Oil steadied on Wednesday after steep falls in the previous two trading sessions, as investors waited to see if efforts to end the U.S.-Iran war and restore traffic through the blockaded Strait of Hormuz were making progress. Brent crude futures rose 26 cents, or about 0.33%, to $79.62 a barrel by 0110 GMT. U.S. West Texas Intermediate futures rose 0.16%, or 12 cents, to $75.90 a barrel. Qatar said on Tuesday mediators were making progress in efforts to end the war, driving oil prices [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Tuesday. WCS for September delivery in Hardisty, Alberta, settled at $14.80 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $14.25 on Friday. Monday was a holiday in Canada. * The discount remains significantly wider than it was in June, after traffic through the Strait of Hormuz picked up in July and also due to the ongoing weakness in [Read more]

Devon Energy on Tuesday reported its highest quarterly profit since 2022 that also topped Wall Street expectations, benefiting from its merger with Coterra Energy and a surge in global oil prices. The conflict in the Middle East, now in its sixth month, has disrupted energy supplies, with benchmark Brent crude prices averaging 19.2% higher at $89.62 per barrel in the second quarter from a year earlier. Devon closed its $58 billion acquisition of Coterra Energy in May, driving up quarterly [Read more]

U.S. Secretary Scott Bessent said there could be a deal reached with Iran on the reopening of the Hormuz Strait by Tuesday or Wednesday. "We are in talks with the Iranians, and I think there is a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position in this conflict," Bessent said in an interview with CNBC. (Reporting by Doina Chiacu; Editing by Andrew Heavens) [Read more]

U.S. oil exports in July fell to 3.66 million barrels per day, the lowest level in eight months, ship tracking data showed, as a short-lived peace deal between the U.S. and Iran in June briefly flooded markets with Middle Eastern oil and diminished demand for American crude abroad. The U.S. had cinched the spot as the world's top oil exporter this year after the Iran war sharply cut supplies of Middle Eastern crude and forced Asian and European countries to turn to the U.S. to fill the gap. [Read more]

Iran wants control over inbound shipping through the Strait of Hormuz and visibility over outbound traffic, with the ability to intervene if necessary, under a temporary plan being discussed with Oman to reopen the strategic waterway, a senior Iranian source told Reuters on Tuesday. The source, who is involved in the talks, said this is "the general idea currently being discussed", and specified that the outbound lane would follow a route between Iran and Oman, with exit clearance granted [Read more]