Giovanni Simonetti
Junior Data Analyst, Flux
Brent Softens to $107.58/bbl
Brent swings on Iran talks; BP may exit North Sea; Russia supplies Syria; Venezuela exports rise.
Published: May 1, 2026
Written by:
Giovanni Simonetti
4 page report
The Jul’26 Brent Futures contract fell to $106.44/bbl at 15:13 BST before bouncing back to 109.03/bbl at 16:28 BST. Prices have since softened to $107.58/bbl at 17:00 BST (time of writing).
The fall in prices today comes after Iran proposed renewed negotiations with the US, raising hopes of easing conflict. In the news, BP is reportedly reviewing its UK North Sea operations and may partially or fully exit the region as part of efforts to cut debt and refocus on oil and gas. The potential divestment could raise around £2 Bn and forms part of a broader portfolio and strategy review led by senior leadership. The move follows earlier asset sales in the North Sea, signalling a continued shift in BP’s upstream investment strategy. In other news, Russia has become the main oil supplier to Syria, with shipments rising sharply to about 60 kb/d, filling a major gap left by declining domestic production and the end of Iranian supplies after Bashar al-Assad’s fall. Despite Syria’s Western alignment, economic constraints and limited access to global markets have forced reliance on Moscow, often via sanctioned tanker networks and covert shipping methods. Elsewhere, Venezuela’s oil exports rose 14% in April to 1.23 mb/d, the highest level since 2018, driven by increased shipments to the US, India and Europe following eased US sanctions and a new supply pact. The surge reflects recovering production and inventory drawdowns, with trading firms and partners expanding global sales. Exports have diversified geographically, though proceeds remain under US oversight. Finally, at the time of writing, the front month Jul/Aug’26 and six-month Jul/Jan’27 spreads are at $6.27/bbl and $26.68/bbl, respectively.
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