Three tankers were damaged and one crew member killed as Iran’s retaliation exposed commercial vessels to growing security risks near the Strait of Hormuz. More than 200 ships anchored in Gulf waters as insurers and operators brace for escalating disruption.
Brent crude surged 10% after U.S. and Israeli strikes on Iran raised fears of a Strait of Hormuz shutdown. Analysts warn a prolonged disruption to the critical oil chokepoint could push prices toward $100 per barrel as up to 10 million bpd of supply faces risk.
Saudi Aramco’s $100 billion Jafurah shale gas development is ramping up production, aiming to replace crude burned for domestic power and redirect up to 500,000 barrels per day toward higher-value export markets.
Alberta’s 2026/27 budget forecasts average WTI crude at $60.50 while oil production rises toward 4.3 million barrels per day and heavy crude discounts widen.
Tallgrass and Bridger Pipeline have launched a 35-day binding open season to secure shipper commitments for expanded crude oil capacity moving from the Bakken to the Seahorse Pipeline system.
Eni can now receive Venezuelan crude as payment for gas from the Perla offshore field following eased U.S. sanctions, potentially accelerating recovery of nearly $3 billion in outstanding debt.
MCM Energy Partners has closed its acquisition of Delaware Basin crude oil and gas assets from Battalion Oil, adding 6,207 net acres in Ward County, Texas, and expanding its operated inventory across the Permian Basin.
The U.S. Army Corps of Engineers has issued a final permit for Enbridge’s 41-mile Line 5 relocation in Wisconsin, allowing construction to begin on the reroute around the Bad River Reservation.
South Bow is evaluating a revival of the Keystone XL system as a new 550,000 bpd pipeline proposal in Montana could boost Canadian crude exports to the U.S. by up to 12.5%.
CH4 Systems has formed a strategic alliance with Venezuelan partners to create a compliant pathway for U.S. energy companies to restore oil and gas infrastructure, aligning with new U.S. governance and sanctions guidelines.
North Dakota crude production is expected to remain steady this year with drilling activity holding near 26 rigs, even after winter-related shut-ins and recent tariff developments.
The European Commission plans to propose a permanent ban on Russian oil imports, aiming to phase out remaining pipeline flows via Druzhba by 2027 despite opposition from Hungary and Slovakia.
Saudi Aramco has sold its first cargoes of Jafurah condensate to U.S. majors and Indian buyers as the $100 billion shale gas project prepares to begin exports.
Mexican authorities uncovered a 72-foot tunnel connected to two illegal taps on a Pemex pipeline between the Tula and Salamanca refineries, highlighting ongoing security challenges tied to black-market fuel theft.
Oil companies are positioning for rapid production gains in Venezuela following eased U.S. sanctions, but aging pipelines, export terminals, upgraders and blending infrastructure could slow efforts to quickly lift output.
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