Oil Prices Fall as Iran Negotiation Hopes Return
Hormuz Crisis Boosts Appeal of $42-Billion Tanzania LNG 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.… U.S.
sanctions pressure on Iran intensifies, but Pakistani mediation hopes push Brent back to $89.
US Blockade Leaves Iran’s Oil Trade on Borrowed Time -The announcement of the Trump administration’s ‘Economic D-Day’ sanctions on Iran coincides with an overall slump in Tehran’s crude exports,chokedoff by the US Navy’s maritime blockade in the Gulf of Oman.
-Iran’s August crude exports have so far been minimalcompared to the 2025 average of 1.7 million b/d, averaging only slightly around 0.3 million b/d with only one confirmed loading at the country’s largest terminal in Kharg Island.
- Thanks to the volumes evacuated during the three-week period of free navigation in June-July,Chinese imports of Iranian barrels are slightly above Tehran’s pace of loading,around 800,000 b/d, however due to drawing stocks they are set to decline further next month.
- Should the US maritime blockade of Iran continue, China could run out of Iranian options by October, reflected in soaring Iranian differentials as Iran Light is nowtradedat a $4 per barrel premium to ICE Brent.
-Iranian floating storage outside of the Gulf has shrunk to just 24 million barrels, down 7 million barrels since the beginning of August, with Chinese buyers mopping up the last remaining volumes.
-US shale pioneerContinental Resourceshasagreedto acquire privately held Firebird Energy II, boosting its Permian portfolio by 54,000 net acres that currently yield some 32,000 boe/d of oil-weighted output.
- Brazil’s state oil firmPetrobras(NYSE:PBR) hasentereddirect negotiations with the government of Ghana for exploration contracts covering 4 offshore blocks in the underexplored Keta basin, seeking to expand beyond Brazil.
- US oil majorChevron(NYSE:CVX) hasfinalizedits return to Libya, signing a production-sharing contract covering onshore block S4 in the Sirte basin, containing one 100-million-boe gas discovery and several unconfirmed prospects.
- Guyana’s regulatory body has vowed to investigate a fire that broke out this weekend atExxonMobil’s(NYSE:XOM) Liza Unity floating production vessel,leadingto a suspension in operations.
- The $8 billion sale ofShell’s(LON:SHEL) US chemical assets has drawninterestfrom several high-profile buyers, with ExxonMobil and LyondellBasell expressing interest along with Kuwait’s state oil firm KPC.
| 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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