Overnight & Singapore Window: Brent Supported above $69/bbl

The Sep’25 Brent crude futures were supported above $69/bbl on Tuesday morning, trending up to $69.55/bbl by 12:00 BST. Prices may seek to re-test highs of $69.93/bbl reached on Monday evening following Trump’s tariffs comments, with $70/bbl a significant psychological resistance level. In the news, BP has appointed former Shell CFO and industry veteran Simon Henry to its board as it bolsters oil and gas expertise amid a strategic pivot from its faltering low-carbon transition. Meanwhile, BP has signed a deal with Libya’s National Oil Corp. to explore redeveloping two major oil fields, deepening its fossil fuel focus amid a strategic shift away from low-carbon ventures. Exxon Mobil expects a $1.5 billion earnings hit in Q2 due to weaker oil and gas prices, signalling a tough quarter for the energy sector amid volatile markets. Ryanair’s CEO expects a strong summer with surging bookings and higher fares, undeterred by Europe’s heatwave. The U.S. Interior Department has proposed easing restrictions on oil and gas commingling across leases in the Western states, a regulatory shift that could streamline operations, unlock stalled projects, and save the industry up to $1.8 billion annually. Finally, the front (Sep/Oct) and 6-month (Sep/Mar) Brent futures spreads are at $1.14/bbl and $3.14/bbl respectively.