Crude Oil News

HSBC warned that prolonged disruption could push Brent crude toward $120 per barrel under a worst-case scenario.

State-controlled Orlen is the largest listed energy company in Central and Eastern ​Europe, and one of the largest buyers of Saudi crude in Europe.

The Saudi Ministry of Energy announced the shutdown on September 11, a day after attacks were reported in Riyadh and Medina provinces.

Consequently, India is likely lean even more on diversification across Russia, the US, West Africa, Latin America and other non-West Asian sources to reduce exposure to any single corridor, Sumit Ritolia, an analyst with Kpler, said.

Ten vessels entered ​the Gulf, including a mini-bulker carrying minor bulk commodities, ⁠a Handymax carrying grain, a Panamax carrying metals and a Supramax carrying ​dry bulk cargo, the data showed.

Yemen's Iran-aligned Houthis reached the strategic island of Perim on Friday, moving to tighten their control over the Bab el-Mandeb strait, another key ​oil transit lane that has been carrying 4%-5% of global supply in ​recent months.

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 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.

Brent and WTI finished the week above $100 as attacks on Middle East shipping routes intensified supply concerns and U.S. diesel hit a record.

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