Onyx Research

Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.

Overnight & Singapore Window: Brent trades around $77/bbl

The Aug’25 Brent crude futures saw a choppy Friday morning, with lows of $76.26/bbl and highs of $77.50/bbl, trading at $77/bbl at 11:30 BST (time of writing). Prices are on track for a third consecutive weekly gain. Markets are tentative as the US has delayed its decision on direct Iran involvement. Satellite imagery shows Iran rapidly loading and dispersing oil exports from Kharg Island amid Israeli attacks, signalling a strategic push to maximise shipments while safeguarding infrastructure as regional tensions escalate. Russia has confirmed its delegation is ready to attend a third round of Ukraine talks in Istanbul after June 22, with dates to be announced soon, aiming to exchange comments on recent settlement proposals. Middle East jet fuel demand has fallen over 10% since the Israel-Iran conflict began, with commercial aviation disrupted and flights cancelled, though prices remain elevated amid rising freight rates, military demand, and Brent gains. The UK has issued new climate assessment guidance for fossil fuel projects, allowing Shell’s Jackdaw and Equinor’s Rosebank fields to reapply for permits, a move welcomed by industry but criticised by environmental groups as a test of the government’s climate credibility. Finally, the front (Aug/Sep) and 6-month (Aug/Feb) Brent futures spreads are at $1.54/bbl and $5.33/bbl respectively.

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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.