Oil & Gas Industry News

Brent settled above $94 as traders weighed growing geopolitical risks and the potential for prolonged supply disruptions.

Power blackouts hit energy-rich North Africa from Libya to Tunisia and Algeria.

'The investment will reinforce the UAE's energy security and its role as a reliable global energy supplier', ADNOC said.

'The rise in oil prices comes amid the dissipation of the main assumption that substantially helped keep prices low', Samer Hasn, Senior Market Analyst at XS.com, said.

Brent crude climbed to its highest level since early June as mounting threats to key oil shipping routes raised supply concerns.

North America went back to adding rigs week on week, according to Baker Hughes' latest North America rotary rig count.

Rystad Energy warned that 2.5 million barrels per day of Saudi oil is at risk as the Houthis 'threaten to enact [a] naval blockade'.

'Energy policy cannot be made in Westminster alone', OEUK said.

Oil settled higher as escalating Middle East tensions fueled supply concerns despite diplomatic efforts.

The U.S. Energy Information Administration edged up its U.S. total energy consumption projections for 2026 and 2027 in its latest short term energy outlook.