Crude Oil News

Yemen's Iran-aligned Houthis said on Monday they targeted a number of sensitive crude oil supply and transport sites linking eastern Saudi Arabia to the critical Red Sea oil export hub of Yanbu.Saudi state oil giant Aramco did not immediately respond to a request for comment.Houthi military spokesperson Yahya Saree said the operation was in response to what he described as Saudi drone incursions into Yemeni airspace.Saudi Arabia has re-routed its crude output to Yanbu via its east-west pipeline to get around Iranian attacks on shipping in the Strait of Hormuz, which began after the U.S.

Saudi Aramco has offered additional crude cargoes for loading from Egypt's Mediterranean port of Sidi Kerir, according to five trading sources, as Houthi threats to Saudi shipping raise risks for southbound Red Sea exports through the Bab el-Mandeb strait.The cargoes, which are shipped to Egypt's Red Sea port of Ain Sukhna and then carried by the Suez-Mediterranean Pipeline to Sidi Kerir, are being offered on a spot basis, two of the sources said, supplementing supplies to Aramco's term buyers.While Aramco already supplies some customers in Europe and North America from Sidi Kerir…

Two oil tankers carrying Saudi crude to Asia reversed course in the Red Sea on Tuesday after threats from Yemen's Iran-aligned Houthis, as a widening Middle East conflict disrupted shipping through two of the world's most critical energy chokepoints.The diversions came as U.S. forces bombed targets in the south and west of Iran overnight, Tehran targeted U.S. sites in Bahrain, Kuwait and Jordan and at least one tanker was hit in the Strait of Hormuz in the latest escalation of…

Daily crude loadings at Saudi Arabia's Red Sea port of Yanbu are close to maximum levels this week as tensions with Yemen's Houthi militia intensify and the kingdom seeks to maximise oil exports, according to data and industry sources.Saudi Aramco, the world's largest oil exporter, has increased use of the Yanbu terminal since the U.S.-Israeli conflict with Iran began on February 28.Saudi Arabia is also considering expanding the capacity of its oil pipeline to the western Red Sea coast, enabling the kingdom and possibly neighbours to transport more oil without crossing the Strait of Hormuz, so

Turkey and Iraq are set to sign, within days, a one-year agreement to keep open the crude oil pipeline between the two countries, Turkish Energy Minister Alparslan Bayraktar said on Thursday.Their decades-old pipeline agreement, which governs exports through the pipeline, is due to expire on July 27."We have brought the agreement that will cover the next 12 months to the final stage. We aim to sign it in the coming days," Bayraktar, who was in Baghdad for an official visit, said in a statement…

Crude shipments through the Strait of Hormuz rose this week to their highest level since the U.S.-Israeli conflict with Iran began in February after a ceasefire deal reopened the waterway, data showed on Thursday.Concerns about how long the strait would stay open also boosted trade.Still, while there was an increase in oil shipments amid strong demand, especially in Asia after months of disruptions, overall sailings are still a fraction of the daily average of 125 ships passing…

Physical crude oil cargoes are selling at steep discounts around the world, changing trade flows as markets come under pressure from fast-rising Middle Eastern supply with Iran set to boost sales following a temporary reprieve from U.S. sanctions.The discounts, the biggest in years in some cases, follow the signing of a 60-day interim deal between the U.S. and Iran aimed at ending the war that began on February 28. The agreement has allowed some shipping to resume in the Strait of Hormuz…

Crude oil exports from Saudi Arabia fell for a second straight month in April to a record low, according to Joint Organizations Data Initiative (JODI) data released on Monday, as the Iran war disrupted shipments from the Gulf region.Exports fell to about 3.990 million barrels per day in April from 4.974 million bpd in March. The JODI data for Saudi Arabia's crude oil exports and output extends back to 2002, the earliest period for which data is available.The country's crude oil production stood at 6.316 million bpd in April…

The United States military has overseen scores of secretive ship-to-ship oil transfers to keep Gulf energy exports flowing, using aerial and water drones as well as helicopters in an operation to guide convoys to awaiting tankers.The operation on the edge of the Strait of Hormuz employs a shuttling technique long used by Iran to skirt sanctions.Two specific locations where the oil transfers take place were identified by 11 people familiar with the operation – one off the coast of Fujairah in the United Arab Emirates and the other off Oman’s port of Sohar.It started in early May…

U.S. energy shares fell on Monday as crude prices dropped after Washington and Tehran agreed terms to end their months-long conflict and reopen the Strait of Hormuz, a vital oil transit chokepoint.The U.S. and Iran will sign a memorandum of understanding in Switzerland on Friday, said the prime minister of Pakistan, which helped mediate talks between the two sides.U.S. President Donald Trump said on Sunday the Strait of Hormuz, which carries roughly a fifth of global oil consumption, would be open "toll free" and that a U.S.

Saudi Arabia's crude oil sales to China are expected to stay at record lows in July as elevated prices in the wake of the U.S.-Israeli war on Iran continue to weigh on demand from the world's largest crude importer, sources familiar with the matter said.The allocations, closely watched by market participants as a gauge of Chinese demand, indicate that refiners remain reluctant to import high-priced barrels following run cuts and as they draw on domestic inventories.Saudi crude shipments also remain somewhat constrained by Iran's closure of the Strait of Hormuz…

Venezuela's oil exports rose slightly to 1.25 million barrels per day in May, its third consecutive month of increase, fueled by more cargoes to the U.S., India and Europe, shipping data showed on Monday.Under the U.S.-supported government of interim President Delcy Rodriguez, Venezuelan crude production and exports have bounced this year as Washington eased sanctions and foreign companies expanded oil and gas projects in the OPEC nation.The oil ministry has forecast a crude output of 1.37 million bpd by year-end…

A cargo of oil from the U.S. Strategic Petroleum Reserve headed to California this month for the first time ever, ship tracking service Kpler said.The unusual movement highlights the redrawing of trade flows and shipping routes as the Iran war has cut off supplies of Middle Eastern crude. California, once a top oil-producing state in the U.S., has in recent years become more dependent on crude imports, including about 230,000 barrels per day last year from the Middle East. Availability of alternative crude oil is also limited due to competing demand from Asia.About 460…

Oil prices fell nearly 7% on Monday as optimism grew that the United States and Iran were moving closer to a peace deal that would reopen the Strait of Hormuz, even though Washington and Tehran played down hopes for an imminent breakthrough.Brent crude futures LCOc1 were down $7.24, or almost 7%, at $96.30 a barrel at 2:29 p.m. ET (1843 GMT) and U.S. West Texas Intermediate CLc1 futures were down $6.30, or 6.5%, at $90.88.Trading volumes were light due to the U.S. Memorial Day…

Two Chinese supertankers carrying 4 million barrels of Middle East crude oil exited the Strait of Hormuz on Wednesday after waiting in the Gulf for more than two months, shipping data on LSEG and Kpler showed.The ships are among a handful of supertankers carrying Iraqi crude exiting the Gulf this month via a transit route that Iran has ordered ships to use.Chinese-flagged very large crude carrier (VLCC) Yuan Gui Yang loaded 2 million barrels of Iraqi Basrah crude on February 27, a day before the U.S.-Israeli war on Iran started, the data showed.The vessel, chartered by Unipec, the trading arm

Supertanker Agios Fanourios I is heading for Vietnam to discharge its Iraqi crude oil cargo after it was held by the U.S. Navy for five days in the Gulf of Oman, shipping data on LSEG showed.The Maltese-flagged very large crude carrier (VLCC) sailed out of the Strait of Hormuz on May 10 and was sailing in the Gulf of Oman before making a U-turn on May 11. It resumed its journey toward Vietnam on May 16 and is expected to arrive at the Nghi Son refinery on May 30, LSEG data showed.The U.S.

Oil prices rose Friday as market concerns persisted over ship attacks and seizures despite Iran saying about 30 vessels had passed through the Strait of Hormuz, while the U.S. and Chinese presidents were set for a second day of talks in Beijing.Brent crude oil futures LCOc1 rose 60 cents, or 0.57%, to $106.32 a barrel by 0100 GMT, while U.S. West Texas Intermediate futures CLc1 were up 54 cents, or 0.53%, to $101.71.A ship was reported seized by Iranian personnel off the United Arab Emirates and headed for Iranian waters on Thursday, while the White House said U.S.

Dealmaking in the U.S. upstream oil and gas sector jumped to $38 billion in the first quarter of this year, marking the highest quarterly total in two years, analytics firm Enverus said on Wednesday.Shale producer Devon and smaller rival Coterra closed on their merger last week after announcing plans to combine in February.

Oil transportation and storage company Sentinel Midstream said on Tuesday it would immediately begin construction of its deepwater oil export project off the Texas coast, marking the first development of a large-scale export project in the United States in years.Sentinel expects to begin commercial operations of the Texas GulfLink system by the fourth quarter of 2028, said Bruce Heine, the company's senior VP for public affairs, adding the company will begin excavation activities…

"Since the beginning of the Iran war, global seaborne crude oil shipments have fallen 16% compared to the first nine weeks of 2026, according to Signal Ocean data. This represents a reduction of 7.6 million barrels per day (mbdp) to 38.4 mbpd. Coincidentally, shipments during the past six weeks have likewise been 16% lower than during the same period last year,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.Before the Iran war, the U.S. Energy Information Administration had estimated global 2026 oil production to be 79.9 mbpd.

Two more tankers laden with crude exited the Strait of Hormuz last week with trackers switched off to avoid Iranian attacks, Kpler shipping data showed, underscoring a rising trend to sustain Middle East oil exports.The very large crude carrier (VLCC) Basrah Energy loaded 2 million barrels of Upper Zakum crude from Abu Dhabi National Oil Co's (ADNOC's) Zirku terminal on May 1 and exited the Strait of Hormuz on May 6, the data showed on Monday.The Panama-flagged vessel offloaded its cargo at the Fujairah Oil Tanker Terminals on May 8…

U.S. President Donald Trump's move allowing foreign-flagged cargo ships to move fuel and other goods between domestic ports has so far had little impact on American oil supply, according to trade data and analysts who noted that U.S. refiners and shippers are earning more profits sending fuel overseas.Last month, Trump waived Jones Act limitations for 60 days starting March 17, hoping the move would help tame the surge in fuel prices caused by the Iran war by increasing shipments from the U.S.

Russia's Baltic Ust-Luga port, one of its largest petroleum export hubs, was damaged again on Sunday by a Ukrainian drone attack which sparked a blaze later brought under control, Russian officials said.It followed several Ukrainian drone strikes last week on Russia’s western energy corridor when facilities at the ports of Ust-Luga and Primorsk came under fire, igniting storage tanks and forcing a suspension of oil and oil product loadings.The regional governor of Leningrad said…