- Occidental Petroleum's worldwide average realized oil prices rose 38.4% in the second quarter to $96.78 per barrel, up from $69.91 in the first quarter.
- The U.S.-Iran conflict has disrupted supplies through the Strait of Hormuz, which accounts for approximately 20% of global oil flows.
- Despite ongoing military tensions, oil prices saw a temporary retreat on Thursday, with Brent falling 2.5% to $76.05 per barrel as investor focus shifted toward technology sector gains.
- Refining margins have reached record highs, suggesting that consumer prices for gas and diesel may remain elevated even when crude prices fluctuate.