Oil & Gas Industry News

Crude climbed after the US and Iran signaled renewed diplomacy while investors monitored shipping through the Strait of Hormuz.

North America added 21 rigs week on week, according to Baker Hughes' latest North America rotary rig count.

Wood Mackenzie said the oil price bubble has burst.

Industry body Offshore Energies UK said 'urgent decisions' are needed on the Rosebank and Jackdaw projects 'for national security'.

A combination of surging local production and increased imports from non-Middle East suppliers have helped Europe to avoid a jet fuel crisis.

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.