Brent crude surged to over $126 a barrel, the highest since Russia’s 2022 invasion of Ukraine, after reports the US military will brief Trump on new plans for potential strikes on Iran.
Brent crude briefly hits $119 per barrel as reports emerge of US plans to extend the blockade on Iranian ports.
Brent crude oil surged to $119 a barrel on Wednesday, up nearly 7%, as reports emerged that the US is preparing to extend its blockade of Iranian ports, while Tehran threatens to continue disrupting shipping through the Strait of Hormuz.
The United Arab Emirates announces its withdrawal from the Organization of the Petroleum Exporting Countries, saying the move will help it meet growing global energy demand. Analysts describe it as the beginning of OPEC’s decline.
British Petroleum reports profits more than doubling year-over-year in its first quarter, driven by soaring global oil prices amid the Iran conflict.
The UAE will formally exit OPEC on May 1, ending nearly six decades of membership. The energy minister said the move aims to gain greater freedom to expand production capacity, targeting 5 million barrels per day by 2027.
The UAE announced it will formally exit OPEC and OPEC+ on May 1, marking the most dramatic member departure in the organization’s history and threatening to reshape global energy dynamics.
UK energy giant Shell has agreed to acquire Canadian energy company ARC Resources for $13.6 billion in cash and shares, gaining Montney shale basin assets that will add 370,000 barrels per day, with an enterprise value of $16.4 billion.
Iran presents a new proposal to the US aimed at easing the standoff over the Strait of Hormuz, while postponing nuclear talks, sending international oil prices higher.
Stalled U.S.-Iran peace talks send oil above $97 per barrel, stalling the Wall Street rally on Monday as investors brace for the Federal Reserve’s policy meeting this week.