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Crude oil futures climbed Wednesday as prolonged uncertainty over the Strait of Hormuz kept traders cautious. Brent crude advanced to $91.44 while U.S. WTI rose above $85, driven by concerns over Middle Eastern supply routes amid fading U.S.-Iran peace prospects.
Shell's first-half earnings jumped 70 per cent to US$16.75 billion, driven by volatile oil markets and strong trading performance during Middle East tensions. The energy giant benefited from crude price swings despite operational disruptions.
OPEC+ will hold separate meetings Sunday through its Joint Ministerial Monitoring Committee, with seven member states expected to increase production targets by 188,000 barrels daily as they phase out additional voluntary restrictions.
Crude oil prices slumped roughly 5% to their lowest point in two weeks following a temporary halt in hostilities between the United States and Iran, offering glimmers of hope for diplomatic resolution despite entrenched positions on both sides.
The European Union has frozen its oil price cap adjustment mechanism for Russian crude for twelve months and moved to sanction vessels assisting Russia's shadow fleet, part of a broader effort to constrain Moscow's energy revenues.
Iran's IRGC claimed two oil tankers exploded after striking mines in the Strait of Hormuz, alleging US involvement. The incident underscores mounting tensions in a critical global shipping lane despite recent peace efforts.
Iraq's Prime Minister Ali Al-Zaidi has reaffirmed the country's commitment to OPEC membership while pressing for a more equitable production quota, signalling Baghdad's intent to work within the cartel rather than pursue an independent path.
The International Energy Agency has upgraded its 2026 oil demand forecast to 103.463 million barrels per day and raised production projections, reflecting changing global energy dynamics and market stability.