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.
Oil prices surged after the US and Iran failed to reach a deal during peace talks on Sunday. President Donald Trump said the US will enact a blockade of the Strait of Hormuz.
Stock-market futures were down Sunday evening, suggesting investors were bracing for a sharp drop in major indexes after weekend talks between the U.S. and Iran failed to open the Strait of Hormuz and led President Donald Trump to announce a blockade of the crucial waterway.
Oil prices jumped above $100 a barrel on Monday as the U.S. Navy prepared to blockade the Strait of Hormuz after talks between the U.S. and Iran failed to reach a deal to end the war.
The U.S. military will implement a blockade of all Iranian ports starting Monday at 10 a.m. ET, according to U.S. Central Command.
Crude oil futures plunge after ceasefire removes fear premium, but tight supply keeps oil outlook uncertain with volatile trade expected next week.
A U.S. delegation is set for talks with Iran on Saturday as part of the cease-fire, however Israel has continued to attack Lebanon, endangering the agreement
The US March CPI report makes the airwaves today at 12:30 pm GMT and will be widely watched.
Dated Brent is considered the real-world price tag of crude oil. The spot price of this benchmark rebounded on Thursday, as oil traders closely monitor a fragile ceasefire between the U.S. and Iran.