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Iran said on Saturday that a deal with Oman on control of the Strait of Hormuz was close but would not be enough to free up the waterway, and the United Arab Emirates said Iran had hit another ship there. A U.S. official, who declined to be identified, said on Friday that Washington anticipated an agreement soon between Iran and Oman, which sit on either side of the strait, so that normal oil traffic could resume. Agreement between the two countries over control of the strategic waterway is [Read more]

The United Arab Emirates on Saturday condemned what it said was an Iranian attack on a carrier linked to its state oil company as it passed through the Strait of Hormuz, accusing Tehran of "acts of piracy". State news agency WAM initially reported ADNOC as saying one of its vessels had been targeted by a missile early on Saturday and that the situation was under control. The UAE Foreign Ministry later condemned what it called "the hostile Iranian attack" on an ADNOC vessel. Neither [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Friday. WCS for September delivery in Hardisty, Alberta, settled at $14.75 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, from $14.70 on Thursday. * 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 China's import appetite, which is hurting [Read more]

Progress is being made between Iran and Oman on the Strait of Hormuz and "we expect a deal soon," a U.S. official told Reuters on Friday. Once a deal is announced to restore commercial shipping without impediments, the United States will lift its blockade of Iranian ports, the official said. "There is progress between Oman and Iran on the Strait, and we expect a deal soon," the official said. "Once the deal is announced to restore commercial shipping without impediments, the United States [Read more]

The U.S. Senate easily passed sweeping Russia sanctions legislation on Friday, advancing a long-delayed measure backed by the late Senator Lindsey Graham and setting the stage for consideration by the House of Representatives as soon as next month. Graham, a South Carolina Republican, was among Kyiv's most outspoken allies in Congress in its four-year-old war against Russia, and the bill aims to increase economic pressure on Moscow over its invasion of Ukraine. It also includes expanded [Read more]

U.S. energy firms left the overall rig count unchanged in the latest week, 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, held at 588 in the week to August 7 from the previous week. Baker Hughes said the total count was still up 49 rigs, or 9% from this time last year. Baker Hughes said oil rigs rose by three to 454 this week, their highest level since May 2025, while gas rigs fell by [Read more]

Abu Dhabi National Oil Company said on Friday it was being significantly impacted by what it described as unprovoked attacks on its people and assets, as it sought to continue meeting customer requirements in an "exceptionally challenging environment." ADNOC said in a statement that 15 of its vessels had been attacked by missiles and drones while transiting the Strait of Hormuz since the start of the conflict, including three this week, leaving one crew member dead and 20 injured. The [Read more]

U.S. oil producer Occidental Petroleum said on Thursday it expects flat production and capital spending in 2027, adding that it would continue to prioritize debt-reduction efforts. Speaking on a post-earnings conference call, Chief Financial Officer Sunil Mathew said the company expects the starting point for capital spending to be $5.9 billion in 2027, including investments in mid-cycle projects. "At that level of investment, you can assume relatively flat production in line with 2026," [Read more]