Iranian Oil Minister Mohsen Paknejad said Iran sold $11.5 billion worth of oil during the war and a further $6.5 billion during a ceasefire, when lower risks to tanker traffic helped increase exports and enabled the sale of part of around 100 million barrels of stored crude oil and gas condensate. The sales generated more than 60% of the oil revenue forecast in Iran's annual budget, Paknejad said. (Reporting by Enas Alashray; Editing by Louise Heavens) [Read more]

U.S. oil and gas producer Devon Energy is weighing a potential sale of its Eagle Ford and Powder River shale assets that could fetch more than $4 billion, Bloomberg News reported on Friday, citing people familiar with the matter. The potential divestment comes amid continued investor pressure on Devon to streamline its portfolio and focus on its core Permian Basin operations following its recent merger with Coterra Energy, with some shareholders urging faster asset sales. The report said Devon [Read more]

Yemen is edging towards the resumption of a more than decade-old frozen conflict, Yemeni officials, Western diplomats and analysts say, as attacks on Saudi infrastructure and shipping by Iran-aligned Houthis test the patience of the kingdom and the Yemeni government forces it backs. Houthi and Yemeni government forces have in recent days built up along a front line spanning the Houthi-controlled northwest of Yemen, running from the Red Sea coast to the Saudi border, Yemeni military officials [Read more]

U.S. President Donald Trump said on Friday that he does not believe China or Russia are "participating" in the ongoing Iran conflict, but warned that if they did get involved "it would be very bad for them." "President Xi, at our recent meeting in Beijing, China, told me that he would not, under any circumstances, give or sell Weapons to the Islamic Republic of Iran — And that statement included Chinese Companies," he wrote on Truth Social. Trump said Putin had also told him that he would not [Read more]

Pakistan is exploring a path towards a resumption of stalled U.S.-Iran talks over ending their nearly five-month-old war, three Pakistani sources said, following a push initiated by China. Exploratory discussions took place during a visit by Iran's Interior Minister Eskandar Momeni to Islamabad this week — his second within the last 10 days, the sources said. Momeni, who is considered close to Iran's Revolutionary Guard Corps, met with Pakistani government leaders and army chief Asim Munir [Read more]

Deepening conflict in the Middle East has sent oil prices surging and Treasury yields climbing to levels that have equity investors on edge, raising fears that pain so far largely contained in the bond market could soon spill over into U.S. stocks. Oil prices spiked to $100 a barrel for the first time since May this week, as the renewed hostilities revived investor worries over global supply disruptions from a near-halt in trade through the Strait of Hormuz. Oil prices eased to just below $100 [Read more]