Saudis Push Maritime Coalition as Oil Finds Support
Ukraine Strikes Lukoil's Volgograd Refinery as Drone Attacks Resume Nigeria says regulatory reforms, stronger… Tom majored in International Business at Amsterdam’s Higher School of Economics and later completed an Executive MBA in Energy Transition at the University of Groningen.… Brent is set for an 8% weekly loss, but ongoing disruptions in the Strait of Hormuz and the Red Sea continue to support oil prices near $90 a barrel.
Oil prices are set for an 8% weekly loss after the sell-off earlier this week was halted by the reality of two disrupted waterways in the Middle East, with Saudi Arabia seeking to organize a maritime coalition against the Houthis.
The IRGC claims to have turned around several tankers in the Strait of Hormuz; however, that could also suggest shippers won’t give up on exiting the Strait anytime soon.
Hence, as Tehran rejected Oman’s proposal for a joint regional management of Hormuz and there being no new US-Iran talks on the agenda, ICE Brent will end July at $90 per barrel.
BP Prepares North Sea Exit.Citing high taxes and a worsening investment climate, UK oil major BP (NYSE:BP) hasformallylaunched a process to sell its UK North Sea oil and gas business, some 115,000 b/d of output, marking a historic retreat from a basin where it has operated for more than six decades.
Saudi Arabia Seeks Red Sea Shipping Coalition.Saudi Arabia hasannouncedthe creation of an international coalition to safeguard Red Sea shipping from Houthi attacks, joined by 13 other countries, with Riyadh set to serve as the founding and leading state and host the alliance’s new headquarters.
Drone Strike Reaches Egypt's LNG Gateway.Egypt confirmed that a drone attackcauseda fire on two gas vessels at Damietta port, including the Energos Winter FSRU, one of the three operational LNG import terminals in the country that already saw inflows of 1.5 million tonnes LNG so far in 2026.
CPC Mulls Loadings Halt After Fresh Drone Strikes.The Caspian Pipeline Consortium has suspended oil loadings at its Black Sea export terminal following another round of droneattackson incoming tankers, with suppliers of Kazakh crude mulling an ‘indefinite halt’ until they receive safety guarantees.
Rhine Bottleneck Chokes Europe's Fuel Arteries.Critically low waterlevelson Germany's Rhine River have severely disrupted inland fuel transportation, constraining fuel flows from Northwest Europe as water levels at the key Kaub chokepoint fell to just 25 cm, driving freight rates to multi-year highs.
South Korea Eyes PDVSA Imports as Supply Risks Mount.South Korea's refiners areevaluatingimports of Venezuelan crude for the first time in years as disruptions in the Middle East prompt a search for alternative feedstocks, just as Venezuelan exports to the US reached a record high of 715,00 b/d in July.
TPAO Joins BP's Kirkuk Revival Project.UK oil major BP (NYSE:BP) has agreed to sell a 15% stake in its Iraqi Kirkuk venture to Turkey's state-owned TPAO, strengthening regional backing for t.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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