UAE's Abu Dhabi National Oil Company said on Saturday that one of its vessels came under attack while transiting the Strait of Hormuz a day earlier, the Emirati state news agency WAM reported. The state oil company said no injuries were reported, with the situation now under control, according to WAM. The attack was the third such incident involving ADNOC vessels in less than a week. The UAE had accused Iran of being behind the earlier attacks, but there was no official comment from the UAE on [Read more]
Iran’s deputy foreign minister says won’t be intimidated by US threats after Trump’s statements on Hormuz
Iran's Deputy Foreign Minister Kazem Gharibabadi said early Saturday that Tehran would not be intimidated by threats or a show of force by Washington after U.S. President Donald Trump said he would declare the Strait of Hormuz a U.S. territory. Commenting on Trump's statements, Gharibabadi said in a post on X that the strategic waterway would only be opened or closed under Iran's authority. (Reporting by Menna Alaa El-Din and Enas Alashray, Editing by Franklin Paul) [Read more]
Trump urges Americans to accept higher gas prices as he escalates Iran rhetoric
President Donald Trump on Friday urged Americans to accept slightly higher gasoline prices as the cost of preventing Iran from obtaining a nuclear weapon and said he would soon declare the Strait of Hormuz a U.S territory. The comments underscore the growing political risk for Trump as higher fuel prices collide with his campaign promise to lower energy costs, with Democrats already seeking to make the economic fallout from the Iran war an issue heading into the November midterm [Read more]
US oil and gas rig count rises to highest since March 2025, Baker Hughes says
U.S. energy firms this week added rigs for the second time in three weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, rose by five to 593 in the week to August 14, its highest since March 2025. Baker Hughes said this week's increase puts the total count up 54 rigs, or 10%, over this time last year. Baker Hughes said oil rigs rose by one to 455 this week, their highest since May 2025, [Read more]
Houthis say they targeted Aramco in Saudi Arabia’s Najran with drone
Yemen's Houthis said they targeted an Aramco facility in the Saudi city of Najran with a drone, the group-run SABA news agency reported on Friday, citing a military source. The source said the attack was in response to what it described as Saudi military aircraft violating Yemen's sovereignty by entering airspace over the northeastern part of Saada governorate. There was no immediate confirmation from Saudi authorities or Aramco. It was not immediately clear from the report whether the [Read more]
S&P 500 Energy sector on track for biggest weekly gain since October 2022
** The S&P Energy sector, leading the gainers among the 11 major sectors of the S&P 500 on Friday with 1.4% rise, is poised to notch its biggest one-week percentage gain since October 2022 ** Oil majors ExxonMobil and Chevron providing biggest boosts to SPNY on the session: XOM up 1.4%, CVX climbs 1.6% ** The index, currently up ~7.5% since last Friday's close, has largely followed crude prices; front-month WTI is up about 4.3% on the week ** Year-to-date, SPNY and WTI have gained [Read more]
Asian refiners buy more US crude as Hormuz remains blocked, traders say
At least four Asian refiners bought U.S. crude this week, as the Strait of Hormuz remained effectively closed and refiners sought alternative supplies for delivery later this year, traders said. Shipping traffic at the Strait of Hormuz fell below the average for this month towards the end of the week due to competing U.S. and Iran claims over control of the waterway. With no immediate prospect of a free flow of shipping through the strait, strong refining margins amid tight fuel supplies [Read more]
Oil steadies after US threatens indefinite blockade of Iran
Oil prices inched up on Friday after the United States threatened an indefinite naval blockade of Iran, reviving concerns about supply of crude after the previous session's fall on a weaker outlook for demand and a large build in U.S. stocks. Brent futures rose 1 cent, or 0.1%, to $87.08 a barrel by 0247 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 6 cents to $81.31 a barrel. The benchmarks were on track for weekly rises of about 4% after the prior session's fall of [Read more]
Stalled Alaska LNG pipeline bill sends ‘negative signal,’ governor says
Alaska Governor Mike Dunleavy said he was "deeply disappointed" that a bill to advance a pipeline for the Alaska LNG project to export natural gas to Asia stalled in the state legislature. Dunleavy said in a post on X late on Wednesday that the legislature's decision not to reconvene this session to vote on a tax change needed to advance the $50 billion pipeline and terminal project would send a "negative signal" to investors and potential partners. Legislators cited insufficient support for [Read more]
US can keep naval blockade on Iranian ports “indefinitely,” Pentagon chief says
The U.S. military has enough assets to maintain a naval blockade of Iran indefinitely, Defense Secretary Pete Hegseth said on Thursday, adding ships could be rotated in and out of the region as needed. Hegseth's comments suggest he is advising U.S. President Donald Trump that the U.S. military can keep applying economic pressure on Iran for as long as needed to help so-far failed negotiations to end the conflict, begun in February. "Indefinitely the United States Navy can maintain a [Read more]
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