Iran's Islamic Revolutionary Guard Corps said early on Sunday that its navy and aerospace forces had launched a joint missile and drone operations targeting U.S. military sites in Kuwait and Bahrain in response to recent U.S. strikes against Iran. "Violating the ceasefire is contrary to Clause 1 of the Islamabad Memorandum of Understanding and will result in the complete halt of all diplomatic processes", the Guards said in a statement, according to Press TV. (Reporting by Yomna Ehab and Ahmed [Read more]
Iran says it hits US-linked targets as Bahrain reports drone attack
Iran said it struck targets linked to U.S. forces on Saturday in response to U.S. airstrikes on its southern coast, as each side continued to accuse the other of violating last week's agreement meant to end the four-month-old war. Iran's foreign ministry did not identify the locations of its "defensive" attacks, which it said were a response to "the barbaric air strikes" by the U.S. on its coastal surveillance facilities, which it said also violated the U.N. Charter. Later, Bahrain, which [Read more]
Norway oil service lockout takes effect, disrupts offshore drilling
Around 1,000 Norwegian oil service workers were locked out on Saturday morning in an escalation of a labour dispute that is expected to disrupt drilling and some production on the Norwegian continental shelf. The lockout was declared in response to an ongoing strike by several hundred members of the Safe union and will affect companies including SLB, Halliburton, Subsea 7, DOF Subsea, Weatherford, DeepOcean and Baker Hughes, an industry group Offshore Norway said on Friday. The country's oil [Read more]
Tanker reports strike by unidentified projectile in Strait of Hormuz, UKMTO says
A tanker has reported being struck by an unidentified projectile in the Strait of Hormuz, the United Kingdom Maritime Trade Operations said on Saturday. The vessel sustained damage to its bridge, but all crew were reported safe and no environmental damage had been reported at the time of the report, UKMTO added. (Reporting by Jana Choukeir; Editing by Andrew Heavens) [Read more]
US refining capacity fell by 263,000 barrels per day in 2025, says EIA
U.S. refining capacity fell by 263,000 barrels per day (bpd), or 1.43%, in 2025, driven by the planned conversion of a major Houston refinery and a Los Angeles-area plant that shuttered citing market dynamics in California, a state known for strict environmental regulations. Marathon Petroleum, based in Findlay, Ohio, continues as the largest refiner with 2.986 million bpd, or 16.4% of national capacity, according to a report released by the U.S. Energy Information Administration (EIA) on [Read more]
US energy firms add most rigs in a week since June 2022, Baker Hughes says
U.S. energy firms had the biggest weekly increase in rigs since June 2022, energy services firm Baker Hughes said in its report on Friday. The total oil and gas rig count, an early indicator of future output, rose by 10 in the week to June 26, the largest weekly jump in four years. The total reached 573, the highest since May 2025. Baker Hughes said this week's increase puts the total rig count up 26 rigs, or 5% above this time last year. The company said oil rigs climbed by seven to 440 this [Read more]
US diesel refining economics remain firm despite Iran war truce
The U.S. diesel futures crack spread, a measure of profitability for refiners, hit a three-week high as analysts said supply tightness for the product is set to persist even after a preliminary deal was reached to end the Iran war. The crack spread, calculated as the difference between the price of U.S. ultra-low sulfur diesel futures and U.S. crude oil benchmark West Texas Intermediate futures, settled at $62.84 a barrel on Thursday, the highest since June 3, LSEG data showed. Resilient [Read more]
Chevron eyes more deals to power US data centers
Chevron is exploring additional data center deals across the U.S., including the Midwest, Rockies, and Gulf Coast, following its two-decade-long contract to power a Microsoft data center in West Texas, a company executive told Reuters. Oil and gas companies such as Chevron and Exxon Mobil are angling to profit from the record-high electricity demand generated by Big Tech's AI-driven data center expansion, offering their natural gas and experience developing large and complex energy [Read more]
UAE stresses Hormuz security in rare call with Iran after war tensions
UAE Foreign Minister Sheikh Abdullah bin Zayed on Friday stressed the need to protect maritime corridors and ensure freedom of navigation through the Strait of Hormuz in a call with his Iranian counterpart Abbas Araqchi. The exchange, reported by state news agency WAM, marks a rare public contact between Abu Dhabi and Tehran following tensions linked to the U.S.-Israeli war on Iran. It was the first announced conversation between the two ministers since the U.S. and Israeli strikes on Iran, [Read more]
Barclays cuts Brent price forecasts for 2026 and 2027
Barclays on Friday cut its Brent crude price forecasts to $96 per barrel for 2026 and $85 per barrel for 2027, down from $100 and $88 respectively, after an increase in oil flows through the Strait of Hormuz. * Crude prices were on course for weekly losses, as more oil tankers exited the strait, easing supply concerns, even though a cargo vessel was hit near Oman on Thursday. * Data on Thursday showed that crude shipments through the strait rose this week to their highest since the [Read more]
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