Rigzone Industry News

Oil posted a second weekly gain as developments in the Middle East raised concerns that the conflict may spread, though US efforts to delay Israel's invasion of Gaza caused prices to edge down on Friday.

Oil rose in another volatile session as a deal expected to bring more Venezuelan crude to the market in the months ahead did little to assuage immediate concerns that the conflict in the Middle East will reduce supplies.

Baltic Power is targeted to boost the country's energy system with the addition of nearly 1.2 gigawatts in 2026.

Oil rose after Iran called for an embargo against Israel by Muslim countries, following a deadly explosion at a Gaza hospital that raised the risk of wider hostilities in the Middle East.

The scope covers the installation of structures, flexibles, umbilical, seabed rectification, tie-ins, and commissioning.

The field will provide an estimated 17.66 billion cubic feet (0.5 billion cubic meters) of natural gas per year, to be delivered to Poland through the Baltic Pipe pipeline.

Oil settled near $86 after a choppy session as traders assessed the intensified diplomatic efforts by the US to contain the crisis in Gaza.

Oil edged lower as the US stepped up diplomatic efforts to stop the Israel-Hamas conflict from spreading and neared a deal to increase crude exports from Venezuela.

Oil posted its largest weekly gain in a month after Iran said a new front in the conflict between Israel and Hamas was possible. Traders also covered bearish bets ahead of a widely expected invasion of Gaza.

OQ raised $748.6 million in the IPO of its gas pipelines business.