TotalEnergies reported a 29% increase in first-quarter (Q1) adjusted net income on Wednesday, reaching $5.4 billion and exceeding the $5 billion anticipated by analysts, according to Reuters. The French energy major bolstered its performance through high global oil prices and robust trading operations linked to the ongoing conflict in Iran.
The average US gasoline price recorded its highest level in nearly four years following the escalation between the US, Israel, and Iran in late February, Reuters reported, citing data from the American Automobile Association (AAA). Average pump prices yielded a 7-cent increase to reach $4.18 a gallon on April 28, marking the most significant single-day jump in over a month. Since late February, retail fuel costs have increased by $1.19 per gallon, representing a surge of more than 40%.
The UAE announced on Tuesday it is withdrawing from both OPEC and OPEC+, a major setback for the oil producers’ alliance and its leading member, Saudi Arabia, according to Reuters. The decision comes amid the ongoing Iran war, which has triggered an energy shock and rattled global markets.
A liquefied natural gas (LNG) tanker managed by the UAE’s ADNOC Logistics & Services has crossed the Strait of Hormuz and is now positioned off India’s west coast, according to Reuters. If verified, this would mark the first loaded LNG tanker transit through the strait since the Iran war began on February 28.
Leading oilfield services providers SLB and Baker Hughes expect a rise in global spending on oil exploration and production, as supply disruptions linked to the Middle East conflict underscore the need for greater investment, particularly in North America, according to Reuters.
Goldman Sachs has increased its oil price projections for the fourth quarter (Q4), attributing the revision to reduced Middle East output, with Brent crude forecast at $90 per barrel and US West Texas Intermediate (WTI) at $83, Reuters reported.
Baker Hughes reported a solid first quarter (Q1) of 2026, with revenue reaching $6.6 billion, up 2% compared to the same period in the previous year, supported by strong demand in its Industrial and Energy Technology (IET) segment despite disruptions in the Middle East, according to a press release by Baker Hughes.
Net income rose sharply to $930 million, more than doubling compared to the same period last year, while adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased 12% year-on-year (YoY) to $1.16 billion, reflecting improved operational performance and cost discipline.
Global energy major Eni reported oil and gas production growth by 9% in the first quarter (Q1) of 2026, supported by project ramp-ups in West Africa and Norway, alongside new start-ups in Angola. The increase came despite limited disruptions in the Middle East, highlighting the company’s operational resilience and portfolio diversification, according to a press release by Eni.
QatarEnergy has celebrated the first liquefied natural gas (LNG) export cargo from the Golden Pass LNG project in Sabine Pass, Texas, marking a key milestone toward full commercial and export operations.
Golden Pass LNG is a joint venture (JV) between QatarEnergy, which holds a 70% stake, and ExxonMobil with 30%. The partners reached a final investment decision (FID) exceeding $10 billion in February 2019, making it one of the largest investments in the history of the US LNG sector.
Russia will reroute crude oil volumes originating from Kazakhstan that had been destined for Germany through the Druzhba pipeline to alternative export channels beginning May 1.
