- Crude Oil (WTI) 85.15 USD/bbl -3.33%
- Crude Oil (Brent) 96.78 USD/bbl 1.02%
- NYMEX Natural Gas 2.87 USD/MMBtu -1.37%
- OPEC Basket Price 102.76 USD/bbl 8.71%
Strait of Hormuz
U.S.-Iran Tensions Likely Pushing Oil Toward $100
The collapse of the U.S.-Iran ceasefire could keep Brent crude near $100 per barrel through 2026, according to updated forecasts from Rapidan Energy Group, a Washington-based energy and geopolitical consultancy.
Crude Oil Discovery
Velox-1X Shows Promising Oil Discovery in Western Mediterranean
Drilling at the offshore Velox-1X exploration well in the North Cleopatra Block confirmed there is an active petroleum system and crude oil reserves in the area. These findings
Refinery Upgrades
MoPMR, Quantum Capital Group Discuss Investment Opportunities
Karim Badawi, Minister of Petroleum and Mineral Resources, met with representatives from Quantum Capital Group, a U.S. energy investment firm. The delegation included Charles Davidson, Partner, and Patrick Hughes, Managing Director and Head of Global Government Affairs.
MRMIA
MRMIA, Genesis Mining Egypt Sign Phosphate Project MoU
The Mineral Resources & Mining Industries Authority (MRMIA) and Genesis Mining Egypt signed an MoU to develop a $930 million integrated phosphate mining and industrial project in Egypt’s New Valley Governorate.
Middle East
TotalEnergies Boosts 2Q-2026 Profit Despite Disruptions
TotalEnergies posted its second-quarter results, amid rising commodity prices and an integrated business model boosting earnings and cash flow despite Middle East-linked disruptions.
Elsewedy Capital Holding for Investments
Egypt Launches Phosphate Fertilizer Project Amid Push for Mining Growth
The Egyptian Mineral Resources and Mining Industries Authority (MRMIA), the New Valley for Mineral Resources and Oil Clay (WADICO), and Elsewedy Capital Holding for Investments signed a shareholders’ agreement to establish a company to develop, construct, manage, and operate an integrated phosphate fertilizer production plant in Ain Sokhna. The agreement comes in Implementation of the Ministry of Petroleum and Mineral Resources' strategy to maximize the added value of the country’s mineral resources.
Mostafa Madbouly
Egypt Expands Strategic Fuel Reserves to Counter Regional Tensions
Prime Minister Mostafa Madbouly announced that Egypt is proactively strengthening energy security by increasing strategic reserves of petroleum products and other essential commodities, following directives from President Abdel Fattah El-Sisi. The initiative aims to protect the economy from disruptions stemming from ongoing regional tensions.
Standard Chartered Bank
Standard Chartered: Clearing IOC Arrears Boosts Egypt’s Outlook
The recent settlement of overdue payments owed to international oil companies (IOCs) marks a significant positive indicator for Egypt’s medium-term economic outlook, according to Standard Chartered's July 2026 report. The bank noted that the repayment comes alongside investment commitments exceeding $6 billion in oil and gas exploration and production (E&P) activities, a development expected to support injecting more investments into the energy sector and support higher domestic production.
