Global oil benchmark Brent hovered above $80 a barrel on Thursday after U.S. inflation data implied interest rates in the world's biggest economy are close to their peak.
Oil demand is set to hit a record high this year and the market is tightening but economic headwinds and interest rate hikes have deflated growth expectations slightly, the International Energy Agency (IEA) said on Thursday.
Top LNG traders Shell and BP have separately filed for arbitration against U.S. exporter Venture Global LNG for failing to supply contracted cargoes, even as it sold to non-contract customers as prices soared, four people familiar with the matter said.
Iran's foreign ministry will follow up on the Durra gas field known as Arash in Iran, the country's Oil Minister Javad Owji said on Wednesday according to semi-official Tasnim news agency.