Oil & Gas Industry News

BMI analysts outlined that they continue to believe a broader diplomatic understanding between the U.S. and Iran remains achievable during this quarter but warned that the outlook remains 'highly fragile'.

Cuba was hit by its fourth island-wide blackout in less than a month.

Oil prices fell sharply as renewed optimism over Strait of Hormuz negotiations eased fears of prolonged supply disruptions.

The near-term outlook is 'highly uncertain', BMI analysts said.

'Seven OPEC+ countries ... met virtually on 2 August 2026, to review global market conditions and outlook', a statement posted on OPEC's site highlighted.

'Daily price movements are likely to remain sensitive to political rhetoric and developments', Carole Nakhle, Chief Executive Officer of Crystol Energy, told Rigzone.

Oil finished July with its strongest monthly gain since March as geopolitical conflicts raised concerns about global crude supplies.

'S.5039 reauthorizes a long-standing policy that is an important framework for federal land producers', Dan Naatz, IPAA EVP and Chief Policy Officer, said.

Both Brent and West Texas Intermediate oil prices were down on Friday but still on track for notable monthly gains, Naeem Aslam, CIO at Zaye Capital Markets, outlined.

Oil loadings by Saudi Arabia and other major producers inside the Persian Gulf remained subdued.