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The Marked Chart Wire · Energy
HotIran
Brent crude prices exceeded $117 per barrel. The Saudi defense minister is heading to Iran to negotiate a reduction in hostilities.
Part of a series: Iran tensions bring strike threats and diplomatic talks
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Energy Markets
Fatih Birol, head of the International Energy Agency, stated that global energy markets might not return to prewar conditions within the next year.
Saudi Aramco
Saudi Aramco intends to start storing crude oil in Singapore during the second half of 2027. The move aims to strengthen supply-chain resilience.
Energy
Honeywell debuted its Forge Plant Cognition software at the Dangote Lekki refinery. The company estimates the technology will save more than 29 cents per barrel, or over $60 million annually at full capacity.
Oil
Crude oil declined more than 2 percent as traders balanced the risk of additional strikes on Saudi infrastructure against fears that high prices would reduce consumption.
Egypt Gas
The company reported that the Nargis-2 test hole hit quality rock formations. This confirms the earlier success at the Nargis-1 site in Egyptian waters.
Borr Drilling
The Prospector 5 jack-up rig went under during preload operations off the coast of Gabon. Five individuals remain unaccounted for after the stability failure.
Fast headlines, summarized. Not verified and not advice. Check the full story before you act.