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Brent crude has climbed near $90 a barrel after renewed US strikes on Iran and retaliatory attacks have disrupted shipping through the Strait of Hormuz and threatened alternate routes. Market risk has increased as Houthi moves against Saudi-linked shipping and US warnings and strikes have depleted spare reserves, pushing prices and fuel costs higher.
BP has announced it is marketing its North Sea business for sale to slim down the group and focus on higher‑value opportunities. The five-hub operation employs about 1,100 staff and produced around 117,000 boe/d in 2025. The move comes amid political and policy pressure over North Sea drilling and windfall taxation, with potential proceeds around £2 billion.
Oil majors have reported bumper profits for Q2 as volatility from Iran-related tensions sustains high crude prices. Executives say they are boosting reliability and refining where needed while returning cash to shareholders. Trump has criticized profits and urged lower prices at the pump.
Oil prices rise as talks over reopening the Strait of Hormuz remain unsettled. Brent nears $90, and U.S. inventories stay tight amid ongoing tensions and political maneuvering.
Oil prices have risen as Iran-US talks stall over reopening the Strait of Hormuz. The Strait remains closed, with traders watching for any breakthrough that could unlock supply routes. Brent hovers near $85, while US crude trades around $80 as markets weigh a potential peace deal and the risk of sustained disruption.
The United States has secured a long-term deal to gain majority control over Venezuela’s oil reserves, with NABEP-backed operations set to develop 17 fields containing some 65 billion barrels. The arrangement gives the Pentagon-backed stake and rights to output, while Caracas preserves ownership of its resources. Analysts say the move signals a major shift in energy dominance and geopolitics.
Chevron has been assigned additional acreage in Venezuela’s Orinoco Belt and plans a multibillion-dollar investment to boost output, as U.S. deals with Caracas and sector players signal a renewed push into the country’s oil sector. The moves come as oil output in Venezuela remains far below its historic highs.
Syria’s energy infrastructure has been repeatedly targeted as gas pipelines and power plants have been disrupted by sabotage, prompting authorities to isolate damaged sections and halt flows to electricity generation. The incidents follow protests over fuel prices and compound post-war reconstruction challenges.
The Supreme Court is evaluating whether federal law preempts state and local lawsuits accusing oil companies of climate-related damages. Boulder, Colorado, leads a wave of cases seeking damages for disaster costs, with ExxonMobil and Suncor among the defendants. The decision could affect dozens of similar lawsuits nationwide.