10 Aug Oil and gas, Energy Price, News ,commentary and analysis | Oil prices up
(Oilandgaspress) 10/08/26, Due to continued uncertainty over the reopening of the Strait of Hormuz anytime soon, oil prices up again as optimism for a peace deal between the US and Iran stalled once again.
US President, Donald Trump has said the US is “low-keying it” with Iran, adding they were “only semi-negotiating with them.”
Israel Prime Minister, Benjamin Netanyahuhas reportedly rejected a 15-point plan constructed by Trump for Gaza. .. Related News
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $79.39 | Up |
| Crude Oil (Brent) | US$/bbl | $84.95 | Up |
| Bonny Light 05/08/26 CBN | US$/bbl | $89.06 | — |
| Dubai | US$/bbl | $79.10 | Up |
| Natural Gas | US$/MMBtu | $2.75 | Up |
| Murban | US$/bbl | $80.25 | Down |
| OPEC basket 07/08/26 OPEC | US$/bbl | $79.53 | Up |
| At press time August 10, 2026 |
- European consumers can expect natural gas from an undersea field off Cyprus
Cyprus Minister for Energy, reportedly stated that the Cypriot natural gas now being developed could start flowing to Europe as early as the spring of 2028, something that will help make the European continent more energy independent and also stabilise prices.
He also referred to the latest developments regarding Cyprus’s electricity interconnection with Greece and the entry of the French company Meridiam, following the sustained interest shown by the French President Emmanuel Macron. Related News
- Greenland reportedly issued a strong warning to a Texas oil firm tied to President Donald Trump after it landed Arctic drilling equipment without approval, renewing scrutiny of US ambitions for the semi-autonomous territory
The equipment belongs to Greenland Energy, a Houston company set up last year whose chairman and major shareholder, Larry Swets, is reported to be close to the president. Residents in the remote Jameson Land region on Greenland’s eastern coast spotted a tug boat towing a barge that unloaded about a dozen containers last month. Related News
- Greenland Energy issued the following letter to shareholders from its management and board of directors. The letter sets out the Company’s progress with the Greenlandic authorities and regulators and preparations occurring at the Jameson Land Basin:
Shareholder Update Advancing Jameson Land Through Disciplined Execution
To Our Shareholders,
Over the past several weeks, Greenland Energy has continued advancing preparations for what we believe will be one of the most significant onshore exploration programs undertaken in Greenland in decades. While much of this work occurs behind the scenes, it represents the essential foundation required to safely and responsibly execute a successful drilling campaign in one of the world’s most challenging operating environments.
Our priorities remain unchanged. While 80 Mile Plc, as licensee of the Jameson Land joint venture, continues to lead the permitting process and stakeholder engagement, Greenland Energy remains actively engaged in supporting technical planning, operational readiness, logistics, and overall project coordination. Together, our objective is to ensure that once all required approvals are received, the project is positioned to commence drilling safely, efficiently, and in accordance with Greenland’s rigorous regulatory standards.
Recent high-level meetings between project leadership and Greenlandic regulatory and oversight authorities have been constructive, and we continue to be encouraged by the progress being made toward the remaining approvals required for drilling. Under the terms of our joint venture, 80 Mile Plc continues to serve its role in overseeing permitting process, stakeholder and regulatory engagement.
Greenland Energy’s role is to work alongside our partner in preparing every aspect of the project for execution. Related News
- A Ukrainian drone strike has hit one of Russia’s largest oil refineries, killing 12 Russians in one of Kyiv’s most deadly single attacks of the four-and-a-half-year war.
A further 39 were wounded in the strike on Nizhnekamsk, in Russia’s Tatarstan region, the city’s mayor Radmir Belyayev announced today. The region’s oil refinery, understood to be one of Russia’s most technologically advanced, was hit in the long-range attack, according to state media. Related News
- Britons could face being plunged into darkness with nationwide blackouts after the National Grid changed rules to help hit the Government’s green targets.
The National Energy System Operator (Neso) is set to operate the grid with reduced levels of ‘inertia’, which behaves like shock absorbers to keep spinning parts moving in the event of a power plant failure. Related News
- Petrobras reported a net profit of R$ 52.4 billion (US$ 10.4 billion) in the second quarter of 2026, 97% higher than the same period in 2025.
Adjusted EBITDA was R$ 93.8 billion (US$ 18.6 billion). The company’s operational performance boosted the financial results of this quarter, marked by record oil production in Brazil, which reached 2.7 million barrels per day, 15% higher than the second quarter of 2025, and in the utilization of its refining park, with a Utilization Factor (FUT) of 101%, expanding the supply of derivatives in the national market. Operating cash flow (OCF) reached R$ 61.8 billion (US$ 12.3 billion), a growth of 46% in 12 months. Acquisition of new areas and rights
Acquisition of a stake and assumption of operation of Block 3, offshore São Tomé and Príncipe, in Africa.
Acquisition of 100% of a portion of the ring-fence of the Argonauta Field (BC-10 Concession), in the Campos Basin.
Acquisition of a 50% stake in the Itaimbezinho block, offshore in the Campos Basin. Related News
- Petrobras informs that its Board of Directors approved the payment of remuneration to shareholders
In the amount of R$ 17.4 billion , equivalent to R$ 1.34814262 per common and preferred share in circulation, as an advance on the remuneration related to the 2026 fiscal year, declared based on the balance sheet of June 30, 2026. Related News
- Petrobras’ Exploration and Production Director, Sylvia Anjos stated during the opening lecture of Sergipe Oil & Gas , that expanding the supply of natural gas is the main way to increase market competitiveness and reduce consumer prices .
The executive presented the company’s position on gas release , a regulatory mechanism that would require companies with a high market share to make part of their supply available to competitors, and warned of the impacts the measure could have on investments in the sector.
According to the executive, Petrobras shares the objective of increasing market competitiveness and reducing the price of natural gas in the country, but technical studies indicate that gas release is not, at this moment, an adequate, necessary, or proportional instrument, since the market deconcentration process has already occurred in Brazil. Related News
- Wind propulsion company bound4blue has completed the installation of a 22-metre (72-foot) tall suction sail on the 292-foot (89-metre) cargo ship Na Hiro E Pae. This makes it the “first multipurpose vessel” worldwide to adopt a wind propulsion system.
The unit was fitted at the Astilleros Armon Vigo yard in Spain for Greek shipping firm Société de Navigation des Australes SNA Tuha’a Pae. Capable of carrying 200 passengers and 1,500 tonnes of supplies between Tahiti and the Austral Islands, the ship is expected to cut its energy consumption by 10 percent using the autonomous system alongside existing service from the Tuhaa Pae IV, which has operated on the route since 2012. The system functions by pulling airflow across a wide aerodynamic contour to assist the main engines. An autonomous vertical sail uses suction technology to draw air over this shape, creating propulsive thrust that decreases the mechanical burden on the vessel’s primary engines. Related News
- Yemen’s Iran-aligned Houthis have attacked Saudi Aramco’s Jazan refinery, they said on Sunday, two days after the kingdom signed a defence pact with Turkey and Pakistan in response to growing regional instability from the U.S.-Israeli war on Iran.
The alliance with Sunni Muslim U.S. allies, Turkey and Pakistan, is intended to strengthen collective deterrence against any act of aggression and stipulates that an armed attack against any of the three would be regarded as an attack on all. Related News
- Houthi militants have escalated attacks on Saudi Arabia’s energy facilities in a campaign that is destabilising the world’s largest oil exporter and strengthening the hand of Iran.
The rebel group claimed responsibility for drone and missile attacks on the giant Saudi Aramco Jazan oil facility on Sunday, as well as what a Houthi spokesperson called a “widespread destruction operation” against Saudi forces in the strategic Red Sea port of Al-Makha that reportedly killed at least seven people. A Houthi spokesperson claimed the strike was in response to Saudi drones “violating Yemeni airspace” and what the rebels characterise as a “blockade” of land sea and air routes into the country. Related News
- ADNOC Gas is executing one of the largest gas growth programs in the industry, spanning four megaprojects –
Ruwais LNG, Maximizing Ethane Recovery and Monetization (MERAM), RGD and Estidama – which together are expected to generate $13.4 billion in In-Country Value (ICV), reinforcing the Company’s contribution to the UAE’s industrial development and economic diversification goals.
The program continues to progress, with MERAM expected delivery in 2027 and Ruwais LNG and Estidama both advancing as planned. This growth is further underpinned by ADNOC’s continued investment across the gas value chain – including the recently announced Bab Gas Cap and Umm Shaif Gas Cap developments – which will bring more natural gas and associated gas liquids into ADNOC Gas’ integrated value chain, supporting additional feedstock, processing volumes, LNG exports and higher revenue streams. Related News
| Region | Period | Rig Count | Change |
| U.S.A | 07 August 2026 | 588 | — |
| Canada | 07 August 2026 | 216 | – 3 |
| International | July 2026 | 1,096 | +23 |
| 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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