Headlines

The oil market is increasingly behaving as though disruptions to Middle East energy supplies are not a temporary shock but a new reality. Nearly six months after war erupted between the U.S. and Iran, hopes for a diplomatic breakthrough have faded. An interim ceasefire agreed on June 17 has effectively collapsed, the 60-day negotiating period has expired, and neither Washington nor Tehran appears willing to compromise over the future of the Strait of Hormuz. Instead, both sides are digging [Read more]

The Strait of Hormuz will remain shut until the U.S. meets the conditions of an interim deal signed with Iran in June, the top Iranian negotiator Mohammad Baqer Qalibaf said in comments published by state media on Tuesday. These conditions include the U.S. liftingits blockade of Iranian ports, lifting oil sanctions,releasingTehran's frozen assets, and ending threats and military operations on all fronts, Qalibaf told parliament. The memorandum of understanding, clinched on June 17, quickly [Read more]

Long-term borrowing costs from the United States to Japan and Germany rose to their highest levels in decades on Tuesday, as renewed inflation worries added to lingering concerns of fiscal pressures across major economies, dealing bond markets a fresh blow. Thirty-year bond yields in the United States, the world's most systemically crucial government bond market, hit their highest since 2007 as oil prices rose back above $90 a barrel, fanning inflation worries as U.S.-Iran peace hopes [Read more]

The United Kingdom Maritime Trade Operations (UKMTO) received a report on Tuesday that a vessel was struck by an unknown projectile while transiting outbound in the Strait of Hormuz, causing engine room damage and a crew casualty, with the remaining crew being assisted by the Omani Coast Guard. No environmental impact has been reported and authorities are investigating, UKMTO said. The incident comes as shipping through the Strait of Hormuz remains severely disrupted, with vessel crossings [Read more]

Oil prices rose on Tuesday as a deal to end the Middle East war seemed further out of sight with Iran saying it will adopt a more offensive stance and the U.S. ruling out extending a ceasefire agreement, heightening worries about energy supply. Iran will shift to a "fully offensive" military posture because efforts to negotiate a permanent end to the war with the U.S. have stalled, a senior Iranian official told Reuters on Monday, as Washington ruled out extending a temporary ceasefire [Read more]

Pipeline operator Targa Resources said on Monday it would build three natural gas processing plants in the Permian Delaware Basin and a new pipeline, expanding its footprint as production rises in the U.S. shale region. Midstream companies in the U.S. such as Targa are benefiting from strong oil and gas production in the Permian Basin, rising natgas demand driven by liquefied natural gas exports and soaring power generation tied to AI operations, cryptocurrency mining and data [Read more]

Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 5.3 million barrels to 293.4 million barrels last week, the lowest level since December 1982, according to data from the Department of Energy. The drawdowns are part of a U.S. agreement to release 172 million barrels from the facility. (Reporting by Arathy Somasekhar in Houston) [Read more]