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Brent crude was little changed at about $71.87 a barrel and WTI at $68.63 on July 3, 2026, both near their lowest levels since before the US–Israeli war with Iran began in late February, with weekly moves the smallest in months. Some shipping has resumed through the Strait of Hormuz under the initial US–Iran deal, though uncertainty remains high after the countries exchanged strikes the previous weekend following an Iranian attack on a cargo ship.
Gulf producers ramp up output as market shifts to contangoKuwait's oil production rose sharply to 1.65-million barrels a day in June from 580 000 bpd in May, while at least five supertankers carrying ten-million barrels of Saudi oil have exited the strait, with Saudi Aramco switching to spot pricing to speed Asian sales. The returning supply, alongside continued US Strategic Petroleum Reserve releases, has pushed the market structure from backwardation into contango, reflecting reduced expectations of future shortages, according to ING analysts.
Demand slump compounds price pressureThe International Energy Agency reports global oil demand fell by about five-million barrels a day in the second quarter compared with a year earlier, with China's crude imports plunging 40% between February and May. Macquarie analysts forecast Brent and WTI to average $67 and $62 a barrel respectively in the third quarter, down from second-quarter averages of $94 and $87.
Oil Updates
Oil prices settled around pre-Iran war levels on Monday as Saudi Arabia slashed its official selling prices, OPEC+ approved another production target increase starting in August, and exports...
Oil prices were little changed on Friday before a long holiday weekend in the US, as traders held on to hopes that attempts to secure peace in the Middle East between the US and Iran would...
Oil prices dipped around 1% on Tuesday, reversing the previous session's gains, and were poised for a monthly decline, with investors eyeing potential US-Iran talks in Doha amid a strained interim...
With oil prices having eased substantially in recent weeks following an interim agreement between the US and Iran in mid-June aimed at curtailing hostilities, regional maritime and military...
Oil prices rose on Monday following days of tit-for-tat strikes by the US and Iran that underscored the fragility of their interim peace deal and again slowed energy shipping through the Strait of...
The International Monetary Fund (IMF) said on Thursday it has seen energy and commodity prices fall since the US-Iran agreement to halt hostilities and reopen the Strait of Hormuz, but it will take...
Oil prices extended their decline on Thursday to near levels last seen before the start of the Iran war, as expectations of rising supply from the Middle East outweighed demand concerns....
Malaysia's State-controlled energy producer Petronas has made another gas discovery at offshore Block 52 in Suriname, the South American country's President Jennifer Simons said on Tuesday, while a...
Namibia is positioning its oil, gas and mining sectors as catalysts for industrialisation, beneficiation and infrastructure development under its National Development Plan Six (NDP6), with...
The South African rand strengthened in early trade on Thursday after the United States and Iran released the text of an interim agreement signed by their presidents to end the war, easing...
The oil market will move into a significant supply surplus in 2027 after recovering from the closure of the Strait of Hormuz, the International Energy Agency (IEA) said in its monthly oil market...
Oil prices slipped to a three-month low on Monday after US President Donald Trump and Iran's deputy foreign minister said they had reached an initial deal to end the war and to resume traffic...
Share markets and bonds rallied hard on Monday and oil prices tumbled 5% as a framework peace deal between the US and Iran promised to ease inflationary pressures globally and lessen the need for...
Oil prices jumped more than $4 on Monday, with investors spooked by fresh Israeli strikes on Iran as well as renewed attacks on Lebanon a day earlier. Brent crude futures rose $4.42 or 4.47% to...
South Africa’s central bank is set to raise borrowing costs for the first time in three years as policymakers seek to combat inflationary pressures stemming from the Iran war, including sharply...
By: Ndapwilapo Selma Shimutwikeni - Energy and Natural Resources Advisor and Convenor of the Namibia International Energy Conference (NIEC) The Namibia International Energy Conference (NIEC) 2026,...
Fatih Birol, head of the International Energy Agency, said on Monday that commercial oil inventories were depleting rapidly with only a few weeks' worth left due to the Iran war and the closure of...
Oil prices extended gains on Monday as efforts to end the Iran war appeared to have stalled, after a nuclear power plant in the United Arab Emirates came under attack and as US President Donald...
While global growth is expected to slow to 2.4% for the year, down from the previously projected 2.9%, growth in sub-Saharan Africa is still expected to reach 4.1% this year and 3.8% in 2027,...
Global oil supply will not meet total demand this year as the Iran war wreaks havoc on Middle East oil production, the International Energy Agency (IEA) said in its monthly oil market report on...
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