The Latest Breaking News from Oil

Oil Climbs As New Iranian Attack In Hormuz Strait Could Throw Wrench In Washington-Tehran Talks

Oil prices are climbing in Tuesday after Iran struck two vessels transiting through the Strait of Hormuz.

International Business Times · Jul 7

Indian state refiners ready for Iran oil if US extends waivers

Indian refiners are exploring Iranian crude purchases if US waivers extend beyond August. They have fully contracted shipments through August, limiting immediate buying options. Refiners may still buy Iranian oil if discounts are significant and competitive. Russia's oil is currently selling at steeper discounts, making Iranian oil less appealing. India's…

The Economic Times · Jul 7

Local pump prices cut as global oil prices ease

Fuel prices in Thailand are being reduced in line with the decline in global oil prices, with diesel falling by 2.56 baht per litre and all grades of gasoline by 2.51 baht, effective from 5am on Wednesday.

Bangkok Post · Jul 7

Seoul dives on tough day for Asia as Samsung fails to ease tech woes

Seoul stocks led Asian market losses as Samsung's shares tumbled significantly. Investors remained cautious despite strong earnings and AI-driven demand for memory chips. Wall Street indexes reopened with gains, easing worries over a tech sector retreat. Oil prices climbed over one percent after an incident off Oman's coast. Traders await…

The Economic Times · Jul 7

Analyst Says This Is Why Global Oil Prices Are Rising Amid OPEC+ Agreement: It Has All to Do With Refineries

GasBuddy analyst Patrick De Haan said that global oil prices were rising as limited refinery capacity across the globe could lead to supply issues.

Benzinga · Jul 7

Shell boosted by oil price spike due to Iran war — but gas production takes a hit

Ongoing conflict in the Middle East has impacted gas production output from Qatar

The Independent UK · Jul 7

Global Market: Asian refiners turn to cheaper Gulf oil despite Saudi price cuts

Saudi Arabia significantly reduced crude oil prices for Asian buyers this month. Rival Gulf producers are offering better value and deeper discounts to attract customers. Higher transportation costs from within the Persian Gulf also reduce Saudi crude's appeal. Weak demand across Asia, especially in China, further impacts Saudi oil sales.

The Economic Times · Jul 7

Global oil market weathers Iran war shock, but reserve depletion raises future price risks

The global oil market absorbed record supply disruptions during the Iran conflict without triggering a prolonged price shock. But analysts warn that depleted strategic reserves, damaged energy infrastructure and unresolved tensions around the Strait of Hormuz have left the market more vulnerable to future oil price spikes.

The Economic Times · Jul 7

One attack, one warning: The world's energy lifeline is still vulnerable

An attack on a Qatari LNG carrier in the Strait of Hormuz has raised concerns. This incident suggests ongoing threats to commercial shipping in the vital waterway. Energy markets may face potential repeated disruptions rather than widespread conflict fears. The dispute over Hormuz control remains unresolved, impacting global energy supplies.

The Economic Times · Jul 7

Shell sees boost from oil price spike amid Iran war, but gas production hit

Shell’s PearlGTL site in Qatar stopped production in March after being hit during attacks.

Evening Standard · Jul 7