Data from the Chamber of Oil Marketing Companies (COMAC) indicates that petrol prices in Ghana are projected to decrease by up to 2.90%, potentially selling at GH¢15.82 per litre from August 16, 2026.

Oil prices continued to decline as crude-laden tankers exited the Persian Gulf, even amidst persistent threats and limited progress in negotiations between Iran and Oman to reopen the Strait of Hormuz.

Oil prices have declined due to a weaker demand outlook and an increase in US oil stocks. These factors are contributing to downward pressure on the global oil market.

The Pakistani government has announced new fuel prices for August 13, decreasing petrol by Re0.94 and increasing high-speed diesel by Re0.54. These adjustments reflect changes in the global oil market.

An article examines how China has ascended to become a dominant force in the global oil market, asserting significant influence over the industry.

PETROSOL Platinum Energy PLC, a leading oil marketing company, has received approval from the Ghana Stock Exchange and the Securities and Exchange Commission to raise long-term capital.

Oil traders are adjusting positions amid worsening odds for an Iran deal, while markets await further news regarding a potential agreement and Iran reviews a bill to ban vessels from the Strait of Hormuz, impacting oil prices and global shipping.

A war in the Middle East has once again disrupted global oil markets, driving oil prices and refining margins to multi-year highs. This marks the second time this decade that conflict has significantly impacted the global energy sector.

Glencore reportedly suspended its price risk limits in response to the significant disruption caused by war in the global oil markets.

Oil prices fell below $80 a barrel as Gulf countries reportedly seek a solution regarding the Strait of Hormuz. The market reacted to ongoing discussions and potential developments concerning the vital shipping route.

Significant uncertainty in the Strait of Hormuz is highlighted as a key factor impacting the oil market, beyond just crude prices, according to a top executive.

The oil market reportedly continues to place significant trust in former President Trump's influence and pronouncements.

Investors have capitalized on the oil market boom driven by volatility stemming from the U.S.-Iran conflict, though long-term trading in this environment is becoming more challenging.

An analysis of the oil market indicates that prices are no longer primarily reacting to war rhetoric, but rather to actual supply cuts, as observed during the recent US-Iran conflict.

The latest oil market news for July 31 is accompanied by warnings from the finance ministry about economic risks, despite recent gains. This suggests a cautious outlook on the global economic landscape.

Vivakor has significantly increased its annual guidance for its crude oil marketing platform to approximately $1.5 billion, signaling strong growth expectations.

Analysts from Macquarie Ltd. predict a potential oversupply in oil markets before the end of the year, citing mounting pressure on Washington to finalize a deal with Iran ahead of the midterm elections.

North Macedonian Prime Minister Hristijan Mickoski stated that the country will maintain the lowest prices for gasoline and diesel in the region, closely monitoring global oil market conditions.

The oil market, despite its resilience, faces its biggest challenge since the start of the conflict with Iran, with CNN analysts warning that prices could break all previous records if the conflict escalates into a full regional war.

Pump dealers in India are requesting standard operating procedures (SOPs) and necessary tools for testing ethanol-blended petrol, as oil marketing companies intensify quality control efforts.

The article suggests that various factors are currently converging to create a challenging environment for oil markets.

Concerns are growing over an escalating Houthi threat to oil markets and shipping, with accusations from Senator Rubio that Iran is flying IRGC personnel into Yemen, prompting warnings from Donald Trump.

Chances for lower fuel prices this summer are diminishing as a new front in the conflict emerges, with reports of Iran being bombed by the USA, Iranian retaliation, and Houthi involvement escalating tensions.

An analysis explores the critical questions surrounding oil prices and their significant influence on stock market performance.

A major bank has issued a warning that oil prices could jump to $120 per barrel due to the ongoing conflict in the Middle East. The instability in the region is expected to continue, impacting global oil markets.

The Kremlin has accused Ukraine of orchestrating drone attacks on the Caspian Pipeline Consortium, alleging that the aim is to further destabilize global oil markets.

Despite US-Iran tensions in the Strait of Hormuz, oil markets have not collapsed, attributed to China's large reserves and decreased global demand, buying the world time.

The Serbian opposition party SSP has accused the government of continuing to exploit citizens regardless of oil market fluctuations, alleging that the authorities are plundering the populace.

A Portuguese analysis suggests that while Brent crude prices reacted to hopes of peace, refining margins did not fully believe in a lasting normalization of supply chains for refined products.

Improvements in oil intensity have so far cushioned the global economy from the Hormuz shock, but this could lead to reckless political choices.

Oil prices have sharply increased due to heightened tensions in the Persian Gulf, which are disrupting global oil shipping through the Strait of Hormuz. The instability has led to a decrease in traffic through the vital waterway, impacting the international oil market.

Oil Marketing Companies (OMCs) in Ghana have started increasing fuel prices, with Star Oil selling petrol at GH¢13.67 and diesel at GH¢16.27, while GOIL sells petrol at GH¢13.88.

Experts warn that diesel prices in Romania could rise to 10 lei per liter by September if the conflict in the Gulf escalates. This potential increase is attributed to the impact of regional instability on global oil markets.

Renewed armed clashes between the US and Iran have left the oil market calm, but refined product prices have soared, with China's lack of oil imports remaining a significant mystery.

Brent crude futures rose by 1.2% to $85.72 a barrel as escalating hostilities in the Middle East continued to impact global oil markets.

Asian oil buyers are increasingly looking to U.S. crude supplies as the conflict in Iran intensifies, impacting global oil markets.

Beyond the situation in Iran, various global conflicts are contributing to volatility and concerns in the oil market, impacting fuel prices worldwide.

An analysis suggests that the period of calm in oil markets is over as geopolitical risks in the Middle East resurface.

Oil prices are heading for a weekly gain as concerns over supply risks in the Middle East continue to persist. The ongoing geopolitical situation in the region is impacting global oil markets.

The Americas are undergoing significant changes in their oil trade dynamics, which are impacting global oil markets and supply chains.

Drivers in Greece are anticipated to face increased fuel costs in the coming days, as international oil market developments continue to impact prices.

Nearly 6,000 seafarers are trapped in the Strait of Hormuz, prompting calls for de-escalation. The ongoing flare-up, marked by attacks on tankers and US military actions in Iran, has put the oil market on edge, caused oil prices to rise, and led to a drop in crypto prices. Speculators predict normal traffic flows may not resume until 2027, with the IMF warning of lasting inflation scars on the US economy through 2027 due to the conflict.

Saudi Arabia has signaled a potential brewing price war in the oil market by significantly slashing its crude costs.

Three energy exchange-traded funds (ETFs) have seen surges of over 50%, driven by the ongoing crisis in the Strait of Hormuz which is reshaping global oil markets.

The oil market is in complete disarray as prices have fallen much faster than expected, creating a new agenda for economies and central banks, with fundamental changes in supply and demand possibly signaling a new era.

The reopening of the Strait of Hormuz, while seemingly a return to normalcy, is viewed as a fragile development that could pose problems for the global oil market. Analysts suggest this reopening does not signify a complete return to pre-disruption conditions for Asia.

The oil market is experiencing increased activity as retail traders pour in, prompting CME Group to launch a new 10-barrel contract. This surge in interest is attributed to the Iran war triggering a rush of bets on crude prices.

The Economist acknowledges that its predictions regarding the oil market were incorrect, stating that the market performed differently than anticipated.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has issued a warning to oil marketers against arbitrary increases in fuel pump prices, insisting that prices must be cost-reflective as crude prices fall.

Saudi Aramco has made rare spot oil sales as the company ramps up its shipments, indicating a potential shift in its oil market strategy.

Experts forecast a much faster recovery for the oil market than anticipated after the Iran conflict, predicting an oil glut and further lowering price projections, attributed to the opening of the Strait of Hormuz and other factors.

Global crude oil markets are seeing their largest price declines since the COVID-19 pandemic, a reaction attributed to increased transit of the commodity through the Strait of Hormuz.

Indonesia's initiative to boost biofuel production is reportedly adding strain to producers and impacting palm oil markets.

Oil markets are currently reflecting expectations of a supply surge that is not yet guaranteed, creating volatility and uncertainty regarding future crude oil prices.

Oil prices have returned to levels seen before the conflict with Iran began, despite initial jumps in fuel costs when the war disrupted energy production and transportation across the Middle East. This indicates a stabilization or adjustment in the global oil market.

Oil marketers across Nigeria continue to sell Premium Motor Spirit (petrol) at elevated prices, even as global crude oil prices have sharply declined to pre-war levels.

The massive power demands of artificial intelligence are reshaping commodity markets, with experts highlighting uranium and gold as attractive, while noting complacency in oil markets and geopolitical risks.

The Iran war has triggered what many say is the largest oil-supply shock in history but the market has defied expectations of high prices, says Bloomberg Opinion's Javier Blas.

China has reportedly wrested control of global oil markets from OPEC, demonstrating that market power derived from buying power can benefit oil importers.

The global crude oil market is struggling with a lack of reliable data, making accurate assessments difficult due to the ongoing conflict in the Middle East.

Oil prices have risen as doubts surrounding a potential US-Iran deal heighten concerns about global supply. The uncertainty in geopolitical relations is impacting the stability of the oil market.

A US Senate sanctions bill targeting buyers of Russian energy could disrupt crude supplies, tighten global oil markets, and pose risks to India's energy security, according to a Kpler report.

Ghana's fuel market has entered an unusually volatile phase, according to the CEO of the Chamber of Oil Marketing Companies (COMAC). This volatility is forcing oil marketing companies to respond in ways rarely seen under the country’s pricing system.

Europe is facing uncertainty regarding its gas reserves for the upcoming winter, with storage facilities not filling as quickly as usual, and the oil market anticipating developments in the Middle East, though a physical energy shortage is not expected.

The Austrian National Bank warns that price fluctuations in the oil market could become a regular occurrence if the situation in the Middle East does not stabilize soon.

Major central banks, including the ECB and US Fed, made no changes to monetary policy in July, adopting a cautious approach due to concerns over energy shocks and inflation.

American oil majors attempting to enter Venezuela's oil market have encountered significant barriers, hindering their efforts.

Iraq's State Oil Marketing Organization (SOMO) is reportedly offering significant discounts for crude oil loaded within the Strait of Hormuz, according to a document.

An expert discusses the potential trajectory of oil prices if the conflict in the Strait of Hormuz escalates, noting that a supply glut could still pose a challenge.

Oil Marketing Companies (OMCs) in Ghana have begun raising fuel prices at the pumps, with Star Oil, for example, now selling petrol at GH¢14.53 and diesel at GH¢18.77, in line with industry projections.

ADNOC has introduced one of the most significant changes to Middle East crude pricing in years, a move expected to have substantial implications for the regional oil market.

Oil prices held steady after a three-day decline, driven by optimism for a diplomatic resolution to the six-month-long Middle East conflict between the US and Iran.

The future of fuel prices remains difficult to predict, with fluctuations closely tied to developments in the 'Trump-Iran' conflict, which has caused volatility in international oil markets despite previous truces.

Despite a pause in bombing, global oil markets are experiencing heightened tension due to the precarious state of energy supplies.

Standard Chartered warns that oil markets now need to account for the risks associated with two critical chokepoints in the Middle East.

An analysis suggests that the prevailing narrative of an oil market glut has been disproven, indicating a shift in market dynamics.

Chaos on four distinct geopolitical fronts is driving wild swings in oil prices and fueling fears about global supply, impacting market stability.

Brent crude prices retreated from $100 a barrel, as the oil market continued to navigate Middle East trade routes despite escalating hostilities and White House rhetoric.

The Houthi movement's threat to block a crucial oil strait has caused ships to turn back, leading to significant potential consequences for the oil market, according to analysts.

Crude oil prices are being supported by escalating global supply risks, indicating potential disruptions in the international oil market. Geopolitical tensions and production concerns are contributing to the upward pressure on prices.

One of the global oil market's last safety mechanisms is now in danger of being lost, according to reports.

Rabobank's cross-asset macro strategist Molly Schwartz provides an analysis of current geopolitical chaos, highlighting the advancement of China's AI model Kimi, crude oil market dynamics, and central bank figures like Carney. The report offers insights into various global economic and political factors.

Vivakor has expanded its crude oil marketing platform, surpassing $700 million in annualized commercial activity. This expansion signifies substantial growth in the company's oil trading operations.

The Monetary Policy Committee of the Bank of Ghana is scheduled to meet this week to assess inflation risks, liquidity conditions, monetary policy transmission, and the volatility in global oil markets.

The global oil market is losing its safety net as geopolitical tensions involving Iran reignite, raising concerns about supply disruptions and price volatility.

The global oil market is anticipating a post-Iran scenario where most Hormuz volumes are offset within a few years, as ships increasingly reject a U.S.-backed alternate route.

US crude inventories have declined by 1.7 million barrels, with Middle East tensions continuing to keep global oil markets volatile and on edge.

Goldman Sachs has reportedly sent a new warning to the oil market, indicating potential shifts or concerns within the sector.

US refineries are experiencing unprecedented profit margins, a development linked to Ukraine's strikes on Russian oil refineries. These attacks have impacted global oil markets, benefiting American refiners.

Reports suggest that China may be on the verge of removing a significant safety net for the oil market, a move that could have substantial implications for global energy prices and stability.

The oil market is experiencing a supply crunch, exacerbated by constraints on Russia's refining system and ongoing geopolitical tensions, including the war in Iran, according to strategists at J.P. Morgan.

The United States has continued its wave of attacks on Iran, with explosions reported in southern Iranian provinces including near a children's oncology hospital in Ahvaz, leading to the evacuation of over 200 patients. The ongoing military actions have also caused a drop in oil prices.

A new study suggests that the booming avocado oil market is grappling with a significant fraud problem, raising concerns about product authenticity.

The prevailing narrative of an oversupply in the oil market has reportedly concluded, indicating a shift in market dynamics.

Nasan Energies, a Namibian company, has purchased 52 Shell and Engen filling stations, making it the third-largest oil marketing company in Namibia.

Claudio Descalzi, CEO of Italian state-controlled Eni, predicts that the global oil market will break out of its current $80-$100 range by the first quarter of 2027 at the latest, potentially boosting inflation and reducing energy demand if the Middle East conflict persists.

Oil market developments are concerning for Europe's diesel supply, which relies heavily on imports, due to the escalating Hormuz crisis and the ripple effects of Russia's export ban.

South Sudan is taking steps to terminate an exclusive fuel deal with a Kenyan oil marketer by nominating three additional companies to import fuel under a government-to-government agreement with Kenya.

An analyst stated that while oil prices saw a solid jump, the market no longer trusts President Trump for anything other than bringing uncertainty.

Ceny ropy spadają w czwartek po chwilowym wzroście, ponieważ na rynku panuje zamieszanie związane z doniesieniami o nowych atakach Stanów Zjednoczonych na Iran.

The oil market is showing signs of oversupply, with higher exports and alternative routes bringing more oil to the market, despite a recent escalation and a fragile ceasefire.

As oil prices decline, the crack spread is indicating a divergence within the oil markets, suggesting different dynamics for crude and refined products.

Oil prices have gained as market attention shifts towards the recovery of supply and increasing demand. This movement indicates a positive trend in the global oil market.

Public sector oil marketing companies in India may soon break even on petrol and diesel rates after collectively absorbing losses of over Rs 75,000 crore in the first quarter due to higher crude oil costs.

Oil markets are experiencing a significant shift due to an abundance of supply and a major reversal in the situation surrounding the Strait of Hormuz, easing fears of prices soaring above $100.

Brazil is increasingly incorporating over 30% bioethanol into its gasoline, aiming to reduce its reliance on the volatile oil market, a strategy that also faces criticism.

Patrick Pouyanné, CEO of TotalEnergies, stated that the oil market would take 'three to four months' to 're-regulate' itself, explaining why oil prices are slow to decrease despite the end of the Middle East conflict.

Brent crude futures saw a slight increase, climbing 46 cents to $72.26 a barrel, as oil markets reacted ahead of a long US weekend and ongoing peace efforts.

A war involving the US, Israel, and Iran, which began in late February, has significantly disrupted global energy markets, with analysts warning that the oil market will never be the same.

The oil market experienced an unexpectedly wild first half of the year, upending Wall Street's initial expectations.

Nayara Energy has lowered petrol and diesel prices at its pumps in India, attributing the reduction to a decline in global oil prices, though public sector oil marketing companies have not yet followed suit.

Oil markets are preparing for a potentially volatile summer, with concerns centered around the critical shipping route through the Strait of Hormuz.

The oil market has transitioned from concerns about shortages to pricing in a significantly different future, reflecting evolving market dynamics and expectations.

Oil markets are currently pricing in an anticipated supply surge, influenced by tankers streaming out of the Strait of Hormuz, though the guarantee of this surge remains uncertain.

Oil prices inched up on Sunday evening, while the S&P 500 futures market was little changed.

Saudi Arabia is reportedly preparing to reduce oil prices in the wake of the Strait of Hormuz reopening, signaling potential shifts in the global oil market.

Iraq, OPEC's second-largest oil producer, has reportedly threatened to leave the organization, potentially signaling a major challenge to the cartel's control over global oil markets. This move could lead to significant shifts in oil prices.

Oil prices held a decline as crude tankers continued to exit the Persian Gulf despite persistent threats and limited progress on a deal between Iran and Oman to reopen the Strait of Hormuz. Rachel Ziemba, Founder of Ziemba Insights, discussed the market's oversight of buffers.

The oil rally has stalled as focus shifts to the Strait of Hormuz, with reports indicating the strait is not closed despite earlier concerns. This situation is impacting oil market flows and prices.

An extended conflict in the Middle East has significantly impacted crude product prices, leading to volatility in the global oil market. Analysts are closely monitoring the situation for further developments and their economic repercussions.

The International Energy Agency (IEA) has warned that global oil markets are facing a wider supply deficit, exacerbated by disruptions like the blockade in Ormuz. This shortfall is occurring despite a hit to demand from ongoing conflicts.

Despite the world losing over 2.6 billion barrels of oil since the US-Israel war with Iran began in late February, oil market prices have not surged, largely staying below three digits per barrel.

Iran is reportedly considering a ban on American and Israeli ships from transiting the Strait of Hormuz, a move that has caused fluctuations in oil markets and raised concerns about regional stability.

Diesel prices are projected to drop by 12 cents and gasoline by 12.5 cents in Portugal next week, though final averages depend on international oil market fluctuations.

Sabrin Chowdhury, Head of Commodities Research at BMI, provides an outlook on precious metals and oil markets, following reports of Iran attacking 'hostile targets' in the Strait of Hormuz.

Emily Ashford, head of energy research at Standard Chartered, discusses the energy markets, noting that while hopes are rising for a US-Iran deal to open the Strait of Hormuz, oil market normalization is expected to be a lengthy process.

Oil Markets Price In An Iran Deal That Does Not Exist Yet Oil prices tumbled Tuesday as traders once again priced in a U.S.-Iran agreement before anyone had actually signed one. West…

Oil Marketing Companies (OMCs) in Ghana have begun implementing a GH¢2 reduction in diesel prices, following a directive from former President Mahama, aimed at cushioning consumers against global fuel market volatility.

Motorists in Ghana may soon see daily changes in fuel prices as Bulk Oil Distribution Companies (BDCs) abandon their fixed pricing model and adopt spot pricing due to international oil market volatility.

An analysis presents three bold predictions concerning the oil market for the latter half of 2026.

An analysis suggests that oil markets may be underestimating risks and vulnerabilities, drawing parallels or lessons from the Abqaiq attack on Saudi oil facilities.

China has become a crucial 'swing buyer' in the global oil market, significantly influencing prices and supply dynamics. Its purchasing decisions have a substantial impact on international energy markets.

Oil and diesel prices are high, creating a lucrative environment for trading businesses. The largest supply crisis in the oil market has proven to be highly profitable for companies like Shell and Glencore amidst the Iran war.

Glencore reported a significant increase in its trading profits, reaching $3.3 billion, with figures doubling due to the turmoil in the Middle East. The company's success is attributed to the volatility in oil markets caused by the ongoing regional conflict.

An analysis indicates that the current crunch in the oil market is primarily driven by refined fuels rather than crude oil.

The Chief Executive Officer of Ghana's Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong, stated that recent increases in fuel prices are a direct result of rising international market costs, not increased margins by OMCs.

Europe is facing winter with alarmingly fragile energy reserves, as conflicts in the Middle East and Russia have disrupted global liquefied natural gas and fuel oil markets, leading to dangerously low stock levels.

Airlines are facing significantly higher jet fuel costs, attributed to the ongoing conflict in Iran and its impact on global oil markets.

The global market is currently facing the largest oil supply shock ever recorded, according to the International Energy Agency and market experts, inevitably leading to rising prices.

Orlando Samões states that Iran is showing signs of fatigue in keeping pace with the US offensive, while also highlighting the constraints imposed by the Houthis on the global oil market.

Serbia's Energy Minister Dubravka Đedović Handanović announced that oil companies are now permitted to utilize their operational reserves. This measure aims to ensure stability in the oil market.

Fuel prices at the pump have significantly increased, attributed partly to rising oil prices influenced by the Iran conflict and individual refinery pricing strategies.

Serbian Minister of Mining and Energy, Dubravka Đedović Handanović, stated that the regular operation of the Pančevo Oil Refinery is crucial for maintaining stability in the oil derivatives market.

The war in Iran has disrupted both the supply and demand dynamics of the global oil market, potentially irreversibly. Despite the crisis, buyers are reportedly avoiding Iranian oil, creating a significant mystery in the market.

The oil market is on the verge of a significant change, potentially allowing for 24/7 trading, including weekends, pending regulatory approval.

Despite a war disrupting a major global oil artery, the market faces a paradox: oil is available, but buyers are not rushing to purchase, creating a significant mystery for CNN.

The Pakistani government has banned private oil marketing companies from importing high-speed diesel, designating the state-owned Pakistan State Oil (PSO) as the sole importer for the current fiscal year.

The Chamber of Oil Marketing Companies (COMAC) in Ghana is urging the government to abolish taxes on Liquefied Petroleum Gas (LPG), citing rising prices and affordability concerns.

Nigeria is expected to benefit from a rally in the global oil market as Brent crude, the country's main pricing benchmark, climbed above $88 per barrel, promising stronger crude oil earnings.

The global oil market is facing a significant risk of price spikes as geopolitical conflicts return, impacting the stability of oil supply and demand. Analysts warn that 'shock absorbers' in the market are battered, making it vulnerable.

Oil markets are once again reflecting concerns over potential conflict, indicating a pricing shift due to geopolitical tensions.

Oil markets are reportedly ignoring increasing geopolitical and economic risks, potentially putting themselves in peril.

The ongoing conflict in Iran is significantly impacting and rewiring the global oil market, leading to shifts in supply chains, pricing, and international energy dynamics.

The International Monetary Fund (IMF) has issued a warning that the global oil market faces significant risks as critical shock absorbers are rapidly diminishing following recent conflicts in the Middle East.

The global oil market has passed its first major price test without a catastrophic explosion, not due to ample supply, but because most strategic reserves have been depleted, according to the International Monetary Fund.

Threats from Iran and Houthi rebels to Red Sea shipping are increasingly significant for the global oil market, with the potential closure of the Bab el-Mandeb strait opening a new front in the energy crisis and Iran's conflict with the US.

Oil prices have reached a four-week high, signaling increased tensions in the oil market, which is expected to lead to a 14-forint increase in gasoline prices.

The current price of oil as of July 13, 2026, has been reported. This update provides a snapshot of the global crude oil market.

Dr. Riverson Oppong, Chief Executive of the Chamber of Oil Marketing Companies (COMAC), has indicated that prices of petroleum products are set to be reduced at the pumps in Ghana starting July 16, 2026. This reduction is anticipated despite the ongoing conflict in the Middle East.

Vanguard has strategically purchased inflation-protected bonds, a move reportedly influenced by an unusual development observed in the oil market.

Discussions around contango are prevalent in oil markets, even as the sector is still far from a full recovery.

US officials are preparing for a prolonged conflict with Iran over the Strait of Hormuz, following an exchange of massive attacks. This escalation has led to volatility in oil markets, with prices rising and concerns about fuel supplies and inflation.

The U.S. Dollar is strengthening as oil markets experience a rally, impacting various currency pairs. Analysts are providing insights into the movements of EUR/USD, GBP/USD, USD/CAD, and USD/JPY.

Kazakhstan and six other OPEC+ members have agreed to implement an 188,000-barrel-per-day oil production adjustment for August, reaffirming their commitment to oil market stability.

Saudi Arabia has announced its deepest crude oil price cut in 26 years, signaling a weakening global oil market. This move marks the largest price reduction by the kingdom in decades.

The global oil market is experiencing its most significant crisis in 45 years in terms of daily production loss, attributed to fears of a potential war between the US, Israel, and Iran, with overall losses second only to the 1979 Iranian Revolution.

Oil and gas tankers are reportedly crossing the Strait of Hormuz via an Oman-side route after making U-turns, as the oil market closely monitors shipping movements to avoid Iran's military.

Sources indicate that OPEC+ is poised to approve another increase in oil production, a decision that could impact global oil markets.

A stunning reversal in oil prices has reignited concerns about a potential global glut in the oil market.

Indian Oil Minister Hardeep Puri defended the government's push for greater biofuel blending, citing the use of ethanol in racing cars and addressing the financial strain on oil marketing companies due to global crude price volatility.

The US cooking oil market is reportedly shrinking, with the owner of Mazola attributing the decline to economic pressures and anti-immigration raids affecting Latino households. These factors are impacting consumer spending and shopping habits.

Several Oil Marketing Companies (OMCs) in Ghana have begun lowering fuel prices at the pumps, with GOIL leading the reductions by setting petrol at GH¢12.79 per liter.

Iran's return to international oil markets is progressing faster than most analysts expected, leading to a significant influx of money into the regime's coffers by selling oil with a 20% premium.

Motorists in the UAE will see a significant reduction in petrol and diesel prices for July 2026, ending a four-month period of increases due to a cooling in global oil markets.

The Nigerian Federal Government has directed petroleum marketers and industry regulators to reduce fuel prices and end profiteering. This directive comes amidst high fuel prices in the country.

India's oil shock strategy is projected to result in significant losses of ₹1 lakh crore for the country's Oil Marketing Companies.

Despite being the largest disruption to the international oil market in decades, with the Strait of Hormuz effectively out of operation for over 100 days, the crisis could paradoxically lead to oil prices dropping to $50.