Brent crude briefly slid below $90 a barrel this week after President Trump said that the war with Iran could end “fairly soon.”
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As oil prices skyrocketed thanks to the Iran war, the Permian’s biggest players have hardly increased production at all. What gives?
Preliminary estimates suggest regional flows hit roughly 24 million barrels per day last week, passing the prewar 23.3 million.
An average gallon of diesel in the US cost a record $6.52 on Wednesday, up from $3.39 one year ago, according to AAA.
It’s the central bank’s first increase since 2023, a move that looked far from certain as recently as one week ago.
Two of the company’s rigs in the Permian Basin are now fully automated and it wants to automate as many as 15 by 2028, per Reuters.
The world’s largest sovereign wealth fund reported a record $184.3 billion profit in the first half of 2026 last week.
International benchmark Brent crude stood at roughly $72 per barrel on Monday, barely above pre-war levels.
Experts, officials, and executives have warned that, even if the US and Iran patch things up, oil markets will take until 2027 to normalize.
The boom was thanks in large part to the rapid price swings, which sparked huge demand from big buyers such as airlines and utilities players.
It’s a devastating blow for an oil cartel that had been slowly fracturing for years amid the US shale oil boom.
The oil price shock caused by the Iran war has turbocharged BP shares, pushing them up roughly 33% so far this year.
Morgan Stanley analysts on Monday granted the US LNG exporter a rare double upgrade, changing its rating from underweight to overweight.
The company said this year that it is on track to double its data center-related orders to $3 billion in the three years through 2027.
Markets are pricing in practically no chance of a rate cut when officials meet later this month, according to the CME Fedwatch.
Some traders see a possible parallel to the spike and subsequent crash in oil prices in 2008 if the war drags on and threatens supplies.