Oil prices remained near the $100 per barrel threshold this week, with movements influenced by U.S.-Iran diplomatic efforts and concerns over Saudi supply. Prices briefly dipped below $100 as expectations of a U.S.-Iran truce grew, but rose again after negotiations stalled and Iran's president vowed the country would not surrender, pushing prices up by almost 2%.
Several energy deals and corporate actions also impacted the market. Shell completed the sale of its U.S. Gulf assets for $840 million to Talos Energy and Ridgewood Energy. McDermott refinanced $1.05 billion, providing financial flexibility for its global project backlog. SLB secured contracts with Saudi Aramco to deliver more than 450 wells over three years. Eni was awarded a deepwater exploration block in Indonesia's Kutei Basin, while Greenland Energy extended deadlines for exploration wells in Jameson Land to 2028. Laredo Oil targeted Argentine fields for its UGD technology deployment, and Kolibri completed a three-year frac program in Oklahoma while targeting a new production interval.
Other developments included BP exploring a potential transaction involving Devon Energy's Eagle Ford assets, Trafigura launching Volare Shipping to capitalize on record tanker rates, and Imperial Oil becoming the first major Alberta energy producer to publicly oppose the province's separatist movement. Analysts warned that the oil market is effectively functioning as an "oil market credit card," relying on inventories, spare capacity, transportation networks, and future investment to maintain stability.
