WebMaster 
The United Arab Emirates lifted its crude oil output to a record 4.1 million barrels per day (bpd) in June, according to estimates from the International Energy Agency, marking the highest level the country has ever produced.
Renewed military exchanges between the United States and Iran have reignited the Middle East risk premium in oil markets, driving ICE Brent above US$76 per barrel this week after a gain of around US$4 per barrel.
The head of the International Energy Agency has publicly called on the European Union to reconsider its ban on oil and gas drilling in the Arctic, lending weight to Norway's campaign to open its far northern waters to exploration.
US oil and gas operators have shown a cautious stance towards new drilling activity, even as the overall count of working rigs edged higher last week, according to fresh figures from oilfield services group Baker Hughes.
US liquefied natural gas producer Venture Global has recorded a sharp jump in the fees it charges for turning natural gas into LNG, a gain the company links to supply disruptions in the Middle East arising from regional conflict.
Two tankers managed by Greek operator Dynacom were reportedly struck in separate incidents in the Strait of Hormuz on Monday, according to naval and maritime security sources.
