Oil and gas news covering crude prices, drilling, OPEC, natural gas, refineries, and energy sector developments.
Crude oil futures extended gains on Wednesday, with U.S. benchmark crude advancing US$2.16 to $95.22 per barrel and Brent climbing $2.22 to $98.22. The broader market rally has been driven by strong U.S. corporate profits and hopes for a US-Iran deal to reopen the Strait of Hormuz.
The International Energy Agency warned that global oil stockpiles could fall to critical levels by summer as stock draws continue. IEA official Toril Bosoni said reopening the Strait of Hormuz could take six to eight months even if an agreement is reached today.
Oil futures rose for a third consecutive session, with WTI up 2.5% to $96.13 and Brent up 2.3% to $98.19, as further military exchanges between the U.S. and Iran added risk premium. Ritterbusch & Associates called the ceasefire 'almost irrelevant,' while Saxo Bank noted pessimism over reopening the Strait of Hormuz.
The Akademik Alexander Karpinsky, a Russian state ship under US sanctions, conducted a secretive seismic survey for oil and gas in Antarctica's Unclaimed Sector during the 2024-25 summer season while spoofing its location to appear in the Baltic Sea. Russia admitted the survey at Antarctic Treaty talks in Hiroshima on 21 May 2026.
This commentary argues that the Iran war may have accelerated peak oil, citing a 9% drop in Chinese oil demand driven by consumer shifts to EVs and public transit. It contends that permanent behavioral changes in China and Europe, unlike the US, could keep global oil demand from recovering, drawing parallels to the 1973 oil embargo.
U.S. crude and petroleum product stocks fell to their lowest level since 2004, dropping by 10.6 million barrels last week. Crude inventories alone fell by 8 million barrels, according to the Energy Information Administration. The drawdown is attributed to the Middle East war.
Rising fuel costs, up 27% from October to April, could cause over $1 billion in unplanned expenses for the Pentagon this year. The Army has cut training and helicopter flights due to a $4B-$6B shortfall, while the Navy warns it may soon run out of money.
This commentary argues that the closure of the Strait of Hormuz has removed about 15 million barrels per day from global supply, and that while inventories have buffered prices so far, continued closure will likely drive prices up and strain the world economy. It contends that even a resolution will not return prices to pre-crisis levels.
Citigroup, Santander, and J.P. Morgan are assembling a ~$1 billion financing package for Transportadora de Gas del Sur's $3 billion NGL project in Argentina's Vaca Muerta shale formation. The details of the package are still being negotiated.
Global oil prices jumped over 7% on Monday after Iran fully closed the Strait of Hormuz and suspended talks with the U.S. Iran also halted exchanges with the US, citing Israel's campaign in Lebanon, and warned of potential closure of the Bab el-Mandeb strait. West Texas Intermediate crude rose to $97.51 a barrel.