03 Aug Latest Oil prices, news and commentary 03 August, 2026
(Oilandgaspress) 03/08/26, Iran has unequivocally denied that its negotiators plan to meet with their US counterparts on Monday, refuting claims of imminent talks. Iranian Foreign Ministry spokesperson Esmaeil Baghaei stated that Tehran is currently engaged in discussions with Oman regarding a temporary safe route through the Strait of Hormuz. Baghaei emphasised that an agreement with Oman would not be sufficient to reopen the strait, asserting that the situation would remain unchanged while US ‘aggression’ persists. Related News
Ukraine’s military reportedly struck a Wildberries logistics center in the town of Khryastovo in Russia’s Vladimir Oblast on the morning of Aug. 3, Russian Telegram media channels reported. Related News
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $79.73 | Down |
| Crude Oil (Brent) | US$/bbl | $83.78 | Down |
| Bonny Light 31/07/26 CBN | US$/bbl | $94.24 | Down |
| Dubai | US$/bbl | $76.75 | Up |
| Natural Gas | US$/MMBtu | $2.76 | Up |
| Murban | US$/bbl | $80.64 | Down |
| OPEC basket 31/07/26 OPEC | US$/bbl | $88.37 | Down |
| At press time August 03, 2026 |
The Italian Navy led a joint European Union force in boarding a sanctioned Russian shadow fleet tanker in the Mediterranean Sea on Aug. 2, Italy’s Defense Ministry announced.
The boarding was part of Operation IRINI, the EU mission monitoring arms and oil trafficking in the Mediterranean.
On the morning of Aug. 2, the Italian vessel Thaon di Revel boarded the tanker Toa Payoh, a Russian shadow fleet vessel subject to EU sanctions. The inspection aimed to verify the ship’s nationality, as it was sailing under a Cameroonian flag at the time of interception. Related News
Sterling’s slide halts as hopes rise on oil supply. Sterling begins the week having stopped its recent slide against the euro and gaining momentum against the US dollar. The overall positive backdrop for sterling exchange rates was three Bank of England policymakers voting to raise rates on Thursday.
This was a stronger challenge than markets had expected and a reminder that UK inflation remains the Bank’s main concern. It contrasted with the US, where the exact same threat of inflation was met with a more dovish response and the dollar floundered. The US dollar struggled after disappointing GDP data. The manufacturing Purchasing Managers Index (PMI) arrives today, followed by final results for Services and Construction over subsequent days. These have the power to impact exchange rates, but the main focus may be on American employment tomorrow and Friday. Markets will also be watching whether Sunday’s cautious oil optimism survives the reopening of global trading. Related News
Drivers have stolen an average of almost £200,000 worth of fuel from UK forecourts every day since the start of the Iran oil crisis, analysis shows.
Forecourt Eye, a fuel theft prevention company, said incidents of fuel taken without payment rose by 20% in the five months after the war started on 28 February, compared with the preceding five months. For first-time offenders, there was a 23% surge in the number of incidents and a 26% rise in the volume of fuel stolen, compared with 17% and 20% respectively among repeat offenders.
The figures are based on reports by a representative sample of 550 forecourts. Related News
NIO Inc will bring its first fifth-generation battery swap station online on August 7, 2026, in Quanzhou, Fujian province, a facility that will also stand as the company’s 4,000th swap site in China. Ma Lin, NIO’s vice president of branding and communications, revealed the timeline in a social media post over the weekend.
This new generation station supports battery swapping for vehicles from multiple brands, including NIO, Onvo, and Firefly, achieving cross-brand compatibility. Through optimized mechanical design, the fifth-generation station increases battery inventory, enhances energy replenishment efficiency, and improves site utilization. Related News
Baker Hughes Rig Count: International +27 to 1,073, : U.S. +1 to 588 Canada +15 to 219
U.S. Rig Count is up 1 from last week to 588 with oil rigs up 1 to 451, gas rigs unchanged at 127 and miscellaneous rigs unchanged at 10.
Canada Rig Count is up 15 from last week to 219 with oil rigs up 12 to 150, gas rigs up 1 to 63 and miscellaneous rigs up 2 to 6.
International Rig Count is up 27 from last month to 1,073 with land rigs up 18 to 833, offshore up 9 to 240.
The Worldwide Rig Count for June was 1,822, up 88 from the 1,734 counted in May 2026, and up 60 from the 1,762 counted in June 2025
| Region | Period | Rig Count | Change |
| U.S.A | 31 July 2026 | 588 | +1 |
| Canada | 31 July 2026 | 219 | +15 |
| International | June 2026 | 1,073 | +27 |
| Baker Hughes |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Submit your Releases or contact us now!, victor@oilandgaspress.com
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