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Rosneft Chief Executive Igor Sechin said on Saturday that U.S. energy companies were the main beneficiaries of the closure of the Strait of Hormuz and that Washington was trying to change the fundamental contours of the global energy markets to suit U.S. interests. Iran blockaded the Strait, the main route for about a fifth of world oil supplies and other vital goods including fertilisers, after the United States and Israel attacked Iran and killed Supreme Leader Ayatollah Ali Khamenei in [Read more]

Goldman Sachs said in a note on Friday that global oil demand has declined more than expected, posing two-sided risks to its fourth-quarter 2026 Brent crude price forecast of $90 a barrel and WTI forecast of $83 per barrel. The bank estimated 4 million to 5 million barrels per day (mb/d) of global oil demand destruction in April, as the closure of the Strait of Hormuz to oil tankers appeared to have reduced global demand by 4% to 5%. The decline in demand was driven by weaker consumption, [Read more]

U.S. energy firms this week added rigs for a seventh week in a row for the first time since May 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and natural gas rig count, an early indicator of future output, rose by one to 563 in the week to June 5, its highest since May 2025. With this week's rig increase, Baker Hughes said the total count was up four rigs, or 1% above this time last year. Baker Hughes said oil rigs rose by two to 431 this [Read more]

Companies that borrowed oil from the U.S. Strategic Petroleum Reserve in recent months will add an extra 40 million barrels of crude in the form of premiums after the conflict in Iran is over, U.S. Energy Secretary Chris Wright said on Friday in an interview on Fox Business. Fuel prices have spiked since the U.S.-Israeli war on Iran began in February, but Wright said he is not worried about stock levels in the SPR, which are at low levels. "I'm not concerned, because we're not selling any [Read more]

Here are the main issues between the United States and Iran as they seek a deal to end their war, which is now in its fourth month: HORMUZ AND GULF BLOCKADE Iran's closure of the Strait of Hormuz, normally the conduit for around a fifth of global oil and liquefied natural gas shipments, has caused an unprecedented oil supply shock, driving up fuel, food and fertiliser prices. Reopening the strait is Washington's top priority and Tehran's main point of leverage, but it could take [Read more]

The Trump administration on Friday will hold a sale of oil and gas leases on 689,000 acres (278,828 hectares) in Alaska's Arctic National Wildlife Refuge, a remote and pristine habitat for species including polar bear, caribou and migratory birds. The auction is the latest test of industry appetite for drilling in northern Alaska, a high risk endeavor involving decades of work and billions of dollars of investment. The U.S. Bureau of Land Management, an arm of the Department of the [Read more]

Oil prices were little changed on Friday following sharp declines in the previous session, with prospects dimming for a near-term end to the U.S.-Israeli war with Iran after the Hezbollah militia rejected a new ceasefire in Lebanon. Brent crude futures fell 21 cents, or 0.22%, to $95.24 a barrel by 0003 GMT after settling down 2.84% in the previous session. U.S. West Texas Intermediate crude was at $92.94 a barrel, down 10 cents, or 0.11%, following a 3.1% loss on Thursday. Both [Read more]

CALGARY - Trans Mountain Corp. says oil shipments through its pipelines reached 83 per cent of capacity in the first quarter and is expected to rise to 90 per cent in the second quarter. The Calgary-based company that operates the pipeline from Alberta to the British Columbia coast says about 737,000 barrels of crude oil passed through the pipeline per day in the three-month period starting this year. That is down from the 757,000 barrels per day reported in the same quarter last year, but [Read more]