Oil futures on Tuesday fell further below $100 as hopes rise that the U.S. and Iran may soon reach a peace deal.
BP has flagged "exceptional" oil trading performance in updated first quarter guidance. In its latest trading statement, the oil giant also said its net debt at the end of the first quarter was expected to be in the range of $25-27 billion.
BP PLC (LSE:BP.) said its first-quarter results will be shaped by volatile commodity markets, with stronger trading and refining margins partly offset by higher costs.
Investors are weighing a U.S. blockade of Iranian shipping against signs that Washington and Tehran may still continue talks. U.S. Vice President JD Vance said Monday that the next steps in U.S.-Iran peace efforts now depend on Tehran.
The WTI-Brent spread isn't telling the whole story about what is going on in the oil market.
Wall Street is heading into one of its busiest weeks of the quarter, with earnings season kicking off, fresh inflation data on deck, and a steady drumbeat of Federal Reserve commentary likely to keep investors on edge. The spotlight will fall first on Goldman Sachs Group Inc (NYSE:GS, XETRA:GOS), which opens the floodgates for big bank earnings.
Oil prices moved sharply higher as the United States prepared to impose a blockade in the Strait of Hormuz. However, broader financial markets showed a surprising degree of restraint, reflecting investor expectations that the conflict may not spiral further.
West Texas Intermediate and Brent crude both climbed above $100 a barrel on Monday after a breakdown in talks between the U.S. and Iran over the weekend.
Eco (Atlantic) Oil & Gas Ltd (TSX-V:EOG, AIM:ECO) has struck a farm-out deal with BP over its offshore Namibian portfolio, bringing in a supermajor as operator while sharply cutting its own funding exposure across three exploration licences. Under the agreement, BP Namibia Energy will acquire a 60% participating interest in PEL97, PEL99 and PEL100, pay US$2.7 million in cash on completion and assume operatorship.
Kuwait has raised the official selling price for Kuwait Export Crude to Asia in May to $17 a barrel above the average of Oman/Dubai quotes, a price document reviewed by Reuters showed on Monday.
Stocks show muted reaction despite moves to blockade Strait of Hormuz blockade, while oil surges. Investors increasingly view geopolitical shock as temporary, not a long-term market catalyst.
Oil giant BP is bracing for a possible shareholder revolt at its annual general meeting. It follows a contentious decision from BP's board to block a climate resolution and a recommendation from two proxy advisers to vote against the firm's wishes.