 years.

Italy's Eni and Libya's NOC started up a compression project that improves natural gas recovery in the Bahr Essalam field off the Mediterranean coast of the North African country.

A top Iranian official reiterated the country's determination to maintain control over maritime traffic moving through the Strait of Hormuz, raising the stakes ahead of fresh negotiations with the U.S. on ending their war for good.

Russian President Vladimir Putin said fuel supply problems persist for motorists and businesses.

Crude climbed after the US and Iran signaled renewed diplomacy while investors monitored shipping through the Strait of Hormuz.

Pakistan is seeking to buy liquefied natural gas for delivery this week as a string of attacks in the Strait of Hormuz disrupts flows of the super-chilled fuel.

North America added 21 rigs week on week, according to Baker Hughes' latest North America rotary rig count.

Ships continued to cross the Strait of Hormuz, though the number broadcasting their passage dropped, as some companies said vessel attacks over the weekend had made them less confident about navigation.

The European Bank of Reconstruction and Development committed more financing for Ukraine to install new power generation capacity and help the country decarbonize its energy system.

'The combination brings together Eldorado's Atlantic Zonda with Vantage's asset base, strong operating capabilities, global footprint, and proven track record managing high specification drilling assets'.

Wood Mackenzie said the oil price bubble has burst.

The European Commission executed a public-private cooperation agreement on energy storage that saw 22 member states commit to enabling the installation of 30-35 gigawatts of capacity over the next 2 years.

Industry body Offshore Energies UK said 'urgent decisions' are needed on the Rosebank and Jackdaw projects 'for national security'.

The Norwegian Union of Energy Workers said it had sent a notice that an additional 63 members would join hundreds already on strike after government mediation failed to yield a new Well Service Agreement.

Commercial traffic through the Strait of Hormuz persisted at a reduced level after attacks on two ships raised fresh concerns about the ability and willingness of shipowners to traverse the waterway.

A combination of surging local production and increased imports from non-Middle East suppliers have helped Europe to avoid a jet fuel crisis.

The Panama Canal expects revenue to exceed its $5.2 billion forecast for fiscal 2026 after the closure of the Strait of Hormuz.

The UK grid operator issued a second power supply warning for Friday evening.