Oil & Gas Industry News

Oil and gas prices plunged as Iran signaled a temporary reopening of the Strait of Hormuz, easing supply fears.

'Higher crude oil prices are leading to higher prices at the pump for gasoline and diesel', the EIA said.

Iran announced that the Strait of Hormuz is now 'completely open' for commercial traffic.

Oil prices could remain under pressure amid hopes of a diplomatic breakthrough in the Middle East, BankPro CEO Paolo Broccardo said.

'We are committed to supporting all our colleagues throughout the consultation process', Spirit Energy said.

Traders remain cautious as ceasefire optimism clashes with severe supply constraints and global economic concerns.

Treasury Secretary Scott Bessent reaffirmed that the U.S. would not renew general licenses that allowed for the temporary sale of certain Russian and Iranian crude.

'The scope of damage has expanded materially,' Rystad Energy warned.

Oil prices are 'holding firm' today 'as the market digests a sharp pullback from war-driven panic levels', Naeem Aslam, Chief Investment Officer at Zaye Capital Markets, said.

Oil prices held steady as US inventory draws offset ongoing geopolitical uncertainty in the Middle East.