S&P Global warns the Iran conflict is evolving from a shipping disruption into a full-scale supply crisis, with roughly 17 MMbpd of oil and products affected as the Strait of Hormuz remains effectively shut. SourceContinue Reading
Borr Drilling said it has down-manned three jackup rigs in Qatar and the UAE following escalating hostilities in the Arabian Gulf, while another rig was shut down after an incident on a customer-operated platform. SourceContinue Reading
G-7 finance ministers said they are prepared to release strategic oil reserves if needed to stabilize global energy markets as the Middle East conflict threatens supply and key shipping routes. SourceContinue Reading
Woodside Energy has begun the drilling campaign for the Trion ultra-deepwater project in the Gulf of Mexico offshore Mexico, marking a key milestone toward first oil expected in 2028. SourceContinue Reading
Saudi Arabia has begun cutting oil production as the Strait of Hormuz disruption stalls exports, forcing the kingdom to divert shipments to Red Sea terminals while storage capacity tightens across Gulf producers. SourceContinue Reading
Borr Drilling said it has down-manned three jack-up rigs in Qatar and the UAE following escalating hostilities in the Arabian Gulf, while another rig was shut down after an incident on a customer-operated platform. SourceContinue Reading
Oil prices surged above $100 a barrel as Saudi Arabia and other Gulf producers cut output amid the near-closure of the Strait of Hormuz, with tanker traffic halted and storage tanks filling across the Persian Gulf. SourceContinue Reading
U.S. Energy Secretary Chris Wright said the recent surge in oil prices reflects a temporary “fear premium” driven by the Iran conflict and disruptions to shipping through the Strait of Hormuz. SourceContinue Reading
Shipping through the Strait of Hormuz remains near a standstill, with vessel-tracking data showing only Iran-linked ships transiting the vital oil chokepoint as conflict disrupts tanker traffic. SourceContinue Reading
