Headlines

The Iran war will have a bigger and more lasting impact on oil and gas prices than is being priced in, Eni's finance chief Francesco Gattei said on Friday as the group raised its estimate for 2026 Brent crude prices to $83 per barrel, from $70. Eni also lifted its forecast for Dutch TTF gas prices to 50 euros per megawatt hour, from 36 euros per MWh, as it reported first-quarter adjusted net profit of 1.3 billion euros ($1.5 billion), down from 1.4 billion euros a year earlier and below an [Read more]

Gulf oil production, sharply curtailed by the Iran conflict, is likely to mostly recover within a few months after the Strait of Hormuz fully reopens, but could take significantly longer, Goldman Sachs said on Thursday. The bank estimated about 14.5 million barrels per day of Gulf crude output – around 57% of pre-war supply – was offline in April, largely due to precautionary shutdowns and stock management rather than physical damage to oilfields. The Strait of Hormuz handles about a fifth [Read more]

The White House is expected to extend the Jones Act waiver for up to 90 days as early as Friday to help blunt fuel price pressures tied to the Iran conflict, according to two sources familiar with the decision. The move would temporarily ease requirements that goods transported between U.S. ports be carried on American-built and American-crewed vessels, allowing foreign-flagged ships to move fuel and other key commodities more freely as the administration seeks to contain energy market [Read more]

U.S. oil executives expect domestic production to rise as the ongoing war in Iran upends global supplies and pushes crude and fuel prices higher, according to a Dallas Fed survey. The survey collected data from April 15 to April 20 from 120 oil and gas firms, of which 78 were exploration and production firms and 42 were oilfield services firms. * A total of 43% of survey respondents expect U.S. crude production to rise by up to 250,000 barrels per day this year as a result of the Iran war. [Read more]

Russia is maintaining the flow of its oil to world markets and thereby helping to limit the impact of the crisis triggered by the Iran war, but it has no specific initiative to propose within OPEC+, the Kremlin said on Thursday. "At the moment, we are making our contribution to stabilizing prices and minimizing the consequences of the global energy crisis. Russia continues its oil supplies," Kremlin spokesman Dmitry Peskov told a daily conference call with reporters. "Demand is growing, [Read more]