Oil & Gas Industry News

The Panama Canal expects revenue to exceed its $5.2 billion forecast for fiscal 2026 after the closure of the Strait of Hormuz.

The UK grid operator issued a second power supply warning for Friday evening.

Oil prices fell sharply as rising Strait of Hormuz traffic and increasing Persian Gulf exports fueled oversupply concerns.

In its latest short term energy outlook, the U.S. Energy Information Administration projected that U.S. total energy consumption will decrease in 2026 then rise in 2027.

Traffic continued to flow in both directions through the vital thoroughfare on Friday.

The number of employees in the oil and gas extraction industry increased slightly from April to May, data on the U.S. Bureau of Labor Statistics website showed.

Why is the oil price going lower on Friday?

Crude rallied as new shipping disruptions overshadowed expectations of increasing global oil supplies and weaker demand.

Despite historically low US crude inventories, traders focused on improving Middle East supply flows and growing signs of potential oversupply.

Oil prices fell as more tankers resumed transiting the Strait of Hormuz and additional supplies entered the market following the US-Iran interim peace deal.