Crude oil prices surged for a fourth consecutive session on Wednesday, with Brent approaching the psychologically important $100-a-barrel threshold as a fresh escalation in the US-Iran conflict heightened fears of prolonged disruptions to oil supplies from the Gulf.
Kistos has received confirmation of a Royal Decree from Oman, completing the transfer of legal ownership of onshore Blocks 3 and 4 from Mitsui E&P Middle East to the independent energy company.
Oil prices were heading for their strongest weekly gain since mid-July on Friday as renewed fighting between the United States and Iran heightened concerns over disruptions to Middle East energy supplies.
Chevron has reached new agreements with Venezuela covering its joint ventures, unlocking plans for more than $7 billion in investment over five years and production growth to about 600,000 barrels per day, supported by additional Orinoco Belt acreage and lower costs.
Oil prices held around $108 a barrel on Wednesday, near a four-month high, as markets grappled with mounting concerns over global energy supplies following the shutdown of Saudi Arabia's East-West oil pipeline and continuing attacks on key oil and shipping routes in the Middle East.
Global oil markets face a fresh supply shock after Saudi Arabia shut down its 1,200-km East-West Pipeline following multiple drone attacks, as continuing attacks on shipping in the Strait of Hormuz and a widening Houthi offensive in the Red Sea threaten to disrupt vital energy routes on both sides of the Arabian Peninsula.
Oil prices surged to their highest levels since May on Friday as the widening US-Iran conflict and a rapid Houthi advance in Yemen raised fears of a prolonged disruption to global crude supplies through the two strategic waterways of Hormuz and Bab al-Mandeb.
Oil prices surged above $100 a barrel on Thursday as the escalating US-Iran conflict intensified fears of a prolonged disruption to crude supplies, with attacks on tankers and a sharp decline in shipping through the Strait of Hormuz adding to market anxiety.
Oil prices remained under pressure on Tuesday after suffering steep losses over the previous two sessions, as growing optimism over a potential breakthrough in US-Iran diplomacy raised hopes that the Strait of Hormuz could soon be reopened to normal shipping, easing fears of disruptions to global crude supplies.
Saudi Aramco reported a strong financial performance for the first half of 2026, posting adjusted net income of $67.2 billion, as the world's largest oil producer maintained crude supplies despite unprecedented disruptions to shipping through the Strait of Hormuz.
