crude oil News Updates

Brent crude, the international standard, fell 2% to $108.14 and trimmed its gain for the week to roughly 9%.

Exxon Mobil and Chevron exceeded profit expectations as higher oil and natural gas prices outweighed production outages from the Iran war. 

The Bridger Pipeline Expansion would carry up to 550,000 barrels of oil a day from Canada through Montana and Wyoming, where it would link with another pipeline.

In the most actively traded part of the market for Brent crude, for delivery in July, the price fell 0.4% to $110.03.

Oil surged to the highest since June 2022, with no end in sight to the U.S.-Iran conflict or choked-off energy flows through the Strait of Hormuz.

The oil industry is wrangling over who should be liable for contracted shipments that weren’t delivered as a result of the Iran war. 

The meeting, described by a White House official, included representatives of Chevron as well as trading houses Trafigura Group, Vitol Group and Mercuria Energy Group.

President Donald Trump told Axios he will not lift a naval blockade of Iran’s ports until he secures a deal with Tehran to address the country’s nuclear program.

Brent for delivery in July, which is where more of the trading is happening in the oil market, rose 5.3% to $109.92.

Tehran could be using retired ships to keep loading oil. The U.S. blockade means tankers carrying Iranian oil remain stuck in the Persian Gulf or the Gulf of Oman.