Oil Industry News

Current price of oil as of June 29, 2026

As of 8:50 a.m. Eastern Time today, oil sold for $74 per barrel (using Brent as the benchmark, which we'll get into momentarily). That's 15 cents lower than yesterday morning and approximately a $6.67 rise over the past year. It's impossible to…

Goldman says the Iran oil crisis is a preview of commodity shocks to come

Goldman Sachs says the era of commodity shocks will stick around even after the historic Iran war oil disruption fades into memory. In a note on Sunday, Goldman analyst Samantha Dart and her team wrote that they see a market in which commodity…

Morgan Stanley Cuts Oil Forecasts on Fast Return of Hormuz Flows

Morgan Stanley cuts its oil price forecasts as flows through the Strait of Hormuz return faster than expected, while strong US supply and weak Chinese demand increase the risk of a surplus. The bank lowered its third-quarter 2026 Dated Brent…

Oil Markets Are Pricing A Supply Surge That Isn't Guaranteed

Oil prices are tumbling as tankers stream out of the Strait of Hormuz, but most of that traffic is stranded vessels finally allowed to leave, not new supply heading in. Iran struck a commercial ship near Oman this week even as the 60-day U.S.-Iran…

Oil Falls on Possible Position Adjustments Before Expected U.S.-Iran Talks

2346 GMT — Oil falls in early Asian trade on possible position adjustments. U.S. President Trump said on social media Monday that Iran had requested a meeting and that the meeting would take place in Doha on Tuesday. However, oil-price…

Another Russian Oil Refinery in Flames

Last week I highlighted a video showing a line of thousands of cars waiting in a 10 kilometer long backup as people try to get out of Crimea. Those people would eventually cross the Kerch bridge and then continue east where they would pass through…

JPMorgan Struggles to Find Demand for Oil Driller's 15% Loan

JPMorgan Chase & Co. has struggled to attract investor demand for a $775 million loan to a Trump administration-supported oil driller that would pay a hefty 15% interest rate, according to people familiar with the matter. The Sable Offshore Corp.

Stocks On Comeback Trail; Oil Rises Again

Markets start shortened week to the upside. Comcast spins off media arm from technology. Week marks end of quarter and first half. It looks like we're back on the merry-go-round as stocks were rising across the board in the early going, shaking off…

Democrats Try To Grave-Rob Jimmy Carter's Oil Tax

Democrats are trying to revive a Carter-era redistribution tax targeting oil producers. Democratic Rhode Island Sen. Sheldon Whitehouse and Democratic California Rep. Ro Khanna reintroduced the Big Oil Windfall Profits Tax Act, according to a March…

Stocks perk up and oil cools as US and Iran halt hostilities

By Ankur Banerjee and Harry Robertson SINGAPORE/LONDON, June 29 (Reuters) - European stocks and U.S. futures ticked higher on Monday after the U.S. and Iran agreed to halt recent hostilities and renew talks, helping oil prices fall after spiking…

FTSE 100 Live: UK Stock Futures Steady as Oil Stays Around $72

Sierra Leone grants oil block rights to Nigerian firm

Sierra Leone granted exploration rights for four offshore oil blocks to Nigeria's Marginal Energy, in a bid to reignite investor interest in the industry. The deal comes as Sierra Leone plans to issue more offshore licenses and follows separate…

US-Iran Agree to Stop Strikes, Stocks Lift and Oil Rises, More

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UK Growth Outlook Brightens After US-Iran Truce Lowers Oil Costs

The fall in global oil prices is “unequivocally good news” for Britain's economy, Bloomberg Economics said as it lifted growth forecasts for this year. UK output will expand 1.2% in 2026, it said, up from a forecast of 0.8% before the…

Oil transit is rebounding - but fresh hurdles arrive

Oil shipments through the Strait of Hormuz are resuming faster than many analysts predicted, but fresh hostilities in recent days are threatening the trend. Why it matters: The rebound in shipments is good news for the tight oil market and is…