Oil and Gas

Oman, March 1, 2026 – A Palau-flagged oil tanker was hit off Oman’s Musandam peninsula on Sunday injuring four people, the country’s maritime security centre said, following drone strikes on the Gulf country’s commercial port of Duqm. The incidents mark the first time targets in or near Oman have been hit following a wave of retaliatory strikes by Tehran on Gulf states after joint U.S.-Israeli attacks on Iran that have plunged the region into a new war. The 20-person crew of the Skylight tanker was evacuated after the attack, which …

London, March 1, 2026 – OPEC+ will consider a larger-than-expected oil output increase on Sunday, two OPEC+ sources said after the U.S.-Israeli war on OPEC+ member Iran and Tehran’s retaliation led to shipment disruptions in the Middle East. OPEC+ has a history of raising oil output to cushion disruptions but analysts said the group currently has very little spare capacity to meaningfully add to supply, except for its leader Saudi Arabia and the United Arab Emirates. Riyadh has been raising oil production and exports in recent weeks in preparation for U.S. strikes …

London, Feb 27, 2026 – Oil prices rose more than $1 on Friday as traders remained on alert for potential supply disruptions after the United States and Iran extended nuclear talks. Brent crude futures advanced by $1.38, or 1.95%, to $72.13 a barrel by 1110 GMT while U.S. West Texas Intermediate crude was up $1.40, or 2.15%, at $66.61. “Uncertainty prevails, fear is pushing prices higher today,” said Tamas Varga, an oil analyst at brokerage PVM. “It is completely driven by the outcome of the Iranian nuclear talks and possible …

London, Feb 23, 2026 – Oil prices fell over 1% on Monday as the U.S. and Iran prepared for a third round of nuclear talks, easing fears of an escalating conflict, while President Donald Trump’s fresh tariff hikes created uncertainty for global growth and fuel demand. Brent crude futures slid 73 cents, or 1%, to $71.03 a barrel by 0849 GMT while U.S. West Texas Intermediate crude futures were at $65.73 a barrel, down 75 cents, or 1.1%. “With the next, and possibly last, round of the Iranian nuclear talks not …

New York, Feb. 23, 2026 – Goldman Sachs raised its Brent and West Texas Intermediate crude forecasts for the fourth quarter of 2026 by $6 to $60 and $56 respectively, citing lower OECD stocks, even as it continued to assume no Iran-related supply disruption and maintained its view of a surplus this year. For the year, it now expects Brent to average $64 a barrel, up from $56 previously, and WTI to average $60, up from $52. Oil prices fell about 1% on Monday as the U.S. and Iran prepared …

Lagos, Feb, 13, 2026 – Nigeria can transform risks and complexities in the oil and gas industry to opportunities for growth and development if operators and regulators collaborate in a business environment that encourages transparency and governance discipline without late-stage fiscal or regulatory shocks. Ronald Adams, the Managing Director of Shell Nigeria Exploration and Production Company Limited (SNEPCo), gave the advice at the 10th Sub Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) which opened in Lagos this week. “Nigeria continues to demonstrate that Africa remains investable,” Adams said in remarks …

New York, Feb 13, 2026 – Oil prices gained about 1% on Wednesday, as investors worried about escalating tensions between Iran and the U.S., which were preparing to resume negotiations, while a weekly report showing a large build in U.S. crude inventories limited gains. Brent crude oil futures settled 60 cents, or 0.87%, higher at $69.40 a barrel. U.S. West Texas Intermediate crude gained 67 cents, or nearly 1.05%, to $64.63. “The market continues to be supported by the tension between the U.S. and Iran and the on-again, off-again talks …

London, Feb ‌12, 2025 – Oil prices slipped on Thursday as investors weighed the International Energy Agency’s lowering of ⁠its global oil demand forecast for 2026 against potential escalation of U.S.-Iran ⁠tensions. Brent crude oil futures were down 30 ‌cents, or 0.43%, at $69.10 ‌a barrel by 1018 GMT. U.S. West Texas Intermediate crude fell 23 cents, or ​0.36%, to $64.40. Global oil demand will rise ‌more slowly than previously expected this year, the IEA said on Thursday while projecting a sizeable surplus despite outages ​that cut supply in January. The ​Brent and ‌WTI benchmarks reversed gains to …