The Sep Brent Futures contract has seen a choppy afternoon session, trading gradually down from $69.07/bbl at 13:00 BST to $68.64/bbl where it prints at the time of writing (17:25 BST). In headlines, the Arabian Gulf Oil Company (AGOCO), a subsidiary of Libya’s National Oil Corporation, has completed repairs on the Hamada-Zawiya crude oil pipeline after a leak was detected in late May, temporarily halting crude flows. The pipeline supplies Libya’s largest refinery in Zawiya, which processes up to 120kb/d and is linked to the 300kb/d Sharara oilfield. Meanwhile, India has voiced concerns over a proposed US bill by Senator Lindsey Graham that would impose a 500% tariff on imports from countries buying Russian oil. Indian External Affairs Minister S. Jaishankar said the issue has been raised with US lawmakers, noting that President Trump appears to support the bill. Finally, at the time of writing, the front (Sep/Oct) and 6-month (Sep/Mar’26) Brent spreads were at $1.16/bbl and $3.05/bbl.
