Headlines

The expansion of the Iran war to the Red Sea has thrown the oil market another dangerous curveball, choking off a fragile recovery in energy flows. The global economy might increasingly respond to this escalation by slowing down. Nearly two weeks into the renewed conflict between the United States and Iran, tensions in the Middle East rose sharply after the Iran-backed Houthi militia on Monday declared a blockade against Saudi vessels seeking to pass through the Bab el-Mandeb Strait at the [Read more]

Some Chinese refiners have ramped up purchases of sanctioned Russian crude despite shrinking discounts, as an escalation in the Iran war disrupts exports from the Middle East, sources familiar with the situation said. Chinese independent refiners made rare purchases of non-sanctioned Middle East crude at wide discounts when exports gushed out during the short-lived truce between the U.S. and Iran. A resumption of attacks and shipping blockades in the Strait of Hormuz is again throttling oil [Read more]

Matador Resources said on Thursday it would buy privately held Paloma Permian from EnCap Investments for about $1.28 billion, adding high-quality drilling assets in the oil-rich Delaware Basin. U.S. shale producers are prioritizing acquisitions that add premium drilling inventory over rapid production growth to maintain capital discipline, allowing them to sustain output and shareholder returns for longer. The deal gives Matador access to 16,235 net undeveloped acres in Eddy and Lea [Read more]

Goldman Sachs maintained on Thursday its Brent crude forecast of $80/barrel for the fourth quarter of 2026, saying lower Middle East supply should support prices if tensions between the United States and Iran ease by year-end. * The investment bank said its forecast reflects price support from lower Middle East output in the second half of the year, balanced by downside pressure from stronger-than-expected output from the region in June and weaker demand in China, South Korea and the Middle [Read more]

The Iranian-aligned Houthis said on Thursday they struck two Saudi oil tankers as part of a naval blockade on Saudi Arabia, threatening to create a second chokepoint on global oil supplies alongside Iran's near-closure of the Strait of Hormuz. Meanwhile the U.S. military said on Wednesday it launched a new round of strikes on Iran at President Donald Trump's direction, marking a 12th successive night of American attacks. The Yemen-based militants, who control areas near the Bab el-Mandeb [Read more]

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]