Crude Oil News

The producer group continues to ​see a smaller impact ​on consumption since the Iran war ‌started ⁠than other forecasters, such as the International Energy Agency, which expects demand ​to ​decline ⁠in 2026.

On a weekly ​basis, the benchmarks were trading nearly 13% higher - the steepest gain since the week ​ended July 17.

The transaction is expected to close in late 2026, subject to regulatory approvals, including US antitrust clearance.

Sharply ​higher oil and fuel prices have been the most visible indicators of the toll on global energy ​markets from more than six months of the Iran war, in which Tehran has ⁠choked oil flows through the Strait of Hormuz and bombed neighboring energy infrastructure in response to U.S. attacks.

The rally accelerated this week after Iran-backed Houthi attacks on Saudi energy facilities set oil installations ablaze, increasing the risk that disruptions could spread across the wider Gulf region.

Trump said in a post on X that oil prices would decline sharply after the US “wins” the war with Iran. He predicted gasoline could first fall to around $3 a gallon and eventually below $2.

The refinery is expected to help Kenya reduce its dependence on imported petroleum products. It must be noted that the country spent about $4 billion on fuel imports last year.

Nigeria's Dangote refinery has ​emerged as a winner this year as wars involving the United States and ​Iran and Russia with Ukraine have damaged refining capacity and disrupted exports, creating global shortages ‌of ⁠fuels such as gasoline and diesel.

Alternative export routes, non-OPEC supply and weaker demand helped limit oil’s rally even as Gulf shipments and physical markets tightened.

Traffic increased through the Bab el-Mandeb strait, however, another ​major waterway ​for commodity ⁠vessels.