Tuesday, July 21 2026

US Honeywell proposes refinery upgrade plan for Pakistan
Pakistan is considering a proposal from US conglomerate Honeywell Technologies to modernise and expand the country’s refinery sector to enhance domestic refining capacity and reduce reliance on imported petroleum products. The development came during a high-level interaction between Finance Minister Muhammad Aurangzeb and a delegation of Honeywell Technologies led by its Vice President and General Manager, Barry Glickman, in Washington, DC, as read in a statement released on Tuesday. During the meeting, the finance minister welcomed Honeywell’s proposed modernisation and expansion of Pakistan’s refinery sector, noting its potential to enhance the country’s domestic refining capacity and reduce reliance on imported petroleum products.
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Pakistan LNG buys costlier spot cargo
Pakistan LNG Limited has purchased its most expensive LNG spot cargo by approving the procurement at USD 21.88 per MMBtu. The LNG cargo is scheduled to arrive between July 27 and 28 following the board’s approval of the purchase as per bid documents uploaded on PLL website. The tender received only one bid, submitted by TotalEnergies Gas & Power, which offered the cargo at USD 21.88 per MMBtu. Pakistan seeks more Qatar LNG cargoes amid Strait of Hormuz disruptions: report Earlier, an LNG cargo for delivery between June 30 and July 4 was purchased at USD 16.73 per MMBtu.
Related news categories: business economic-indicators oilgas-marketing

Oil prices dip as mediation efforts offset US-Iran strikes
Oil prices softened on Tuesday, with markets weighing ​reports of mediation efforts between the US and Iran against an exchange of ‌fresh attacks between the two and threats of a naval blockade of Saudi Arabia by Yemen’s Houthis. Brent crude futures eased 35 cents, or 0.4%, to $88.87 per barrel by 0052 GMT, while US West Texas ​Intermediate crude for September delivery was steady at $82.47 a barrel. Both contracts were ​trading below their highest levels in more than a month hit in ⁠the previous session.
Related news categories: business misc oilgas-exploration oilgas-marketing

Monday, July 20 2026

Oil jumps 3% as US, Iran expand strikes in the Middle East
Oil prices jumped about 3% on Monday, with Brent oil prices surpassing $90 per barrel, as escalating US-Iran hostilities in the Middle East restricted oil shipments through the Strait of Hormuz. Brent crude futures climbed $2.77, or 3.14%, to $90.87 by 0612 GMT, touching the highest since June 11, extending gains after rising 15.9% last week, its biggest weekly gain since April. US West Texas Intermediate crude was at $84.84 a barrel, up $2.35, or 2.85%, the loftiest since June 12. Front-month prices gained 15.5% last week, the largest weekly ascent since early March. The Middle East conflict escalated over the weekend with the US conducting a ninth straight night of attacks against Iran, while US allies Kuwait and Bahrain reported more Iranian strikes.
Related news categories: business misc oilgas-exploration oilgas-marketing

Friday, July 17 2026

Oil rises on intensifying US-Iran hostilities and threat of Red Sea closure
Oil prices inched higher on Friday after the US and Iran stepped up attacks across the Gulf, with their broken truce limiting oil ​flows out of the Strait of Hormuz and with Tehran asking the Houthi ‌movement to stand ready to shut the Red Sea export route. Brent crude futures rose $1.05, or about 1.25%, to $85.28 a barrel by 0118 GMT, and US West Texas Intermediate futures rose $1.03, or 1.3%, ​to $79.98 a barrel, erasing losses from the previous session. Both benchmark contracts have ​climbed nearly 12% this week, with Brent on track for a third ⁠consecutive weekly gain and WTI for a second weekly gain.
Related news categories: business misc oilgas-exploration oilgas-marketing