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Oil Tanker Rates Retreat as Middle East Tensions Cool

1 day ago | oilprice.com | Tom Kool

Spot rates for very large crude carriers (VLCCs) sailing from the Persian Gulf to Asia have fallen sharply in recent days, as military tensions near the Strait of Hormuz subside and shipping flows resume a more stable pattern. Charterers that had paused bookings or rerouted vessels in mid-June amid fears of an Iranian blockade have begun re-entering the market, easing pressure on freight.
Oil Prices Tumble as Trump Announces Iran-Israel Ceasefire

4 days ago | oilprice.com | Tom Kool

WTI crude prices fell over 5% to $65.02/barrel after ceasefire announcement. Ceasefire reduces geopolitical risk premium previously inflating oil prices. Market attention now shifting back to supply-demand fundamentals.
Oil Rises 3% After U.S. Bombs Iranian Nuclear Sites

5 days ago | oilprice.com | Tom Kool

While many were expecting the oil market to open for electronic trading at 6 p.m. ET with a bang, 30 minutes into trading, oil was up by barely 3%, despite the U.S. military’s overnight strikes on Iranian nuclear facilities, a geopolitical incident that might normally have sent oil soaring. At 6:27 p.m. ET, Brent crude was trading up 3.17% at $79.45 per barrel, while the U.S. crude benchmark, West Texas Intermediate (WTI) was trading up $3.18 at $76.19 per barrel in early New York trading.
Why India’s Budding EV Sector Has Opened Its Doors To China

1 week ago | oilprice.com | Alex Kimani

India’s young EV sector is increasingly reliant on Chinese technology. New Delhi has slashed tariffs on EV components and fully built electric cars to attract global manufacturers and support local production. Despite shifting, India's EV sector relies heavily on Chinese batteries and drivetrain components.
Expect Oil Price Volatility as Trump Weighs Iran Intervention

1 week ago | oilprice.com | Michael Kern

Geopolitical risk raced back into oil markets last week with Israel's strikes on Iran, and Donald Trump's uncertainty about how he will react is only going to create more volatility in oil prices.
Texas Oil Family to Benefit From Potential $8-Billion Mitsubishi Deal

1 week ago | oilprice.com | Tsvetana Paraskova

Father and son, Albert and Gordon Huddleston, part of the Texas oil dynasty of H.L. Hunt, are expected to become even richer if a rumored $8-billion deal with Mitsubishi Corp goes through. Albert and Gordon Huddleston are descendants of Haroldson Lafayette Hunt, who founded and grew the family oil business in the 1930s and 1940s with hundreds of producing wells in East Texas. Reports emerged earlier this week that Mitsubishi Corp.
China’s Shipments of Rare Earth Magnets Tumble Amid Export Control

1 week ago | oilprice.com | Tsvetana Paraskova

China saw its shipments of rare earth magnets to foreign markets crash by 53% in May to the lowest level for any month since February 2020, according to data from the General Administration of Customs cited by Reuters. At the beginning of April, China announced it would curb its exports of dysprosium, gadolinium, scandium, terbium, samarium, yttrium, and lutetium.
Equinor’s New Arctic Field Reaches Peak Oil Production

1 week ago | oilprice.com | Tsvetana Paraskova

The Johan Castberg oilfield in the Barents Sea has reached full capacity of 220,000 barrels per day (bpd), operator Equinor said on Friday, noting that peak capacity has been reached just three months after the field in Norway’s Arctic waters came on stream. Seventeen of a total of 30 wells have now been completed. The wells that have come on stream are producing as expected, Equinor said.
MEG Energy Seeks Alternatives After Rejecting $4.4-Billion Bid From Strathcona

1 week ago | oilprice.com | Tsvetana Paraskova

Canada’s Strathcona Resources supports MEG Energy in its process to explore potential mergers after MEG recommended that shareholders reject a $4.4 billion (C$6 billion) takeover offer from Strathcona. Last month, Strathcona, MEG’s second-largest shareholder with about 9%, made an offer to acquire MEG Energy for the equivalent of some $4.4 billion in cash and stock.
Why Big Oil Isn’t Afraid of Peak Oil Demand

1 week ago | oilprice.com | Tsvetana Paraskova

Major oil companies anticipate that global oil demand will plateau slowly rather than decline sharply, maintaining the need for continued oil and gas production for decades. Despite initial shifts towards renewables, European oil majors like BP and Shell have scaled back their green energy investments due to lower profits and have refocused on their core oil and gas businesses.