Oil prices edged up on Thursday morning as investors worried about escalating tensions between the U.S. and Iran, and fears that any attacks on Tehran or shipping could lead to supply disruptions.
The U.S. Department of the Treasury sanctions on Russian oil will be lifted if the Ukrainian crisis is resolved peacefully, which will contribute to a reduction in global energy prices, U.S. Treasury Secretary Scott Bessent said.
The OPEC+ nations have noted the high oil market volatility amid the geopolitical tensions stemming from the development around Venezuela and Iran, Russian Deputy Prime Minister Alexander Novak said.
Europe has lowered the price ceiling for Russian oil from $60 to $44.1 per barrel. This marks the first use of the price adjustment mechanism since its introduction as part of sanctions.
The EU will lower its price cap on Russian crude oil to $44.1 per barrel, with the new rate taking effect on February 1, 2026.
The price of Azerbaijan's Azeri Light crude oil has increased by more than 4%, reaching $68 per barrel.
Azerbaijani Azeri Light crude rose today, following the rise in the Brent price
Iran's Oil Minister has confirmed a rise in premium gasoline prices following the launch of a pilot sales project.
Russia's annual oil production will increase in the medium term to 540 million tons per year, or 3.8 billion barrels per year, or 10.35 million barrels per day, Russia's Deputy Prime Minister Alexander Novak said.
The global oil market remains sensitive to demand-supply fluctuations and OPEC+ nations will take additional measures to maintain its stability, Russian Deputy Prime Minister Alexander Novak said.
The market will face an oil supply surplus of approximately 2 mln barrels per day
OPEC+ countries have increased their production quotas by over 2.7 mln barrels per day since April of this year
Oil prices have jumped after the United States has sanctioned Russia’s two largest oil companies.
Oil prices dipped on Monday, pressured by worries over a global glut as U.S.-China trade tensions added to concerns about an economic slowdown and weaker energy demand.
The price of Azeri Light crude oil increased by $0.21, or 0.3%, reaching $68.34 per barrel.
Arab Light will cost $3.2 more than the Oman/Dubai oil benchmark
The eight OPEC+ countries that voluntarily cut oil output have decided to increase production in September by 547,000 barrels per day, which is in line with the original plan to increase production for four months, according to a statement posted on the OPEC website.
Eight OPEC+ members will likely approve another oil output hike on Sunday, sources said, with the group still debating the final size of the increase for September.
Oil prices are growing by more than 2%, with Brent crude surpassing $70 per barrel.
The United States has not joined the European Union’s plans to lower the price cap on Russian oil as part of the bloc’s 18th sanctions package, EU foreign policy chief Kaja Kallas said upon arrival at a meeting of EU foreign ministers.
