Petrol

As the United States government continues to crack down on renewable energy development, several states are being forced to backtrack on their climate goals as they view them as increasingly unachievable. This marks a significant shift away from Biden-era green transition policy aims across the U.S.

Giant oilfield services company, Baker Hughes (NYSE:BKR), has reported robust first quarter results, with Q1 2026 revenue of $6.59B (+2.5% Y/Y) beating by $260 million; Q1 non-GAAP EPS of $0.58 beat by $0.09 while adjusted net income of $573 million was good for 12% Y/Y increase. The growth was main

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, bringing the total rig count in the US to 544, down 43 from this same time last year. But the number of active oil rigs specifically slipped by 3

MUFG’s Derek Halpenny argues that the ongoing United States (US) blockade in the Strait of Hormuz is building a significant inflation shock for the US and globally, with Oil and input costs surging.

West Texas Intermediate (WTI) US Oil trades around $92.55 at the time of writing on Friday, down 3.28% on the day, marking a notable pullback after reaching recent highs earlier in the week.

TD Securities strategists expect the Bank of Canada’s (BoC) April Monetary Policy Report (MPR) to embed significantly higher Oil assumptions, with Brent at USD 90 and West Texas Intermediate (WTI) at USD 85, versus a prior USD 55 WTI baseline.

JPMorgan says oil prices still have further to rise because the market has not yet forced enough demand out of the system to offset the supply loss from the Iran war. Global oil supply disruptions reached 9.1 million barrels per day in March and climbed to 13.7 million barrels per day in April, acco

MUFG’s Derek Halpenny links the prolonged Strait of Hormuz closure to rising Oil and input costs, with agricultural and fuel prices already surging. Halpenny assumes crude Oil averages USD 115 in Q2, lifting US inflation toward 3.8% later this year.

BNY’s Bob Savage reports that Oil remains a key market barometer as the Iran war disrupts supply, with Brent up sharply and the International Energy Agency warning that the global natural gas market will stay tight for at least two more years.

Brown Brothers Harriman’s (BBH) Elias Haddad notes that the US-Iran standoff in the Strait of Hormuz is keeping Brent elevated and supporting a firm Dollar, but sees the worst of the energy shock as past.

India's government has urged local refiners to increase production of liquefied petroleum gas—the country's main cooking fuel, amid the supply crunch resulting from the war in the Middle East. Bloomberg reported today that India's production of LPG since February 28th had gone up by 25% to 46,000 to

Pakistan’s government is looking to buy crude oil from Russia, Venezuela, and Nigeria to replace lost supply from the Middle East, Pakistan Today reports, adding that the government is also seeking LNG cargoes. Pakistan has suffered a substantial hit from the energy price surge following the start o

Rabobank’s Senior Macro Strategist Bas van Geffen notes that Oil prices have risen, with Brent futures around $106, as Middle East tensions and disruptions in the Strait of Hormuz intensify.

Crude oil prices extended their gaining streak to five days today, with Brent crude trading at $106.30 per barrel at the time of writing and West Texas Intermediate at $96.68 per barrel. Bloomberg attributed the continued price rise to President Trump’s latest social media posts, which suggest the p

Crude prices are consolidating gains on Friday, following a three-day rally, as investors pare back hopes of an imminent peace deal between the US and Iran.

The AUD/USD pair trades subduedly around 0.7120 during the European trading session on Friday. The Aussie pair ticks lower as the US Dollar (USD) trades broadly firm amid higher oil prices due to the prolonged closure of the Strait of Hormuz, a critical passage to almost 20% of global energy supply.