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The Strait of Hormuz is now essentially fully closed, SEB Chief Commodities Analyst Bjarne Schieldrop said.
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The European Commission is consulting member states on a draft proposal to relax state aid limits, aimed at protecting market competition, in response to spikes in energy prices brought about by the Middle East war.
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The U.S. and Iran are weighing further negotiations to extend a two-week ceasefire as President Donald Trump presses ahead with a naval blockade to curb the Islamic Republic's oil exports.
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Analysts warn current prices understate the severity of supply disruptions and recovery timelines.
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Iran said it would target all ports in and close to the Persian Gulf if its own shipping hubs are threatened.
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India more than doubled export duties on diesel.
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Eni committed $70 million in equity investment to Nouveau Monde Graphite and plans to place an order of 15,000 tpa of graphite concentrate from phase 2 of NMG's Matawinie Mine project in Canada.
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State-owned Petrobras will assume full ownership by acquiring Malaysian counterpart Petronas' 50 percent stakes for $450 million.
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OMV's executive board proposed Emma Delaney, outgoing customers and products executive vice president at BP, as replacement for Alfred Stern and the Austrian state-backed energy company's first female CEO.
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The Gulf country's Energy and Minerals Ministry opened bidding applications for five new oil and gas concession areas.
