Headlines

Oil prices rose more than 1.5% to their highest in more than six weeks on Thursday, with the United States launching a new round of strikes on Iran and Yemen's Houthis targeting oil tankers in the Red Sea. Brent crude futures rose $1.93, or 2% to $96 by 0011 GMT, the highest since June 8. It had settled over $3 higher at $94.07 in the previous session, just shy of a six-week high. U.S. West Texas Intermediate crude rose $1.44, or 1.7%, to $88.27 after rising nearly 3% on Wednesday. The [Read more]

U.S. jet fuel demand hit a record high last week as soccer fans thronged to New York and New Jersey to watch Spain take on Argentina in the final match of the World Cup, data from the U.S. Energy Information Administration showed on Wednesday. U.S. jet fuel product supplied - the EIA's way of measuring demand based on how much fuel leaves refineries and other primary supply sources - reached about 2.15 million barrels per day during the week ended July 17, the data showed. The prior weekly [Read more]

Yemen's Houthis said early on Thursday they had carried out a military operation targeting two Saudi oil tankers, and maritime security reports said one of the vessels named by the group, the Saudi-flagged tanker Encelia, had been hit in the Red Sea. The Houthis identified the two tankers as "ENCELIA" and "LAYLA", saying the vessels had violated a naval blockade imposed by the Iran-aligned group on Saudi Arabia. The Houthis said they targeted the tankers with a number of ballistic and cruise [Read more]

The U.S. military said on Wednesday it launched a new round of strikes on Iran at President Donald Trump's direction, marking the 12th successive night of American attacks. "The mission will continue to further degrade Iran's ability to threaten civilian mariners and commercial vessels transiting regional waters," the U.S. Central Command said in a statement. (Reporting by Kanishka Singh and Ryan Patrick Jones) [Read more]

Oil production in North Dakota fell 16,000 barrels-per-day (bpd) to 1,125,000 bpd in May, monthly data from the state Industrial Commission showed. Bakken and Three Forks oil production stood at 1,096,000 bpd in the month. The data was released on the North Dakota Industrial Commission's general statistics webpage and has been rounded to the nearest 5,000 barrels. It may differ slightly from the commission's monthly index report, also available on its website. [Read more]

Iran's top negotiator Mohammad Baqer Qalibaf said on Wednesday that no one will be able to sell oil in a region where Iran is not able to do so, adding that if Tehran's security is not ensured, no infrastructure will be safe. "The equation of this war is clear: either all or none," Qalibaf said in a post on X, adding that the security of the Strait of Hormuz lies in the absence of American forces. (Reporting by Yomna Ehab and Ahmed Tolba; Editing by Alison Williams) [Read more]