Oil & Gas Industry News

Brent surged more than 6% to $107.63 as escalating Middle East tensions heightened global supply concerns.

Iran and the U.S. are digging in for a protracted war.

The Brent oil price closed at $101.21 per barrel on Wednesday.

Mexico plans to cut financial support for state-owned Petroleos Mexicanos by nearly 70 percent next year.

Brent reached $101 as Middle East disruptions, falling inventories and renewed Chinese buying tightened markets.

South Korea has identified a gas-fired power project in Texas as the first U.S. investment under a trade deal agreed last year, local media reported.

The number of employees in the oil and gas extraction industry rose month on month, bucking a trend, data on the U.S. Bureau of Labor Statistics website showed.

Analysts at HSBC, including Senior Global Oil and Gas Analyst Kim Fustier, revealed that they had raised their 2026 oil price forecast by $10 per barrel and their 2027 oil price forecast by $20 per barrel.

The Brent oil price rose above $100 per barrel for the first time since July.

Oil rose as fresh Middle East strikes heightened concerns about global supply disruptions.