https://oilprice.com/rss/main All the latest in Oil, Gas, Commodity news and analysis Fri, 19 Jun 2026 11:39:38 -0500 https://oilprice.com/Latest-Energy-News/World-News/Kuwait-Says-Oil-Output-Could-Hit-2-Million-Bpd-Within-a-Week.html oilprice-news-44707 Kuwait expects to raise its oil production to 2 million barrels per day (bpd) within a week, up from an average of 573,000 bpd in May, amid the reopening of the Strait of Hormuz. This estimate was given by Sheikh Nawaf Saud Al-Sabah, deputy chairman and CEO of Kuwait Petroleum Corporation (KPC), to Kuwait News Agency, before the collapse of the talks between the U.S. and Iran on Friday. “Prewar production levels could be restored within weeks once regular international commercial shipping to Kuwait ports has resumed,” Al-Sabah was quoted… Fri, 19 Jun 2026 11:30:00 -0500 Fri, 19 Jun 2026 11:39:38 -0500 Charles Kennedy https://oilprice.com/Energy/Crude-Oil/Why-Oil-Prices-Are-Falling-Even-as-Tankers-Remain-Trapped.html oilprice-article-44707 Oil prices tumble as markets bet on a Hormuz reopening despite slow tanker movements following the U.S.-Iran ceasefire.   Friday, June 19, 2026 The signing of the US-Iran ceasefire agreement might provide a 60-day evacuation window for all crude tankers stuck since March in the Gulf; however, up until now, the pace of outflows has been surprisingly low. With the Israel-Lebanon issue hanging by a thread, Iran has tried to reassert its authority over Hormuz in the first days since Trump’s signing of the MoU, yet the oil markets still anticipate… Fri, 19 Jun 2026 11:10:00 -0500 Fri, 19 Jun 2026 11:39:38 -0500 Tom Kool https://oilprice.com/Energy/Energy-General/Insurers-Roll-Out-400-Million-War-Risk-Facility-for-Hormuz-Shipping.html oilprice-article-44705 The world’s largest insurance marketplace is set to break the Strait of Hormuz logjam with a new $400m (£316m) war-risk facility. Lloyd’s of London has launched a new market consortium designed to provide additional marine war risk insurance capacity for vessels and cargo transiting the Strait of Hormuz. Insurer Chubb will serve as lead underwriter, supported by participating Lloyd’s syndicates and specialist market partners, to bring together underwriting expertise with additional Lloyd’s market capacity to “support… Fri, 19 Jun 2026 11:00:00 -0500 Fri, 19 Jun 2026 11:39:38 -0500 OilPrice.com https://oilprice.com/Latest-Energy-News/World-News/Equinor-to-Boost-Troll-Gas-Output-with-412-Million-Subsea-Development.html oilprice-news-44705 Equinor and its partners in the Troll gas field have decided to invest more than $400 million in a new subsea development to boost gas production from the huge Norwegian gas field in the North Sea. Equinor and its partners Petoro, Shell, TotalEnergies, and ConocoPhillips have decided to invest just over 4 billion Norwegian crowns, or $412 million, in a new subsea development that will increase gas production from the Troll field, the Norwegian energy major said on Friday. Equinor is betting on increasing its oil and gas production in the Norwegian… Fri, 19 Jun 2026 10:30:00 -0500 Fri, 19 Jun 2026 11:39:38 -0500 Michael Kern https://oilprice.com/Latest-Energy-News/World-News/Hormuz-Traffic-Stalls-as-US-Iran-Talks-Collapse.html oilprice-news-44703 A day after a rush to exit the Strait of Hormuz started, tanker traffic at the chokepoint is dwindling again as shippers pull back from immediate passage amid the collapsed U.S.-Iran talks before they even began. On Friday morning, no tanker was observed to have moved outbound from the Persian Gulf through the Strait of Hormuz, according to vessel-tracking data compiled by Bloomberg. Donald Trump said, "We didn’t meet out of desperation, Iran did. They are FINISHED! We’ll play out the 60 days. They get no money, not ten cents!" Inbound… Fri, 19 Jun 2026 09:12:00 -0500 Fri, 19 Jun 2026 11:39:38 -0500 Charles Kennedy https://oilprice.com/Energy/Energy-General/Oil-Markets-Need-More-Than-a-Peace-Deal-to-Recover.html oilprice-article-44703 The Iran framework agreement gave an immediate boost to markets, with shares rising and oil prices dipping. But whether this translates into durable economic gains will largely depend on shipping in the Strait of Hormuz. There were signs of traffic beginning to revive on June 18 in the hours immediately after the US and Iranian presidents signed a memorandum of understanding to end the war, according to Windward, a maritime intelligence company. Speaking in an online briefing, Windward chief analyst Michelle Wiese Bockmann said 18 vessels had transited… Fri, 19 Jun 2026 09:00:00 -0500 Fri, 19 Jun 2026 11:39:38 -0500 RFE/RL staff https://oilprice.com/Latest-Energy-News/World-News/Beijing-Steps-Up-Scrutiny-of-Indium-Exports-as-AI-Chip-Demand-Soars.html oilprice-news-44698 China has started scrutinizing more carefully its exports of indium, an element that is key to making high-speed chips for AI data centers, raising concerns that export curbs could follow as Beijing has done with other critical minerals. Indium, a silvery-white metal named for its indigo blue line in the atomic spectrum, is not on any of China’s export control lists. But several buyers and customers have flagged to Reuters that they have recently faced increased checks and scrutiny by the Chinese Customs over their purchases of the metal.… Fri, 19 Jun 2026 08:30:00 -0500 Fri, 19 Jun 2026 11:39:38 -0500 Tsvetana Paraskova https://oilprice.com/Latest-Energy-News/World-News/India-Receives-First-Post-Deal-LNG-Cargo-Through-Strait-Of-Hormuz.html oilprice-news-44697 India on Friday received the first LNG tanker that had passed through the Strait of Hormuz since the U.S. and Iran announced a deal this past weekend. The LNG carrier Disha, flying the flag of Malta, arrived at the Dahej Port on India’s West Coast on Friday, after having crossed the Strait of Hormuz earlier this week. The vessel safely anchored at the Petronet LNG jetty, the Bharuch port authority told Indian media. Petronet LNG had chartered the LNG tanker, which is managed by an India-led shipping consortium. The Disha cleared the Strait… Fri, 19 Jun 2026 07:30:00 -0500 Fri, 19 Jun 2026 11:39:38 -0500 Tsvetana Paraskova https://oilprice.com/Energy/Energy-General/Crude-Slides-Nearly-9-as-Traders-Bet-on-Return-of-Iranian-Oil.html oilprice-article-44698 August WTI crude oil futures posted a steep decline during the week ending June 19 as traders aggressively removed geopolitical risk premium from the market following a breakthrough agreement between the United States and Iran. The contract traded between a high of $81.00 and a low of $72.83 before settling at $75.22, down $7.22, or 8.73%, from the previous week's close. The selloff extended throughout most of the week as traders shifted their focus from fears of supply disruption in the Persian Gulf to the prospect of additional Iranian barrels… Fri, 19 Jun 2026 06:30:00 -0500 Fri, 19 Jun 2026 11:39:38 -0500 Editorial Dept https://oilprice.com/Energy/Energy-General/Oil-Flows-Resume-Through-Hormuz-as-Insurers-Remain-Wary.html oilprice-article-44697 Politics, Geopolitics & Conflict Everyone is hoping the U.S.-Iran deal holds, but Hormuz is still operating on political trust instead of commercial confidence. The U.S. has lifted its naval blockade; Iran and the U.S. have signed the 14-point memorandum; and tankers have started moving again through the strait (including Saudi supertankers carrying millions of barrels of crude). Still, shipping companies and insurers have to decide whether the route is safe enough to normalize operations. The mines can be cleared, but without any guarantees… Fri, 19 Jun 2026 06:30:00 -0500 Fri, 19 Jun 2026 11:39:38 -0500 Editorial Dept https://oilprice.com/Energy/Energy-General/Libya-Draws-Oil-Majors-Back-in-First-Licensing-Round-in-17-Years.html oilprice-article-44696 Libya is back on the radar of the world’s largest oil companies, and Washington is trying to turn a fragile military thaw into a new source of crude supply. Libya’s National Oil Corporation has formally signed exploration and production-sharing agreements from its 2025 bid round with international companies including Repsol, Turkish Petroleum, Eni, QatarEnergy, and MOL, marking the country’s first major licensing push in 17 years. In the meantime, Libya’s production has climbed to roughly 1.4 million bpd, its highest level… Fri, 19 Jun 2026 06:30:00 -0500 Fri, 19 Jun 2026 11:39:38 -0500 Editorial Dept https://oilprice.com/Latest-Energy-News/World-News/India-Orders-Major-Strategic-Oil-Reserve-Expansion-After-Supply-Crisis.html oilprice-news-44696 India’s government has asked state-owned Oil and Natural Gas Corp (ONGC) to build and fill a new site for strategic petroleum reserves, with an estimated investment of $1.6 billion, local outlet the Economic Times reported on Friday, quoting sources with knowledge of the plans. The government is looking to boost India’s energy security in the wake of the Iran war and the following oil supply crisis that India felt firsthand, with a soaring energy import bill and rising prices of fuels. Currently, India’s underground Strategic… Fri, 19 Jun 2026 05:30:00 -0500 Fri, 19 Jun 2026 11:39:38 -0500 Tsvetana Paraskova https://oilprice.com/Latest-Energy-News/World-News/Philippines-Seeks-Long-Term-Oil-Supply-Deal-With-Russia.html oilprice-news-44695 The Philippines is looking to formalize a deal to buy oil from Russia on a more permanent basis amid the energy crisis and heightened geopolitical tensions, Philippines President Ferdinand R. Marcos Jr. has said. The Philippines has been one of the worst-hit Asian economies in the current oil supply crisis triggered by the Middle East conflict, and has turned to Russia for ad-hoc spot supply to cover the shortfall of cargoes from the Middle East. Now the Asian country is looking to make the Russian oil arrangement more permanent as a means to diversify… Fri, 19 Jun 2026 04:30:00 -0500 Fri, 19 Jun 2026 11:39:38 -0500 Tsvetana Paraskova https://oilprice.com/Latest-Energy-News/World-News/India-Isnt-Rushing-Back-to-Middle-Eastern-Oil-Despite-Hormuz-Reopening.html oilprice-news-44694 Indian refiners have enough crude to last them two months, so they will not be scrambling to buy Middle Eastern cargoes expected to be coming out through the reopened Strait of Hormuz anytime soon. According to a Bloomberg report, however, Middle Eastern producers have approached Indian buyers to start taking in volumes under long-term contracts. The buyers are not eager to do so, unnamed sources told the publication. The Indian government is yet to give the green light to Indian tankers setting off for the Persian Gulf to load the long-term contract… Fri, 19 Jun 2026 03:00:00 -0500 Fri, 19 Jun 2026 11:39:38 -0500 Irina Slav https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Rebound-as-US-Iran-Peace-Talks-Are-Postponed.html oilprice-news-44693 Oil prices began to climb once again in early Asian trade on Friday due to uncertainty over the outcome of peace talks between the United States and Iran after Switzerland confirmed the talks had been postponed. At the time of writing, Brent crude had climbed back above $80 per barrel while West Texas Intermediate had risen to $76.28. Reuters reported on the statement, issued by the Swiss foreign ministry, without providing details. The statement followed earlier reports that said Vice President J.D. Vance, who had been scheduled to attend the… Fri, 19 Jun 2026 01:08:07 -0500 Fri, 19 Jun 2026 11:39:38 -0500 Irina Slav