The U.S. has stepped in to shield the global economy from the oil crunch triggered by the Iran war by boosting exports, selectively easing sanctions and tapping strategic reserves. The conflict may be denting Washington’s standing in some quarters, but it is also cementing its transformation into the world’s dominant energy superpower. Unlike in previous oil crises, the Organization of the Petroleum Exporting Countries has been left largely powerless. The near-hermetic closure of the Strait of [Read more]

Citi raised its outlook for average Brent crude prices for the rest of 2026 late on Sunday, warning prices could surge to $150 a barrel if oil flows through the Strait of Hormuz remain disrupted through the end of June. The bank lifted its base-case forecast for Brent to $110, $95 and $80 a barrel for the second, third and fourth quarter of 2026, respectively, assigning a 50% probability to that scenario. Citi also pushed back its expected reopening of the Strait of Hormuz to the end of [Read more]

Goldman Sachs has raised its oil price forecasts for the fourth quarter to $90 a barrel for Brent crude and $83 for U.S. West Texas Intermediate (WTI), on lower output from the Middle East. "The economic risks are larger than our crude base case alone suggests because of the net upside risks to oil prices, unusually high refined product prices, products shortages risks, and the unprecedented scale of the shock," GS analysts led by Daan Struyven said in an April 26 note. * Forecast assumes [Read more]

President Donald Trump said on Sunday that Iran can reach out to the United Stated if it wants to negotiate an end to the war between the two countries. "If they want to talk, they can come to us, or they can call us. You know, there is a telephone. We have nice, secure lines," Trump said in an inteview on Fox News' "The Sunday Briefing." Trump canceled a trip by his envoys Steve Witkoff and Jared Kushner to Pakistan on Saturday, dealing a new setback to peace prospects after Iranian Foreign [Read more]

Hopes of a diplomatic breakthrough in the U.S.-Israeli war with Iran faded on Sunday, as efforts to revive talks stalled and both Tehran and Washington showed little sign of softening their positions. Iranian Foreign Minister Abbas Araqchi flew back to the Middle East from mediation talks in Pakistan over the weekend, while U.S. President Donald Trump scrapped a planned visit to Islamabad by his envoys Steve Witkoff and Jared Kushner. Although a ceasefire has paused full-scale fighting in the [Read more]

Top oilfield services companies SLB and Baker Hughes said on Friday they expect higher spending on oil exploration and production, as tighter global supplies driven by the Middle East conflict highlight the need for investment, particularly in North America. The U.S.-Israeli war with Iran has halted 20% of the world's oil that usually flows through the now-closed Strait of Hormuz and shut in 9 million barrels a day of oil production, causing Asian and European countries to scramble for supplies. [Read more]

U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by one to 544 in the week to April 24, its highest since mid-April. Despite the rig increase, Baker Hughes said the total count was still down 43 rigs, or 7% below this time last year. Baker Hughes said oil rigs fell by three to 407 this week, [Read more]

Oil tanker HELGA, sailing under the flag of Comoros, arrived at one of the offshore oil loading terminals in Iraq's southern Basra port on Friday and was preparing to load 2 million barrels of crude, two port sources said. The vessel is the second tanker to reach Basra's southern offshore terminals since the closure of the Strait of Hormuz, the sources added. (Reporting by Mohammed Aref; Editing by Susan Fenton) [Read more]