The Aug’25 Brent crude futures rose to $65.95/bbl which proved to be a level of resistance as prices failed for the second time to breach this level after failing initially last night. Prices dropped to $65.65/bbl by 11:30 BST (time of writing). In the news, India sees falling oil prices – projected around $65/bbl – as a strategic opportunity to diversify crude imports, reduce its $150 billion annual oil bill, and boost domestic exploration, with 40 supply sources now including Argentina. BlackRock has been removed from Texas’ fossil fuel boycott list after retreating from key ESG initiatives, paving the way for renewed state investment and marking a strategic win for CEO Larry Fink amid shifting political and financial priorities. ExxonMobil Guyana may face higher insurance costs after a Venezuelan naval incursion into the Stabroek Block, amid rising offshore activity and ongoing cost recovery efforts. Iran’s oil flows to China dropped about 20% year-on-year in May due to tighter U.S. sanctions, extended refinery maintenance, and weaker demand from teapot refiners with ample stockpiles and access to cheaper alternatives (Novy Port and Sokol from Russia). BP has deepened its 30-year partnership with Azerbaijan through new oil, gas, and renewables deals, including a $2.9 billion Shah Deniz gas expansion and new offshore block agreements with SOCAR, while advancing decarbonization efforts with a solar-powered electrification project at the Sangachal terminal. Finally, the front (Aug/Sep) and 6-month (Aug/Feb) Brent futures spreads are at $0.65/bbl and $1.49/bbl respectively.
