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Oil refiners around the world have seen profits surge thanks to a rare combination of robust fuel demand and weak crude prices, as markets have rapidly readjusted following the reopening of the Strait of Hormuz. The windfall is unlikely to last. The benchmark U.S. 3-2-1 crack spread, a widely watched measure of refining profitability, recently climbed above $60 a barrel, the highest level on record. Refining margins in Asia and Europe have also risen sharply. Refining profitability is [Read more]

Oil surged by more than 5% on Wednesday and global stocks and bond prices tumbled, as investors fled risk assets after U.S. President Donald Trump said the memorandum of understanding signed with Iran to end the Gulf conflict was "over". Trump, who was speaking in Ankara ahead of a NATO summit in the Turkish capital, added that he did not want to engage with Tehran. "As far as I'm concerned, it's just a waste of time dealing with them," he said. Market sentiment was already fragile after [Read more]

The U.S. Central Command said on Tuesday it completed a new round of strikes on Iran and that it had struck over 80 targets during its latest attacks. Along with unleashing a new wave of strikes against Iran, Washington had also revoked a license allowing the country to sell oil after three tankers were hit by projectiles in the Strait of Hormuz. "U.S. forces struck Iranian air defense systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and more than 60 [Read more]

Iran's top joint military command, Khatam al-Anbiya Central Headquarters, said on Wednesday that Iranian armed forces would deliver a "crushing response" after accusing the U.S. military of targeting parts of southern Iran in what it called a "blatant act of aggression", and warned that Tehran would not allow U.S. interference in the management of the Strait of Hormuz. It said that the only safe passage for commercial vessels and oil tankers through the waterway was the route determined by [Read more]

U.S. oil prices jumped nearly 3% in early trade on Wednesday, extending the previous session's gains, after the U.S. military launched a series of strikes against Iran, heightening concerns that a fragile truce was faltering. The strikes against Iran were in response to Iranian attacks on three commercial vessels that were transiting the Strait of Hormuz, U.S. Central Command said on Tuesday. U.S. West Texas Intermediate crude was up $1.95, or 2.8%, at $72.39 a barrel as of 2215 GMT. WTI [Read more]

Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Jul. 7 Heavy Equipment Operator Strike Group Edson Jul. 7 Safety and Compliance Coordinator Roska DBO Fort McMurray Jul. 7 QA/QC Inspector - Level 1 or [Read more]

Iran's foreign ministry condemned a U.S. Treasury move to revoke the temporary suspension of sanctions on Iranian oil sales, saying the decision breached the Islamabad memorandum on ending the war and holding Washington responsible for the consequences. The ministry said Iran would take any measure it deemed necessary to safeguard its interests and national security. The United States on Tuesday re-imposed sanctions on Iranian oil, as a U.S. official warned that Iran's attacks on vessels [Read more]