ConocoPhillips (NYSE:COP) agreed to acquire a 42% stake in BP Plc’s (NYSE:BP) development subsidiary covering four major oilfields in the Kirkuk region of northern Iraq, with the partnership aiming to rehabilitate and optimize production at a cost of ~$25 billion. The deal brings ConocoPhillips back to Iraq for the first time in over a decade,...Continue Reading

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 588, up 44 from this same time last year. The number of active oil rigs rose by 7,...Continue Reading

Carlyle Group Chief Strategy Officer, Jeff Currie, has declared that the global oil market’s “illusion of abundance” has vanished, warning that the market has rapidly transitioned from a standard supply deficit into a structural energy shortage. According to the former head of commodities research at Goldman Sachs, the real signal of a market deficit comes...Continue Reading

Oil Markets Ignore Mounting Risks at Their Own Peril | OilPrice.com Tom Kool Tom majored in International Business at Amsterdam’s Higher School of Economics and later completed an Executive MBA in Energy Transition at the University of Groningen.… More Info Premium Content By Tom Kool – Jul 17, 2026, 11:19 AM CDT Escalating U.S.-Iran hostilities,...Continue Reading

The Armenian government approved a bill on July 16 to formalize the country’s role in the development of the Trump Route for International Peace and Prosperity, or TRIPP, which is envisioned as a key node in the emerging Middle Corridor trade network. The bill affirms the development guidelines specified in a framework agreement signed by US and...Continue Reading

U.S. Expands Iran Strikes as Tehran Retaliates Across the Gulf | OilPrice.com RFE/RL staff RFE/RL journalists report the news in 21 countries where a free press is banned by the government or not fully established. We provide what many… More Info Premium Content By RFE/RL staff – Jul 17, 2026, 9:00 AM CDT U.S. forces...Continue Reading

Geopolitical Risk Premium Returns as Crude Posts Biggest Weekly Gain in Months | OilPrice.com Premium Content By Editorial Dept – Jul 17, 2026, 8:30 AM CDT September WTI crude oil posted its strongest weekly gain in months, rallying over 11% as traders rapidly rebuilt a geopolitical risk premium into the market. After opening the week...Continue Reading

Baghdad Bets on Syria and Turkey Pipelines to Secure Oil Exports | OilPrice.com Premium Content By Editorial Dept – Jul 17, 2026, 8:30 AM CDT Politics, Geopolitics & Conflict Baghdad is assembling a westward export system capable of carrying southern Iraqi crude to the Mediterranean through Syria or Turkey. Iraq has brought Chevron, U.S. investment...Continue Reading

By Editorial Dept – Jul 17, 2026, 8:30 AM CDT Iran has instructed Yemen’s Houthis to prepare to disrupt the Red Sea oil route if the United States attacks Iranian power infrastructure. Missiles and drones have reportedly been deployed near the Bab el-Mandeb Strait, with Houthi forces awaiting an order (reportedly from the IRGC itself)...Continue Reading

China to Hike Retail Gasoline and Diesel Prices as Oil Jumps 12% in a Week | OilPrice.com Charles Kennedy Charles is a writer for Oilprice.com More Info Related News By Charles Kennedy – Jul 17, 2026, 8:30 AM CDT Following the surge in international crude oil prices in the past week, China will raise the...Continue Reading