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Latest market news

Crude futures surge 7pc to new four-year high

  • Market: Crude oil
  • 30/04/26

Brent crude futures rose by 7pc to a four-year high in Asian trading today, on the prospect of a lengthy closure of the strait of Hormuz.

The front-month June Brent contract on the Ice exchange traded as high as $126.41/bl, up by more than $8/bl from the previous close, before falling back to $123.65/bl at 13:00 Singapore time (05:00 GMT). Today's high takes gains in June crude futures to almost 14pc since the close on 28 April, after prices rose by $6.77/bl yesterday.

The increase in front-month prices comes ahead of the expiry of the June Brent contract today. The July contract settled at $110.44/bl yesterday, around 6.5pc lower than the June settlement.

Gains in the Nymex front-month June crude contract were more subdued today, with prices rising by as much as 3.2pc or $3.41/bl to a high of $110.29/bl.

Prices were pushed higher by the prospect of a continued supply crunch, as well as a report from US news agency Axios that president Donald Trump is considering resuming military attacks against Iran. US Central Command will brief Trump on new military options later today, the report said.

Trump and key cabinet members discussed the possibility that the blockade on the strait of Hormuz might remain for "months" during a meeting with energy executives on 28 April, the White House said.

The meeting marks the latest attempt by the Trump administration to prepare for extended disruptions to global energy markets, if negotiations with Iran are unable to quickly re-open the strait of Hormuz. US treasury secretary Scott Bessent hosted the meeting with the executives, which was also attended by US vice-president JD Vance and White House chief of staff Susie Wiles.

"They discussed the steps President Trump has taken to alleviate global oil markets and steps we could take to continue the current blockade for months if needed and minimize impact on American consumers," the White House said.

By Rhalain Reyes and Kevin Foster

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29/04/26

Opec+ members back group after UAE exit: Update

Opec+ members back group after UAE exit: Update

Updates with Trump's comments London, 29 April (Argus) — Algeria, Russia and Kazakhstan have reaffirmed their commitment to Opec+ after the UAE's decision to quit the alliance. The UAE said on Tuesday it would withdraw from both Opec and the wider Opec+ group from 1 May, saying it wants greater freedom to respond to global oil demand in line with its national interest. The move has prompted speculation over the future cohesion of Opec and Opec+. The UAE's departure reduces the group's spare production capacity and may weaken its ability to manage supply and demand balances when the strait of Hormuz reopens. Algeria, the first Opec member to respond publicly, said it "consistently and firmly reaffirms its commitment" to Opec and Opec+, describing them as "essential frameworks for the stability of the global oil market". Russia, a leading member of the broader Opec+ alliance, said the group would continue its work to balance global energy markets. Kremlin spokesman Dmitry Peskov said Moscow still views Opec+ as an effective mechanism for managing market stability. "We still believe in Opec+ as a structure that helps balance the global energy markets. We hope that the structure will continue its work, and we will continue our contacts within this structure with our partners," Peskov said, according to state news agency Tass. Kazakhstan also said it had no plans to change its relationship with Opec+, according to the country's energy ministry. "They're having some problems in Opec," Trump told reporters on Wednesday, adding that UAE president Sheikh Mohammed bin Zayed al-Nahyan "maybe wants to go his own way". Trump described the UAE's departure from Opec as "great" and said that "ultimately, it's a good thing for getting the price of gas down, getting oil down, getting everything down". By Aydin Calik and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Opec+ members reaffirm commitment after UAE exit

29/04/26
News
29/04/26

Opec+ members reaffirm commitment after UAE exit

London, 29 April (Argus) — Algeria, Russia and Kazakhstan have reaffirmed their commitment to Opec+ after the UAE's decision to quit the alliance. The UAE said on 29 April it would withdraw from both Opec and the wider Opec+ group from 1 May, saying it wants greater freedom to respond to global oil demand in line with its national interest. The move has prompted speculation over the future cohesion of Opec and Opec+. The UAE's departure reduces the group's spare production capacity and may weaken its ability to manage supply and demand balances when the strait of Hormuz reopens. Algeria, the first Opec member to respond publicly, said it "consistently and firmly reaffirms its commitment" to Opec and Opec+, describing them as "essential frameworks for the stability of the global oil market". Russia, a leading member of the broader Opec+ alliance, said the group would continue its work to balance global energy markets. Kremlin spokesman Dmitry Peskov said Moscow still views Opec+ as an effective mechanism for managing market stability. "We still believe in Opec+ as a structure that helps balance the global energy markets. We hope that the structure will continue its work, and we will continue our contacts within this structure with our partners," Peskov said, according to state news agency Tass. Kazakhstan also said it had no plans to change its relationship with Opec+, according to the country's energy ministry. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

France's fossil fuel roadmap a key step: think tanks

29/04/26
News
29/04/26

France's fossil fuel roadmap a key step: think tanks

Edinburgh, 29 April (Argus) — France's roadmap to transition away from fossil fuels, which combines energy policies and climate targets in one document, is an important step, even though no new goals were announced, energy and climate think tanks said today. France released the roadmap yesterday, during the first conference on Transitioning Away from Fossil Fuels, ongoing in Santa Marta, Colombia. The plan matches France's climate goals with its energy policies in one document, including its national low carbon strategy and its new electrification plan set out in April . It reiterates the country's goal to move from a share of around 60pc fossil fuels in final energy consumption in 2023 to 40pc in 2030 and 30pc in 2035, to reach net zero emissions in 2050. The government plans to phase out coal by 2030, oil by 2045 and natural gas by 2050, under its national low carbon strategy and its roadmap. "France is one of the few countries in the world to have such a precise schedule for a gradual exit from fossil fuels," the French environment ministry said. The French roadmap aims to inspire partner countries on long-term planning, it said. France's last two remaining coal-fired power plants are scheduled to close or be converted by next year. The roadmap also states that over 95pc of fossil fuels burned in the country are imported. France eyes a 50pc reduction in gross greenhouse gas (GHG) emissions by 2030 compared with 1990, to reach net zero emissions by 2050. Although the country did not announce new goals, the roadmap sends an important signal, think-tank International Institute for Sustainable Development (IISD) energy policy advisor Natalie Jones said. "Higher ambition and not solely repackaging existing policies would have been even better, but an explicit fossil fuel phase strategy, with timelines, is new and welcome," she said. She added that the framing of the roadmap in relation to UN Cop climate summits, the global stocktake and climate action is significant. The first global stocktake, agreed on in 2023 at Cop 28, called for a transition away from fossil fuels in energy systems. "Few countries tackle all fossil fuels together — this gives other countries a critical opportunity to follow suit, while fossil fuel-producing nations can also lay out plans to diversify their economies as global demand for fossil fuels wanes in the decades ahead," said global research organisation WRI director of international climate action David Waskow. Asked about whether other EU countries could release fossil fuel transition roadmaps in the future, EU climate commissioner Wopke Hoekstra yesterday said that whether roadmaps are "specifically about phasing out fossil fuels… is secondary to impact". He reiterated the EU's goals — net zero emissions by 2050 and a 55pc reduction for 2030, from 1990 levels — pointing out that the wording is about reducing emissions rather than specifically phasing out fossil fuels. The "reality is… the same, you cannot be at 90pc [of emission cuts] in 2040 if you will not radically phase out fossil fuels", Hoekstra said. The EU updated its climate law earlier this year to add a 90pc GHG reduction by 2040, from 1990 levels, although up to 5pc of the target can be met using international carbon credits. Fossil fuel producer Colombia also presented a draft fossil fuel transition roadmap this week, developed with researchers, and designed to act as a potential standard for other countries to use. It aims to achieve a 90pc reduction in primary fossil fuel demand over 2026-50, and a 90pc cut in "whole energy system emissions" from 2015-50, while expanding access to energy. The plan pointed to the country's dependence on fossil fuels for revenues. Colombia exports oil and coal worth $25bn, against around $1bn in fossil fuel imports — mainly oil products, according to the roadmap. By Caroline Varin and Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US oil inventories fall on record exports: Update

29/04/26
News
29/04/26

US oil inventories fall on record exports: Update

Adds report details. Calgary, 29 April (Argus) — US crude inventories fell last week by 6.2mn bl with exports surging past 6mn b/d for the first time on record, the Energy Information Administration (EIA) reported today. Crude stocks in the week ended 24 April fell to 459.5mn bl, down from 465.7mn bl in the week prior. Stocks were higher by 19.1mn bl compared to the same week last year. Inventories at the Cushing storage hub in Oklahoma fell on the week by 796,000 bl to 29.8mn bl and were 4.1mn bl higher than a year earlier. Stocks in the greater US midcontinent region, including Cushing, rose by 569,000 bl from the previous week to 114.4mn bl. Crude exports rose to 6.44mn b/d, up by 1.64mn b/d from the week prior and the highest on record. The previous high of 5.63mn b/d was set in the week ended 24 February 2023. Imports fell by 328,000 b/d to 5.75mn b/d, marking the first time exports have exceeded imports into the US over the course of a week, according to EIA data going back to 2001. As a result, net imports dropped by 1.97mn b/d to -688,000 b/d. Crude inventories at the US Strategic Petroleum Reserve (SPR) fell by 7.1mn bl to 397.9mn bl, as part of a targeted 172mn bl drawdown announced last month. The withdrawal rate of 1.02mn b/d across the seven-day period ranks behind only six other weeks found between June and October 2022. SPR stocks are not included in the overall EIA commercial crude inventory figures. US crude production averaged 13.6mn b/d across the week, steady from a week earlier but 121,000 b/d higher than a year ago. Refinery runs nationwide fell last week by 94,000 b/d to 16.3mn b/d. Throughputs were down by 52,000 b/d compared to a year earlier. Refinery utilization rates averaged 89.6pc nationwide, up from both 89.1pc in the previous week and 88.6pc in the same week last year. By Brett Holmes US weekly crude stocks/movements Stocks mn bl 24-Apr 17-Apr ±% Year ago ±% Crude oil (excluding SPR) 459.5 465.7 -1.3% 440.4 4.3% - Cushing crude 29.8 30.6 -2.6% 25.7 15.8% Imports/exports '000 b/d Crude imports 5,750 6,078 -5.4% 5,498 4.6% Crude exports 6,438 4,798 34.2% 4,121 56.2% Refinery usage Refinery inputs '000 b/d 16,274 16,180 0.6% 16,326 -0.3% Refinery utilisation % 89.6 89.1 0.6% 88.6 1.1% Production mn b/d 13.6 13.6 0.0% 13.5 0.9% — US Energy Information Administration Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US oil inventories fall on record exports: EIA

29/04/26
News
29/04/26

US oil inventories fall on record exports: EIA

Calgary, 29 April (Argus) — US crude inventories fell last week by 6.2mn bl with exports surging past 6mn b/d for the first time on record, the Energy Information Administration (EIA) reported today. Crude stocks in the week ended 24 April fell to 459.5mn bl, down from 465.7mn bl in the week prior. Stocks were higher by 19.1mn bl compared to the same week last year. Inventories at the Cushing storage hub in Oklahoma fell on the week by 796,000 bl to 29.8mn bl and were 4.1mn bl higher than a year earlier. Stocks in the greater US midcontinent region, including Cushing, rose by 569,000 bl from the previous week to 114.4mn bl. Crude exports rose to 6.44mn b/d, up by 1.64mn b/d from the week prior and the highest on record. The previous high of 5.63mn b/d was set in the week ended 24 February 2023. By Brett Holmes US weekly crude stocks/movements Stocks mn bl 24-Apr 17-Apr ±% Year ago ±% Crude oil (excluding SPR) 459.5 465.7 -1.3% 440.4 4.3% - Cushing crude 29.8 30.6 -2.6% 25.7 15.8% Imports/exports '000 b/d Crude imports 5,750 6,078 -5.4% 5,498 4.6% Crude exports 6,438 4,798 34.2% 4,121 56.2% Refinery usage Refinery inputs '000 b/d 16,274 16,180 0.6% 16,326 -0.3% Refinery utilisation % 89.6 89.1 0.6% 88.6 1.1% Production mn b/d 13.6 13.6 0.0% 13.5 0.9% — US Energy Information Administration Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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