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13Oil Shipments Through Hormuz Rise to Highest Level as Saudi Arabia Shifts to Eastern Route
Oil shipments through the Strait of Hormuz recorded their highest level this month after Saudi Arabia diverted more of its crude to the strait, at a time when Red Sea traffic declined.
European Diesel Hits Record High at 2.23 Euros per Liter
Diesel prices in Europe reached a record high of 2.23 euros per liter as reported, in direct repercussions of the energy crisis, declining Russian supplies, and the prospect of restricted US exports.
Saudi Oil Production Drops to Lowest Levels Since 1990
Saudi oil production recorded a sharp decline to levels not seen in the Kingdom for over three decades, amid voluntary cuts implemented by the OPEC+ alliance to support prices, according to reports.
Washington Considers Restricting Diesel Exports Over Fears of Supply Shortages in Europe
The United States is reportedly considering imposing restrictions on diesel exports to prevent domestic supply shortages, amid fears that this could have massive repercussions for Europe, which relies on American diesel amid the energy crisis.
Iran reportedly hints at possibility of opening Strait of Hormuz within seven days conditional on lifting blockade
Sources pointed to reported Iranian statements hinting at the possibility of lifting navigation restrictions in the Strait of Hormuz within seven days if the blockade is lifted, creating a temporary wave of optimism in oil markets and a selective drop in crude prices.
Brent Crude Exceeds $102 as Reported, Supported by Diplomatic Hopes and Escalating Energy Pressures
Brent crude is trading above $102 a barrel as reported, driven by a combination of diplomatic expectations regarding the Strait of Hormuz and declining energy inventories in the Northern Hemisphere as winter approaches, making it a driving force behind global inflation.
Goldman Sachs and Citi Reverse Brent Forecasts to $120 and $150 a Barrel
Goldman Sachs and Citi have shifted their Brent crude forecasts from bearish to bullish, targeting $120 and $150 per barrel respectively, amid tightening global supplies and rising demand.
Oil Rises to $98 Following Houthi Attacks on Saudi Facilities
Brent crude rose toward $98 a barrel following Houthi attacks on Saudi energy facilities, stoking global crude supply fears.
Oil Price Rises Above $90 a Barrel as OPEC+ Supply Narrows and Crude Inventories Decline
Crude oil prices surpassed the $90 per barrel mark for the first time in months, driven by tightening OPEC+ supply and an above-expectation decline in US inventories.
Europe Invests 120 Billion Euros in Offshore Wind Power Projects in 2026
EU countries and private sector investors have allocated over 120 billion euros for offshore wind power projects this year, in the largest investment wave in this sector since its inception.
Aramco Achieves $33.4 Billion Profit in Second Quarter and $67.2 Billion in First Half
Saudi Aramco announced a net profit of $33.4 billion in the second quarter of 2026, bringing the first-half total to $67.2 billion, reinforcing its position among the world's most profitable companies.
Analysts Estimate That an Escalation in Hormuz Could Add $15-$30 Per Barrel and Push Brent Above $100
Analysts estimate that any military escalation threatening the Strait of Hormuz could raise oil prices by $15 to $30 per barrel, pushing Brent crude above the $100 threshold for the first time in a while.
Saudi Arabia's Oil Production Reaches Around 8.24 Million Barrels Per Day in July
Preliminary data revealed that Saudi Arabia produced approximately 8.24 million barrels per day of crude oil in July, as it continues its commitment to OPEC+ cuts.