Breaking news and analysis from the global energy markets
Brent sheds roughly 5% in each of two consecutive sessions and slips below $80 as Washington, Tehran and Muscat close in on a 60-day interim agreement to reopen the Strait of Hormuz via twin corridors through Iranian and Omani territorial waters, with no tolls and a 30-day mine-clearing plan. For the current price, see the live chart.
Read Full Analysis →Seven OPEC+ producers approve a last 188,000 bpd increase for September, completing the rollback of the 1.65 million bpd voluntary cuts and signaling steady quotas through year-end as a pause in Iranian attacks calms the market.
Brent surges 7% to cross $100 for the first time since May 26 after Iran resumes attacks on shipping and strikes Kuwaiti water infrastructure, collapsing a reopening deal mediators believed was done.
Brent settles near $73.74 and WTI closes below $70 for the first time since early March as commercial vessel traffic resumes through the Strait of Hormuz, unwinding much of the crisis risk premium.
Brent extends its retreat from late-April crisis highs after the June 1 OPEC+ ministerial reaffirmed its gradual schedule and declined to release spare capacity, while escorted convoy traffic through the Strait of Hormuz continues to build.
Brent retreats from its late-April peak above $118 as a multinational escorted-convoy system begins clearing the tanker backlog through the Strait of Hormuz, even as the IEA confirms the deepest supply deficit in over a decade and OPEC+ declines to deploy spare capacity.
Brent July futures settle at $104.21 per barrel after President Trump rejects Tehran's counterproposal as "garbage" and calls the ceasefire framework "unbelievably weak," extending the effective closure of the Strait of Hormuz.
A Reuters survey shows OPEC's April production fell 830,000 bpd to the lowest in over two decades. Aramco CEO Amin Nasser warns the market is losing roughly 100 million barrels of supply each week.
Washington dispatches a one-page memorandum of understanding to Tehran via Pakistani intermediaries. Iranian official Mohsen Rezaei demands U.S. reparations as a precondition for talks.
The seven remaining voluntary-cut participants agree to a 188,000 barrel per day production increase for June. Saudi Arabia signals it will not unilaterally defend prices.
The United Arab Emirates withdraws from OPEC and OPEC+ after nearly six decades, citing quota disputes and a strategic pivot toward 5 mb/d capacity by 2027.
Brent crude jumps 6% to $118.03 per barrel — a fresh 2026 high — after President Trump pledges to maintain the U.S. naval blockade until Tehran agrees to a nuclear deal.
Brent crude jumps back to $114 after the IRGC formally closes the Strait of Hormuz for a second time, effectively ending the April 8 ceasefire framework.
Brent crude collapses 13% to under $95 as Washington and Tehran announce a Pakistan-mediated two-week ceasefire. European TTF gas futures shed 20% intraday.
Brent crude falls 4% to $96.50 per barrel on reports of U.S. diplomatic initiative with Iran. Washington sends 15-point settlement proposal seeking month-long ceasefire.
Brent crude surges to $114 after Israeli airstrike on Iran's South Pars gas field. Iran declares all GCC energy facilities as legitimate targets, triggering global energy crisis fears.
Brent crude reaches $106 as global oil market splits into two pricing systems. Asian economies face $150/barrel while US maintains $95-105 range amid Strait of Hormuz crisis.
Brent crude oil rises to $104 per barrel, up 3.5%, as Iran's parliament speaker declares Strait of Hormuz operations permanently altered. Tehran demands U.S. withdrawal for passage restoration.
Brent crude oil maintains $105 level as Trump administration admits naval escort operations weeks away. Strategic reserve releases fail to calm markets amid prolonged Hormuz closure.
American KC-135 refueling tanker crashes in western Iraq amid ongoing Iran operations. New Iranian Supreme Leader vows continued Hormuz closure as oil holds above $101.
Brent crude oil briefly breaches $100 per barrel following attacks on tankers. IEA announces record strategic reserve release as geopolitical tensions drive unprecedented market volatility.
Crude oil experiences dramatic volatility, plunging from near $120 to $94 as Trump hints at war resolution while Strait of Hormuz remains contested.
Brent crude oil climbs to $118 per barrel following a 27% weekly gain as U.S.-Iran conflict disrupts global energy supplies. Production cuts approaching 6 million barrels per day.
Brent crude oil jumps 18.4% to $107.85 per barrel amid escalating Middle East conflict. Strait of Hormuz disruptions and Iranian leadership transition fuel supply concerns.
Dutch TTF natural gas prices soar to €48.60/MWh after compound surge. European energy security in jeopardy as LNG tanker diversions threaten supplies.
Brent crude oil prices facing significant pressure as global production exceeds demand. EIA projects Brent to average $55-63 per barrel in 2026.
Escalating tensions in the world's most critical oil chokepoint add $8-12 per barrel risk premium to Brent crude as 21% of global petroleum consumption transits through the narrow waterway.
The Organization of Petroleum Exporting Countries and allies confirmed their commitment to existing production quotas through Q2 2026 despite pressure from member states seeking increased market share.
EIA data shows U.S. commercial crude oil inventories increased by 4.2 million barrels, exceeding analyst expectations and adding to bearish sentiment in oil markets.
The International Energy Agency reports solar and wind capacity additions are exceeding projections, potentially displacing 1.2 million barrels per day of oil demand by 2027.
Royal Dutch Shell commits $3.5 billion to new North Sea project with breakeven below $40/barrel, signaling confidence in operational efficiency improvements.