Oil & Gas Industry News

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.

Analysts at BMI projected the evolution of oil and gas markets through to 2050 in a report sent to Rigzone recently.

Iran is racing to court some of Asia's largest oil buyers as a 60-day U.S. sanctions waiver takes effect.

Crude declined after the US approved limited Iranian oil sales and shipping through the Strait of Hormuz continued to recover.

The Treasury Department issued a temporary, 60-day license allowing Iran to sell some of its energy exports through August 21, a sweeping change after years of economic sanctions.

Oil prices rose as delayed US-Iran negotiations and slower tanker traffic through Hormuz renewed supply concerns.

Markets expect Middle East oil flows to recover, though analysts warn supply risks remain.

President Donald Trump signed an interim deal to end the war with Iran and reopen the Strait of Hormuz, speeding up the timeline for the agreement to go into effect despite blowback from Republicans who said it amounted to a victory for Tehran.

Oil edged higher, but prices remain under pressure as a US-Iran peace deal could restore major supplies to the market.

Oil fell for a fourth straight session as a US-Iran deal to reopen the Strait of Hormuz improved expectations for increased crude supply.