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Roughly 7 million barrels of oil are getting out of the Persian Gulf each day with U.S. military help, U.S. Energy Secretary Chris Wright said on Friday at an event in Houston. * No Iranian crude is getting out of the Strait of Hormuz, Wright said, adding that he expected to see the free flow of all products through the Persian Gulf if the U.S. and Iran agree on a peace deal. If no deal is reached, the U.S. military will restore the flow, Wright continued. * Wright said some sanctions on [Read more]

U.S. President Donald Trump denied on Friday that the United States has made major concessions to Iran and a senior U.S. official called an emerging pact "performance-based" with Tehran getting no frozen assets until its part of the agreement is fulfilled. In a post on his Truth Social platform, Trump said Iran's leaked comments on a deal with the United States do not represent what has been agreed to in writing. "What they said, including their weak and pathetic statement on having a deal, [Read more]

Iranian Foreign Minister Abbas Araqchi said on Friday that an "Islamabad Memorandum of Understanding" for addressing the U.S.-Israeli war on Iran had "never been closer", but urged media outlets to refrain from speculating about its contents until it was finalised. Araqchi said Iran would share all details with the public in due course, in what he called Tehran's responsible and transparent approach. (Reporting by Enas Alashray and Ahmed Tolba in Cairo; Editing by Kevin Liffey) [Read more]

Oil prices fell over $1 on Friday, extending losses from the previous session after U.S. President Donald Trump cancelled plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week. Brent futures fell $1.83 or 2% to $88.55 a barrel at 0410 GMT, while U.S. West Texas Intermediate (WTI) crude dropped $1.60, or 1.8%, to $86.11. Trump, who had threatened to hit Iran "very hard", called off planned strikes on Thursday, saying [Read more]

Goldman Sachs on Thursday lowered its 2027 average Brent oil price forecast to $80 a barrel, citing stronger supply growth and persistent demand weakness, even as it warned prices could swing sharply under different geopolitical scenarios. The bank highlighted rising output from the United States, Brazil, Guyana, Venezuela and the UAE, alongside structural demand shifts, particularly in China. "We assume that just over 10% of the demand weakness persists as China's shift to alternatives [Read more]