Thursday, March 05 2026

Oil prices rise as Iran conflict widens
Oil prices rose on Thursday amid growing concern over the prolonged closure of the Strait of Hormuz, as the US-Iran war ​chokes off vital Middle East oil and gas flows while production facilities limit ‌output. Brent crude was trading up $1.67, or 2.05%, at $83.07 per barrel by 0141 GMT. US West Texas Intermediate crude rose $1.94, or 2.60%, to $76.60. The US–Iran war widened on Wednesday after a US strike hit an Iranian warship off ​Sri Lanka and US Senate Republicans backed President Donald Trump’s military campaign against Iran. They voted ​against a bipartisan resolution aiming to stop the air war and require ⁠Congress to authorise hostilities against Iran. Iraq, the second-largest crude producer in the Organization of the ​Petroleum Exporting Countries, has cut output by nearly 1.5 million barrels a day for lack ​of storage and an export route, officials told Reuters.
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Wednesday, March 04 2026

Oil rises over $1 as Iran crisis disrupts Middle East supply
Oil prices rose more than $1 on Wednesday as the US-Israeli war on Iran disrupted Middle East output and halted exports from the region. Brent rose $1.11, or 1.4%, ​to $82.53 a barrel, after closing at its highest since January 2025 on ‌Tuesday. US West Texas Intermediate crude rose 79 cents, or 1.1%, to $75.37, after settling at its highest since June. Israeli and US forces struck targets across Iran on Tuesday, prompting Iranian strikes against energy ​infrastructure in a region that accounts for just under a third of global ​oil production. Iraq, the second-largest crude producer in the Organization of the Petroleum ⁠Exporting Countries, has cut output by nearly 1.5 million barrels a day, about half ​its production, due to storage limits and the lack of an export route, officials told ​Reuters. They said the country may have to shut its nearly 3 million bpd of output within days if exports do not resume. Iran has also targeted tankers in the Strait of Hormuz, through ​which about a fifth of the world’s oil and liquefied natural gas flows. Traffic ​remained effectively closed for a fourth day after Iran attacked five ships.
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Tuesday, March 03 2026

Oil rises as expanding US-Israeli conflict with Iran elevates supply risks
Oil prices rose for a third day on Tuesday as the widening U.S.-Israeli conflict with Iran and threats to shipping through the Strait of Hormuz heightened fears of supply disruptions from the key Middle ​East producing region. Brent crude futures were at $78.83 a barrel, up $1.10, or 1.4%, by 0107 GMT. ‌ On Monday, the contract surged to as high as $82.37, its highest since January 2025, though it pared those gains to settle 6.7% higher. US West Texas Intermediate crude jumped 74 cents, or 1%, to $71.97 a barrel. In the previous session, the contract initially climbed ​to its highest since June 2025 before sliding back to still settle up 6.3%. “With no quick ​de-escalation in sight, the Strait of Hormuz effectively closed and Iran showing a willingness to ⁠target energy infrastructure in the region, upside risks remain and they grow the longer the conflict drags ​on,” Tony Sycamore, IG market analyst, said in a note.
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Monday, March 02 2026

Oil jumps as Iran conflict escalates, disrupts shipping
Oil prices jumped 7% to their highest levels in months on Monday as Iran and Israel stepped up attacks in the Middle East, damaging tankers and disrupting shipments from the key producing region. Brent crude futures shot up to $82.37, the highest since January 2025, in the first futures trading after the U.S. and Israel launched strikes on Iran and killed its Supreme Leader Ali Khamenei on Saturday. As of 0054 GMT, Brent futures were at $78.24 a barrel, up $5.37, or 7.37%. US West Texas Intermediate crude rose $4.66, or 6.95%, to $71.68 a barrel after touching $75.33 earlier, the loftiest since June 2025. Israel launched a new wave of strikes on Tehran on Sunday and Iran responded with more missile barrages, a day after the killing of Supreme Leader Ali Khamenei pitched the Middle East and the global economy into deepening uncertainty.
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Friday, February 27 2026

OGDCL signs PCAs for five new exploration blocks
Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production company on Thursday signed Petroleum Concession Agreements (PCAs) for five new exploration blocks awarded in the bidding round held on April 30, 2025. The signing ceremony for the blocks was held at the Ministry of Energy (Petroleum Division) in Islamabad. The provisional awards had been announced earlier, following the competitive bidding round. Under the awards, OGDCL will serve as operator in three blocks and participate as a non-operating JV partner in two blocks. OGDCL will operate the Kalat North Block with a 75 percent working interest, in partnership with Prime (25 percent). The block covers parts of Nushki, Mastung, Kharan and Kalat districts of Balochistan.
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