iShares US Oil & Gas Exploration & Production ETF

IEO

Market cap $451M

The attack on Russia's Novorossiysk oil export hub provided additional support to oil markets.

OPEC+ remains stable as the growing oversupply of offshore crude oil finally reaches onshore stocks, reinforcing a structurally bearish trend across the entire oil market. With production levels set until 2026 and no new supply relief measures on the horizon, the increase in onshore stocks confirms that the glut is

Torbjörn Törnqvist is selling his stake in Gunvor after renewed scrutiny of the firm's Russia ties.

WTI oil and Brent markets attempted early rallies but quickly reversed from key downtrend levels. Both grades continue to struggle with heavy supply pressures and weak demand, keeping prices capped and favoring strategies that fade short-term rallies.

Analysts at Citi have given a cautious perspective on the energy sector, flagging persistent risks across oil, gas and refining, whilst questioning any scope for sector outperformance. The American bank's analysts reckon oil faces a supply overhang that creates downside risk.

Brent crude has drifted into the low-$60s, a price corridor OPEC+ has spent the better part of two years trying to defend through disciplined supply management. Yet the market's center of gravity is shifting.

Crude oil futures rally 2% as drone strikes on Russian infrastructure and OPEC+ holding production steady reignite supply fears after a four-month losing streak.

Natural gas and oil rebound as OPEC+ holds supply steady and energy markets react to shifting geopolitical signals and improving technical momentum.

Oil rose in early Asian trade. Markets continue to focus on the progress of Russia-Ukraine peace talks, Nanhua Futures said.

Oil prices rose more than 1.5% on Monday after the OPEC+ meeting on Sunday decided against earlier planned production rises in the first quarter of next year.