Oil & Gas Industry News

The North African nation of 47 million people has long relied on some of the continent's largest oil and gas reserves to pay for many of its subsidies.

Brent closed above $100 for a second session while traders weigh war risks and extreme volatility.

Iran has vowed to keep the strait closed, but whether it's actually mining the area is contested.

No one in their right mind would dare to sit short oil over the coming weekend, SEB Chief Commodities Analyst Bjarne Schieldrop said.

Oil surged as Gulf supply disruptions pushed Brent above $100 for the first time since 2022.

U.S. oil and gas hiring 'remains disciplined, not aggressive', Brian Binke, the President and CEO of Michigan based the Birmingham Group, told Rigzone.

The U.S. Navy could start escorting tankers through the Strait of Hormuz by the end of this month, Energy Secretary Chris Wright said.

'Threats to the energy structure in the Middle East have kept oil prices bid', Aaron Hill, Chief Market Analyst at FP Markets, said.

Oil climbed sharply as traders focused on supply disruptions from the Iran conflict despite a massive global reserve release.

The International Energy Agency agreed to discharge 400 million barrels from emergency oil reserves.

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

The U.S. Energy Information Administration increased its Brent spot price forecast for 2026 and 2027 in its latest short term energy outlook.

The escalating war between the U.S., Israel, and Iran is creating the most severe disruption to global energy markets since the 1970s, GlobalData said.

Oil prices plunged after conflicting US signals about tanker escorts through the Strait of Hormuz rattled markets.

Saudi Aramco's chief executive officer warned the impact on global oil markets will be 'catastrophic' the longer the disruption from the Iran war drags on.

'For too long, Washington red tape has strangled American energy producers and held back small businesses', Interior Secretary Doug Burgum said.

The market is spinning after the most epic price reversal in oil history, Phil Flynn, a senior market analyst at the PRICE Futures Group, told Rigzone on Tuesday.

Trump said the U.S. and Israel were making significant progress in their war on Iran and could end the conflict 'very soon,' curtailing an oil-price surge.

Oil swung wildly Monday as fears over the Strait of Hormuz collided with signals the US-Iran conflict may soon wind down.

Iran named the son of the late Ayatollah Ali Khamenei as its new supreme leader and President Donald Trump called $100 oil a 'small price to pay'.