India's Petronet sent a liquefied natural gas tanker through the Strait of Hormuz, the only shipment on Monday since the United States and Iran reached a peace deal to reopen the strategic waterway, shiptracking data showed. The limited traffic underscores wariness among shippers who have welcomed the deal but are still waiting for more details -including mine clearance in the strait - before allowing their vessels to pass through. Global oil prices fellabout 4% on Monday as the United [Read more]
Headlines
Oil slips 4% as US, Iran reach peace deal to reopen Strait of Hormuz
Oil prices slipped to their lowest since March on Monday after U.S. President Donald Trump and Iran's deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz. Brent crude futures fell $3.58, or 4.10%, to $83.75 a barrel by 0004 GMT and U.S. West Texas Intermediate was at $80.87, down $4.01, or 4.72%. Both contracts tumbled more than 3% on Friday. The U.S. and Iran will sign a memorandum of understanding in Switzerland [Read more]
Australia’s Woodside Energy says it is unaware of any proposal involving Exxon Mobil
Australia's Woodside Energy said on Monday it was not aware of any proposal involving U.S. energy major Exxon Mobil and was not engaged in discussions regarding a potential transaction, responding to recent media speculation. The statement follows media reports that Exxon is studying a potential acquisition of the LNG producer as part of efforts to deepen its presence in liquefied natural gas and Asian markets. Western Australia Premier Roger Cook said on Sunday the government would oppose [Read more]
Fragile Iran deal offers oil relief, but Hormuz risks remain: Bousso
The U.S.-Iran deal ending months of fighting and reopening the Strait of Hormuz will prompt a collective sigh of relief from energy exporters and importers alike. But the fragile calm may not prevent future flare-ups, casting doubt over how quickly - or fully - tanker traffic through the vital waterway can return to normal. Under the agreement announced late on Sunday, Iran and the U.S. agreed to lift their blockades on the Strait of Hormuz, through which roughly a fifth of global oil and LNG [Read more]
Iran confirms immediate and permanent end to war on various fronts starting tonight
Iran's Deputy Foreign Minister Kazem Gharibabadi confirmed to Iranian state TV that an immediate and permanent end to the war and military operations on various fronts, including Lebanon, will take place starting tonight. He said negotiations for a final deal will be held during a 60-day period, adding that Tehran would take its own measures in case of "breaches from the other side". (Reporting by Yomna Ehab, Elwely Elwelly, Menna Alaa El-Din and Ahmed Tolba; Editing by Edmund Klamann) [Read more]
Pakistan PM says US and Iran reach peace deal after talks
Pakistan Prime Minister Shehbaz Sharif said early on Monday that the United States and Iran have reached a peace deal. "Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon," Sharif said in a post on X. The official signing ceremony will be on June 19 in Switzerland, Sharif added. (Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Chizu Nomiyama) [Read more]
Western Australia opposes possible Exxon takeover of Woodside Energy
The West Australian government would seek to block any takeover of Woodside Energy that involved moving its headquarters, the state's Premier Roger Cook said on Sunday. Woodside, which has been headquartered in Perth since the 1990s, has led development of Australia's liquefied natural gas industry. U.S. energy major ExxonMobil is considering targets, including Woodside, although it said internal discussions were at an early stage, Bloomberg News reported on Friday, citing people familiar [Read more]
Iran says draft US deal includes oil sanctions waiver, nuclear limits and asset release
A senior Iranian official told Reuters a final draft of the memorandum of understanding with the U.S. covered a range of issues, from Tehran’s nuclear work to reopening the Strait of Hormuz and U.S. waivers on oil sanctions, with a final deal to be discussed in the 60 days following agreement by the two sides. The Iranian official said the draft memorandum included the following: STRAIT OF HORMUZ: * Iran immediately reopens the Strait of Hormuz to all commercial vessels, while the U.S. lifts [Read more]
Discount on Western Canada Select narrows again
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed by another 50 cents on Friday. WCS for July delivery in Hardisty, Alberta, settled at $11.15 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $11.65 a barrel on Thursday. * The WCS differential has been on a narrowing trend this month, tightening by approximately $4 since mid-May. * Wet weather and a power outage that affected oil sands [Read more]
BP starts process to sell stakes in two Gulf of Mexico projects, sources say
British oil major BP has started a process to sell stakes in two of its Gulf of Mexico projects, four people with knowledge of the matter said, in what would be one of new CEO Meg O'Neill's first moves. BP, one of the largest operators in the Gulf of Mexico, has been weighing a sale of minority stakes in the Kaskida and Tiber projects for more than a year, with each estimated to be worth billions of dollars to the company, Reuters has previously reported. The four people did not give the size of [Read more]
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