Oil & Gas Industry News

'EIR finds that global oil markets remain structurally tight despite recent price volatility', the company said.

Oil prices tumbled as hopes for a US-Iran agreement raised expectations that shipping through the Strait of Hormuz could resume more normally.

North America added 16 rigs week on week, according to Baker Hughes' latest North America rotary rig count.

The prospect of a deal between the U.S. and Iran appeared to be gaining traction on Tuesday.

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.