CNBC reported that shipping through the Strait of Hormuz slowed over the weekend, citing maritime intelligence firm Windward, after Iran said the key waterway had been closed again. The report said vessel movement declined while U.S. officials indicated that commercial traffic was still continuing through the route. The strait remains a major passage for global […]
Shipping activity through the Strait of Hormuz slowed over the weekend after Iran said the key waterway was closed again, according to CNBC. The report said maritime data showed fewer vessels moving through the route, while U.S. officials indicated commercial traffic was still continuing. The strait remains one of the world’s most important energy corridors, […]
The Guardian reports that oil and gas markets responded positively after Donald Trump said a U.S.-Iran peace deal would allow the Strait of Hormuz to reopen for energy shipping. Brent crude moved to about $82 per barrel, while wholesale gas prices also eased. Even so, Brent remains above last year’s average of $69 per barrel, […]
Fitch Ratings raised its 2026 outlook for the global oil and gas sector to “improving” from “neutral,” according to reporting from MSN. The change reflects higher near-term price assumptions connected to the closure of the Strait of Hormuz, a key route for global energy shipments. Fitch now expects Brent crude to average $87 per barrel […]
S&P Global Market Intelligence reported that commodity price forecasts moved higher in May as disruptions around the Strait of Hormuz continued to affect global supply chains. The firm said its Materials Price Index rose 10.7% in the first quarter of 2026 and is projected to climb 19.2% in the second quarter, more than 25% above […]
The Guardian reports that Brent crude moved back above $100 a barrel on Tuesday after new U.S. strikes on Iranian targets reduced expectations for a quick diplomatic breakthrough. The move followed a recent pullback to about $97 a barrel on Monday, when traders had responded to reports that a deal could be close. Earlier in […]
EOG Resources continues to make the Delaware Basin a core part of its West Texas operations as the company adjusts its capital plans toward oil-focused assets. According to the Midland Reporter-Telegram, Chairman and CEO Ezra Yacob said EOG is increasing oil production by 2,000 barrels per day and shifting investment toward plays with stronger oil […]
Oil & Gas 360 reports that the Permian Basin remains one of the most important oil-producing regions in the world, supported by its scale, geology, private mineral ownership structure, and continued technology gains. The basin, which spans West Texas and southeastern New Mexico, produced more than six million barrels of crude oil per day in […]
Midland Reporter-Telegram reports that Permian Basin oil producers are generally planning for moderate output growth in 2026, with ExxonMobil standing out as the largest driver of the increase. East Daley Analytics reviewed guidance from 14 public operators and estimated Permian oil production growth of 183,000 barrels per day, or 2.7%, for the year. ExxonMobil alone […]
The United States and the European Union have reached a new agreement aimed at strengthening supply chains for critical minerals used in energy, manufacturing, and advanced technologies. Reported by Oil & Gas 360, the deal is designed to reduce reliance on concentrated sources of key materials and promote more secure, diversified sourcing between the two […]
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