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The Latest Breaking News from Oil

Not just Andaman: After fresh gas finds, India expands oil and gas hunt along east coast

India is intensifying efforts to discover new oil and gas reserves along its eastern offshore frontier by reprocessing decades-old seismic data and conducting fresh deep-water surveys. This major program across key sedimentary basins aims to reduce import dependence by unlocking untapped hydrocarbon resources beneath the seabed. The initiative is expected…

The Economic Times

Ukrainian drones fly over Putin’s showcase forum

SAINT PETERSBURG, Russia - Ukraine fired hundreds of drones at Russia early Saturday, leaving one person dead and setting an oil depot ablaze on the final day of the country’s flagship economic forum in Saint Petersburg, officials said.

Bangkok Post

Russia's oil major says US companies benefit from the closure of the Strait of Hormuz

Rosneft CEO Igor Sechin stated that American energy companies are benefiting most from the closure of the Strait of Hormuz. He believes the United States is altering global energy markets to serve its own interests. Sechin also noted that the OPEC+ group has weakened due to member withdrawals. He warned…

The Economic Times

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Watch: Ukrainian drones hit St Petersburg region again; Russia claims capture of Kharkiv village

Ukraine launched long-range drone strikes deep inside Russia, hitting a military facility near St Petersburg and an oil depot in Krasnodar. President Zelenskyy stated these attacks targeted Russian naval arsenals and bases, emphasizing Ukraine's capability to strike over 1,000 kilometers.

The Times of India

Rosneft Chief Says US Energy Firms Gain From Strait Of Hormuz Closure Amid Global Oil Disruption

The comments came at Russia's flagship economic forum as governments and energy producers continue to grapple with supply disruptions linked to the Middle East conflict.

International Business Times

Aviation industry looks skywards as leaders fly in for Rio summit

Oil tankers may be stuck behind strait of Hormuz, but holding the Iata AGM in Brazil defies warnings of impending shortages

The Guardian - UK

Iran-US war latest: Two more drones downed over Strait of Hormuz as Trump claims he ‘destroyed’ Tehran’s military

It comes as the US military said it downed six Iranian missiles in the Gulf

The Independent UK

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US crude stocks close to rock bottom

HOUSTON - In the prairie town that calls itself the pipeline crossroads of the world, 400 oil storage tanks sprawled across Cushing, Oklahoma, are ‌nearly empty, drained by refiners worldwide to plug a massive shortfall in global supplies caused by war in the Middle East.

Bangkok Post

'Ocean of energy' found in Andaman: What the new gas discovery means? Can it reduce India's import dependence?

Andaman oil discovery news: Oil India has confirmed the discovery of natural gas in an exploratory well in the Andaman Sea, marking a significant step in India's "Samudra Manthan Mission." This find strengthens the belief in the Andaman Basin's hydrocarbon potential, though commercial production is estimated to be a decade…

The Economic Times

U.S. and Iran in fresh clashes as peace talks stall

The U.S. military said it struck an oil tanker headed for Iran and defended Kuwait and Bahrain from Iranian missiles.

Axios

West Asia war: 100 days on, Trump and Iran remain locked in high-stakes showdown

Tensions between the US and Iran remain high as the conflict approaches 100 days. Both nations are engaged in military actions and diplomatic exchanges. Iran insists on a ceasefire in Lebanon before any deal with the US. The US has intercepted Iranian drones and seized an oil tanker. Oil prices…

The Economic Times

US military says it shot down Iranian drones launched toward Strait of Hormuz

The US military shot down four Iranian drones near the Strait of Hormuz and struck coastal radar sites in response, escalating tensions. This action comes as the Trump administration increases pressure on Iran, impacting regional maritime traffic and global energy prices. The US also boarded a sanctioned oil tanker and…

The Economic Times

Strait of Hormuz boils again: Iranian drones launched toward global oil corridor shot down, says U.S military

Iran war: U.S. Central Command said it hit the radar sites, including an island in the Strait of Hormuz, “to defend against further attacks.”

The Economic Times

UN food agency says millions are being pushed into hunger by Iran war

The U.N. food agency says millions of people are being pushed into acute hunger by the Iran war, as it warned would happen if the conflict escalated and oil prices remained high

The Independent UK

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Barchart

Cotton Slides Lower on Friday

Cotton futures faced outside pressure on Friday, with contracts down 41 to 137 points across the board, with July falling 240 points. The US dollar index was up $0.643 at $100.025. Crude oil losses of $2.79 added some modest pressure. Weekly CFTC data showed spec funds trimming 1798 contracts from...

AAP

Limited interest in latest oil and gas lease sale for Alaska's Arctic National Wildlife Refuge

Two corporations bid on a handful of leases during the latest oil and gas lease sale in Alaska's Arctic National Wildlife Refuge

Barchart

Iran Peace Hopes and Weak China Oil Demand Hammers Crude Prices

July WTI crude oil (CLN26 ) on Friday closed down -2.50 (-2.69%), and July RBOB gasoline (RBN26 ) closed up +0.0076 (+0.25%). Crude oil prices settled sharply lower on Friday amid hopes of a US-Iran peace settlement that would allow the reopening of the Strait of Hormuz. Also, Friday's rally...

AAP

BC-OILS

NEW YORK (AP) — Futures trading on the New York Mercantile Exchange Friday:

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Mic

75 Genius Beauty Hacks, Tools & Products for Effortless, Polished Looks

Discover genius beauty & grooming hacks for effortless glam! From liquid latex nail barriers to glow-boosting skincare, these small upgrades make you look polished fast.

International Business Times UK

Polar Bears, Caribou, and an 11-Billion-Barrel Gamble: Inside Trump's Bid to Break Open America's Last Arctic Refuge

The Trump administration has opened 689,000 acres of Alaska's Arctic National Wildlife Refuge to oil and gas bidders, sparking legal challenges and environmental concerns over the pristine habitat.

Barchart

Sugar Prices Slide as Crude Oil and the Brazilian Real Fall

July NY world sugar #11 (SBN26 ) on Friday closed down -0.13 (-0.91%), and Aug London ICE white sugar #5 (SWQ26 ) closed down -2.30 (-0.51%). Sugar prices settled lower on Friday amid weakness in crude oil and the Brazilian real. WTI crude oil (CLN26 ) fell more than -3%...

International Business Times

Hedge Funds Ride Oil Volatility To Double-Digit Gains As Iran War Reshapes Commodity Markets

The surge in oil prices resulting from the war in Iran has delivered one of the most profitable trading environments in years for quantitative hedge funds.

Bangkok Post

Renewables key to Asia prosperity

As the war in the Strait of Hormuz continues to create havoc, Asia remains the worst hit by the global energy crisis. Whether it's a large economy like Japan or China, or a struggling economy like Sri Lanka or Pakistan, the same fate holds. Even nations that produce oil, like…

Capital & Main

At This New Mexico Park, Mountain Bikers Pedal Amid Hundreds of Oil Wells

The Glade Run Recreation Area is a destination for cyclists, hikers, birders and other outdoor enthusiasts in the middle of a declining oilfield.

International Business Times

Iran War's Oil Shock Seen Adding Inflation Pressure But Not Major Job Losses: Boston Fed Study

Federal Reserve researchers say rising oil prices linked to the war in Iran are already feeding inflation pressures. However, employment has remained largely stable across most regions.

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