State Street SPDR S&P Oil & Gas Exploration & Production ETF

XOP

Market cap $3.29B

Thai state-owned energy company PTT has offered a ​larger volume of high-sulphur ‌fuel oil (HSFO) for loading in May than in previous months, according ​to market sources.

Oil prices fell in early trade on Thursday as hopes for easing U.S.-Iran tensions, following reports that Iran could allow ships to pass through around ​the Strait of Hormuz, outweighed concerns over ongoing supply disruptions.

Oil fell in early trade on prospects of further U.S.-Iran negotiations that could lead to reduced supply disruptions in the Middle East.

Costly repairs in the Middle East point to a slow recovery — a condition that may result in crude prices staying higher for longer.

U.S. President ​Donald Trump issued several pipeline permits ‌on Wednesday, including one for the construction of a new pipeline, to facilitate the transportation of ​crude oil and petroleum products between ​the U.S. and Canada, according to documents ⁠released by the White House.

Commodities trader Trafigura said on Wednesday it had signed a $1 billion prepayment agreement with the ​Republic of Gabon, under which it will ‌receive crude oil deliveries over a seven‑year period.

The U.S. Commodity Futures Trading Commission is investigating ​a series of oil futures trades that were placed ‌shortly before major policy shifts by U.S. President Donald Trump related to the war in Iran, a person familiar with the matter said on Wednesday.

According to recent reports, U.S. and Iran may extend ceasefire by two weeks.

U.S. ‌Treasury ​Secretary ​Scott ⁠Bessent ​on ​Wednesday said ​the ​United States ‌could ⁠impose ​secondary ​sanctions ⁠on ​countries ​that ⁠purchase ⁠Iranian ​oil.

Pakistan is considering buying ‌liquefied natural gas (LNG) on the spot market to offset supply disruptions caused by the Iran war but would favour government-to-government deals to avoid having to pay steep premiums, its petroleum minister said.