Ceasefire Extension Talks Advance as Oil Prices Hold Steady

-Iran ceasefire. The agreement would also open formal negotiations on Iran’s nuclear program and restore unrestricted tanker traffic through the Strait of Hormuz. 18 a barrel. Traders viewed the memorandum of understanding as likely to be finalized, though analysts at Capital Economics said a return to pre-war export volumes would probably extend into 2027.

4 trillion in 2026. 2 trillion is expected to flow to grids, storage, low-emission fuels, nuclear power, renewables, and efficiency projects. Investment in crude oil is forecast to drop below $500 billion for the third consecutive year. The IEA attributed part of the decline to supply-chain limits, tight offshore rig availability, and uncertainty over the duration of elevated prices.

IEA chief Fatih Birol stated that producer and consumer countries are already pursuing new pipelines and domestic resources to reduce reliance on existing routes.

Reuters reviewed a draft European Union document that recommends member states waive penalties for three years on oil and gas companies violating the bloc’s methane-emissions rules in 2027, 2028, and 2029. The waiver would not cover large-scale fraudulent breaches and would apply to contracts signed or renewed before January 2028.

The recommendation is non-binding and is framed as a response to potential supply shortfalls linked to the Middle East conflict. The methane law, scheduled to take effect in January 2027, requires imported gas to meet European monitoring standards, with fines reaching 20 percent of annual profits for violations.

Journal reporters documented a ship-to-ship transfer of Iranian crude off the coast of Malaysia intended for delivery to China. S. 4 million barrels per day.