Crude Oil News

Russia Hikes June Subsidies to Refiners https://www.rigzone.com/news/wire/russia_hikes_june_subsidies_to_refiners-04-jul-2026-184058-article/?rss=true Russia's subsidy payouts to oil refiners that supply domestic markets jumped more than six-fold in June from a year earlier.

UK and France agree with Oman to ensure safety of its territorial waters https://www.cnbc.com/2026/07/04/uk-france-agree-with-oman-to-ensure-safety-of-its-territorial-waters.html France said it has deployed mine countermeasures to the Middle East, including two mine-hunting ships.

Woodside Assumes Operatorship of Aussie Gas Assets from ExxonMobil https://www.rigzone.com/news/woodside_assumes_operatorship_of_aussie_gas_assets_from_exxonmobil-03-jul-2026-184053-article/?rss=true The partners continue to each own 50 percent in the Gippsland Basin Joint Venture, which supplies about 40 percent of gas needs on Australia's east coast, and 32.5 percent in the Kipper Unit JV, Woodside said.

ExxonMobil, QatarEnergy Affirm Commerciality of Cyprus Discoveries https://www.rigzone.com/news/exxonmobil_qatarenergy_affirm_commerciality_of_cyprus_discoveries-03-jul-2026-184052-article/?rss=true QatarEnergy and ExxonMobil signed a 'commercial discovery declaration' with the Cypriot government for two discoveries in Block 10 in the Mediterranean Sea.

Oil Remains in a Divided Market https://www.rigzone.com/news/oil_remains_in_a_divided_market-03-jul-2026-184051-article/?rss=true Oil remains in a divided market, Waleed Said, Technical Analyst at GivTrade, stated.

TotalEnergies Offers Millions of Iraqi Barrels to Asia https://www.rigzone.com/news/wire/totalenergies_offers_millions_of_iraqi_barrels_to_asia-03-jul-2026-184050-article/?rss=true TotalEnergies is offering millions of barrels of Iraqi crude that can be promptly delivered to Asia, according to traders, adding to a market already brimming with supply.

Extreme heat wave threatens U.S. power grids and July 4 travel https://www.cnbc.com/2026/07/03/extreme-heat-us-power-grids-july-4-travel.html The heat wave threatens to overwhelm U.S. grids and may force some to change their plans on one of the busiest travel weeks of the year.

Oman walks a diplomatic tightrope over Strait of Hormuz fees, creating a ‘blind spot’ for markets https://www.cnbc.com/2026/07/03/oman-strait-hormuz-fees-iran-trump.html Oman is using strategic ambiguity as talks over possible Strait of Hormuz fees raise legal, diplomatic and oil market concerns.

Saudi Arabia has ramped up oil shipments through the Strait of Hormuz since U.S.-Iran deal https://www.cnbc.com/2026/07/02/saudi-arabia-iran-strait-hormuz-persian-gulf-oil.html Saudi Arabia is restarting its export logistics in the Persian Gulf after a three-month pause, according to Kpler.

US hiring slows sharply in June as leisure sector drags; unemployment rate ticks down to 4.2% https://www.marketpulse.com/news/us-june-nfp-payroll-slowdown/ US non-farm payrolls grew by 57,000 in June, missing expectations, while the unemployment rate fell to 4.2% amid lower participation. EUR/USD daily chart technical analysis.

Saudi Oil Exports Approach Pre-War Levels https://www.rigzone.com/news/wire/saudi_oil_exports_approach_prewar_levels-02-jul-2026-184045-article/?rss=true Saudi Arabia's crude oil exports have surged to roughly pre-war levels since the kingdom resumed cargo loadings inside the Persian Gulf.

Oil Holds Near Prewar Lows https://www.rigzone.com/news/wire/oil_holds_near_prewar_lows-02-jul-2026-184049-article/?rss=true Oil prices steadied as rising exports through Hormuz reinforced concerns about a growing global supply surplus.

The US labour market is losing momentum – as is the USD https://www.marketpulse.com/markets/the-us-labour-market-is-losing-momentum-as-is-the-usd/ The June U.S. jobs report points to a clear slowdown in the labor market, with weaker nonfarm payrolls growth, lower labor force participation, and easing wage pressure. While layoffs remain limited, the data reduce pressure on the Fed to tighten policy further and have weighed on the U.S. dollar.

Genel to Acquire Capricorn for $360 Million https://www.rigzone.com/news/genel_to_acquire_capricorn_for_360_million-02-jul-2026-184042-article/?rss=true The merger will see the British company, whose production comes from Iraq's Kurdistan region, expand into Egypt in the Sahara desert.

Which Countries Produce and Consume the Most Natural Gas? https://www.rigzone.com/news/which_countries_produce_and_consume_the_most_natural_gas-02-jul-2026-184041-article/?rss=true Rigzone examines the Energy Institute's latest statistical review of world energy report, which was released recently.

Petronas Makes New Discoveries offshore Suriname https://www.rigzone.com/news/petronas_makes_new_discoveries_offshore_suriname-02-jul-2026-184040-article/?rss=true Malaysia's national oil and gas company said it has now drilled 8 successful wells with combined recoverable resources of over 1 billion barrels of oil equivalent in the South American country.

Chart alert: USD/JPY plummeted 0.5% on suspected deliberate intervention, key levels to watch ahead of NFP https://www.marketpulse.com/markets/chart-alert-usdjpy-plummeted-05-on-suspected-deliberate-intervention-key-levels-to-watch-ahead-of-nfp/ USD/JPY tumbled sharply after a sudden bout of yen strength raised suspicions of stealth intervention by Japanese authorities ahead of the closely watched US non-farm payrolls report. While widening US-Japan yield spreads continue to favour a stronger dollar, record speculative short positions in the yen increase the risk of further intervention-driven volatility. Traders are now watching the critical 160.90 support level and the US jobs report for the next major directional catalyst.

Iran Struggles to Woo Oil Buyers before US Waiver Expires https://www.rigzone.com/news/wire/iran_struggles_to_woo_oil_buyers_before_us_waiver_expires-02-jul-2026-184039-article/?rss=true A hoard of Iranian oil is building up at sea, as the Islamic Republic struggles to find buyers before the expiry of a 60-day window granted by Washington.

Oil falls as easing Middle East tensions send Brent to its worst quarter since 2020 https://www.cnbc.com/2026/07/02/oil-prices-fall-after-us-iran-talks-conclude-in-doha.html Oil prices fell more than 1% on Wednesday after talks between Washington and Tehran concluded.

Saudis Make Rare Spot Oil Sales https://www.rigzone.com/news/wire/saudis_make_rare_spot_oil_sales-01-jul-2026-184034-article/?rss=true Saudi Arabia is taking the unusual step of selling millions of barrels of oil on an ad-hoc basis to customers in Asia.