Jun’25 Brent futures softened in the early afternoon to sub-$66.70/bbl at 14:56 BST before it saw better strength. Although highs of over $68.00/bbl at 17:15 BST failed to be maintained, the contract corrected to $67.90/bbl at 17:22 BST (time of writing). President Trump posted on Truth Social that he and Prime Minister of Israel, Bibi Netanyahu, are ‘on the same side of every issue.’. This follows the US hitting Iranian LPG tycoon Seyed Asadoollah Emamjomeh and his business network with new sanctions today, accusing them of moving hundreds of millions of dollars in oil and gas abroad. The move comes as nuclear talks with Tehran continue. Halliburton CEO Jeff Miller expressed a bleak outlook for Mexico’s oil sector, citing ongoing challenges as Pemex, the country’s heavily indebted state oil company, struggles with nearly $100 billion in debt and slumping production. Despite new laws to stabilise output, analysts like Fitch remain sceptical, noting that current plans lack the strategic overhaul needed for a significant turnaround. BW Energy has confirmed a major oil discovery at the Bourdon prospect in the Dussafu License offshore Gabon, estimating 56 mb of oil in place, with about 25 mb recoverable. At the time of writing, the Jun/Jul’25 and Jun/Dec’25 Brent futures spreads stand at $0.96/bbl and $3.00/bbl, respectively.
