Friday, June 05 2026

Oil little changed on uncertainty over US-Iran peace deal
Oil prices were little changed on Friday following ‌sharp declines in the previous session, with prospects dimming for a near-term end to the U.S.-Israeli war with Iran after the Hezbollah militia rejected a new ceasefire in Lebanon. Brent crude futures fell 21 ​cents, or 0.22%, to $95.24 a barrel by 0003 GMT after settling down 2.84% ​in the previous session. US West Texas Intermediate crude was at $92.94 a barrel, ⁠down 10 cents, or 0.11%, following a 3.1% loss on Thursday. Both contracts are ​set to post their first weekly gain in three weeks, with WTI up more than ​6%, after fighting flared up in the Middle East as U.S.-Iran war peace talks dragged on while traffic in the Strait of Hormuz, where a fifth of the world’s oil passes, remained limited.
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Thursday, June 04 2026

Bobi Deep-1 in Sindh: OGDC makes significant oil and gas discovery
Oil and Gas Development Company Limited (OGDC), the country’s leading upstream energy company, has made a significant oil and gas discovery from its exploratory well Bobi Deep-1, located in Sanghar district of Sindh province. The well successfully tested the Massive Sand interval of the Lower Goru Formation and produced 2,000 barrels of oil per day (BOPD) along with 1.1 million standard cubic feet of gas per day (MMSCFD) of gas through a cased-hole Drill Stem Test (DST), confirming the hydrocarbon potential of the reservoir. The achievement marks a major milestone for OGDC as the first hydrocarbon discovery from the Massive Sand play within the Bobi and Dhamraki Mining Lease.
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Related symbols: ogdc (news stock)

Oil prices rise on fragile Mideast peace hopes
Oil prices rose on Wednesday, edging closer to USD100 a barrel while stocks fell as further attacks between the United States and Iran dented hopes of an imminent peace deal. During the day in Asia trading, oil prices jumped more than two percent on Wednesday as Middle East peace talks stuttered. “Oil prices continue to make headway after the overnight strikes on Kuwait, and once more it is hitting most markets save for technology,” said IG chief market analyst Chris Beauchamp. He said the situation was shifting from a delicate ceasefire towards something more like a low-intensity conflict. “This simply leaves the vital issue of oil supplies unresolved, and the clock continues to tick down towards doomsday for oil inventories and the global economy,” Beauchamp added. The war has hit economic growth prospects worldwide, with a more severe shock likely should no effective ceasefire be agreed before 2027, the OECD warned Wednesday.
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Wednesday, June 03 2026

Oil prices rise as new Middle East hostilities flare and talks stall
Oil prices climbed more than 1% in early trade on Wednesday as hostilities in the Middle East erupted anew with ​Iran firing missiles at Kuwait and Bahrain, while diplomatic talks ‌between Iran and the United States showed little progress. Brent futures rose $1.05, or 1.09%, at $97.05 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.01, or 1.08%, to ​settle at $94.77. Both benchmarks settled at a one-week high in the ​previous session. Iran launched ballistic missiles toward regional neighbors Kuwait and ⁠Bahrain but failed to hit targets, the U.S. military said, adding ​that U.S. forces conducted strikes on Iran’s Qeshm Island in response ​to attempted attacks. The market awaited news on the Iran war, with Tehran reviewing a proposed agreement with the U.S. to halt the conflict.
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OGDCL strikes oil in Sindh's Sanghar
Oil & Gas Development Company Limited (OGDCL) announced an oil discovery from its exploratory well, Bobi Deep-1, located in District Sanghar, Sindh. OGDCL discovered oil reserves in the Bobi and Dhamraki Mining Lease, the company informed the Pakistan Stock Exchange (PSX) on Wednesday. The E&P is the well operator with 100% working interest. “Based on the interpretation of wireline logs, the massive sand of the lower goru formation was tested through a cased-hole Drill Stem Test (DST) and produced 2,000 barrels of oil per day (BOPD) and 1.1 million standard cubic feet of gas per day (MMSCFD) at a choke size of 32/64 inch, with a wellhead flowing pressure (WHFP) of 1,050 pounds per square inch (psi),” the company informed the bourse.
Related news categories: business misc oilgas-exploration oilgas-marketing stock-exchanges
Related symbols: ogdc (news stock)