News

The U.S. Energy Secretary Chris Wright gave the International Energy Agency on Thursday a one-year deadline to move away from its net zero climate-focused agenda or risk losing the U.S. as a member. In 2015 the U.S. and nearly 200 other countries signed the Paris Accords, an international pledge to limit global warming by burning less oil, gas, coal, with a goal of reaching 'net zero' greenhouse gas emissions by 2050. "There has been such a group mentality, 10 years invested in a [Read more]

Russia's flagship Urals oil blend is being sold from its Baltic ports at the deepest discounts for around three years compared to the global benchmark Brent crude, according to Reuters data. The discount, a consequence of Western sanctions imposed on Russia over the war in Ukraine, is important because lower oil prices hit the government's budget. State budget revenues from oil and gas dropped by 24% in 2025 to the lowest level since 2020, according to Finance Ministry data, as [Read more]

Oil prices rose in Asian trade on Thursday as the U.S. and Iran attempted to ease a standoff in talks over Tehran's nuclear programme while both sides heightened military activity in the key oil-producing region. Brent futures climbed 24 cents, or 0.3% to $70.59 a barrel by 0415 GMT, while U.S. West Texas Intermediate (WTI) crude gained 28 cents, or 0.4%, to trade at $65.47 a barrel. Both benchmarks settled more than 4% higher on Wednesday, posting their highest settlements since January [Read more]

The premium currently built into the crude oil price over tensions between the United States and Iran fluctuates according to the daily headlines, but there is an underlying assumption that everything will turn out fine. Global benchmark Brent futures jumped 4.4% on Wednesday to close at $70.35 a barrel, the highest finish since January 30. The increase was largely driven by news reports that Iran and Russia will conduct navy drills in the Sea of Oman and the northern Indian Ocean on [Read more]