BP and Venezuela sign deal for offshore oil exploration. The agreement allows the British oil giant to explore an offshore area in Venezuela.

Russian Deputy Prime Minister Alexander Novak says the UAE's decision to exit OPEC and OPEC+ is a sovereign choice, while maintaining that the oil production alliance continues to function effectively.

Russian Deputy Prime Minister Alexander Novak stated that the United Arab Emirates' decision to withdraw from OPEC and OPEC+ is a sovereign matter, while affirming that the overall mechanism remains effective.

Military operations impact European fuel pipeline network, German service provider says. The damage occurs as the region faces supply pressures linked to the ongoing war in Iran.

A German service provider reports that military operations have damaged parts of a European fuel pipeline network amid ongoing supply pressures from the Iran war.

Oil prices climb above 126 dollars per barrel as Iran continues to enforce shipping restrictions in the Strait of Hormuz affecting the United States and its allies.

Oil prices have risen to over 126 dollars per barrel as Iran maintains shipping restrictions in the Strait of Hormuz affecting the United States and its allies.