Latest news and analysis on oil, gas, and commodity markets
Brent crude rose to $68.68 and WTI hit $65.14 after a US F-35C shot down an Iranian Shahed drone near the USS Lincoln, while IRGC gunboats challenged a US tanker in the Strait of Hormuz.
WTI plunged 5% to $62 as US-Iran talks eased war fears, but drone strikes and OPEC supply decisions keep traders guessing on what comes next.
Norway's Equinor will exit onshore Vaca Muerta in a cash-and-stock deal with Vista Energy, keeping its Argentine offshore exploration licenses intact.
Henry Hub gas settled at $4.35/MMBtu after prices swung from $3.10 to above $5 in a single week as Winter Storm Fern slashed production to a two-year low.
Brent crude gained roughly 14% in January, its best month since July 2023, as escalating US-Iran tensions and a live-fire drill in the Strait of Hormuz drove a geopolitical risk premium into prices.
Both oil supermajors topped Wall Street expectations on January 30, leaning on record production from the Permian Basin and Guyana to offset a roughly 20% drop in crude prices.
Eight key OPEC+ producers meet Saturday to assess whether their production freeze should extend into Q2, with oil prices at January highs above $65.
A severe winter storm knocked out roughly 15% of US crude production last weekend, hammering the Permian Basin hardest and briefly halting all Gulf Coast exports.
French and American oil majors extend Waha concessions to 2050 in deal targeting 850,000 barrels per day production capacity, with $376 billion in expected revenues.
Crude oil stocks rose 3.6 million barrels last week while the key Cushing hub added 1.5 million barrels, the largest gain in five months.
Brent crude jumps nearly 3% to $65.88 after President Trump says US warships are heading toward Iran, adding to supply fears from Kazakhstan outage.