The Jul’25 Brent futures contract saw prices rally to $63.18/bbl at 09:19 BST before falling off to $62.33/bbl at 11:45 BST (time of writing). In the news, India launched military strikes on Pakistan and Pakistani-administered Kashmir. The attack follows a terrorist attack on Hindu tourists in Indian- administered Kashmir. Pakistan reported civilian casualties and claimed to have shot down five Indian jets. Chinese Vice Premier He Lifeng is set to meet with US Treasury Secretary Scott Bessent in Switzerland. The talks aim to discuss economic and trade matters in the ongoing China-US tariff war. In other news, Norwegian oil firm Aker BP said it will increase its dividend by 5% annually as long as Brent crude stays above $40/bbl. The company reported Q1 EBITDA of $2.80B, matching expectations, and confirmed a 2025 dividend of $2.52 per share, up from $2.40 last year. ExxonMobil plans to invest $1.5B between mid-2025 and 2027 to revitalize production at Nigeria’s Usan deepwater oilfield in block OML 138. The project, which began producing in 2012, includes 34 wells tied to eight subsea manifolds. Italy’s Edison reported that its Q1 profits fell 39.5% to €360 million, despite a 36% rise in revenue to €5.54B. The company attributed the decline to a market correction after strong 2024 results and reduced gains from gas optimization. Edison said the performance met expectations. Finally the front month Jul/Aug and 6-month Jul/Jan’26 Brent spreads are at $0.42/bbl and $0.74/bbl respectively.
