Oil slid in a choppy session as traders parsed mixed signals on the risks of supply disruptions in the Middle East.  West Texas Intermediate edged down to settle near $64 a barrel, snapping a two-day winning streak, amid competing headlines on the status of diplomatic negotiations between the US and Iran. Prices dropped after Oman’s Foreign Minister Badr Albusaidi said that discussions during last week’s Iran-US talks were productive. Minutes later, futures pared some losses on an Axios report that US President Donald Trump might send a second aircraft carrier to the Middle East if negotiations on Iran’s nuclear program and other issues fail.  The episode underscores the whiplash investors face. Many are looking ahead to a Wednesday meeting between Trump and Benjamin Netanyahu for clarity, amid widespread expectations that Israel’s prime minister will urge a tougher US stance on Tehran’s ballistic missile program.  “I will present to the president our views regarding the principles of the negotiation,” Netanyahu said of the upcoming discussion.  In the absence of clear signals on the direction of the Middle East conflict, oil prices took cues from weaker equities.  Crude has risen more than 10% this year as recurrent geopolitical flare-ups eclipsed concerns that a global surplus would lift inventories and hurt prices.  The US said on Monday that American-flagged vessels should stay as far as possible from Iranian waters when passing through the Strait of Hormuz. Washington has amassed a powerful military force in the Middle East, even as it also pursues talks with Tehran over its nuclear ambitions. The Strait of Hormuz is a critical trade artery for Middle East energy shipments that links a slew of producers to global markets, especially in Asia. Tehran has threatened to close the maritime chokepoint during periods of geopolitical tension, though it hasn’t actually followed through. “Both

Project demonstrates the economic viability of domestic smelting and reduces U.S. reliance on imports. WASHINGTON—U.S. Secretary of Energy Chris Wright today joined executives of Century Aluminum to celebrate progress toward constructing a primary aluminum smelter in Inola, Oklahoma—a project supported through a grant from the U.S. Department of Energy (DOE). “Today, I was honored to meet with the team that will be delivering America’s first new aluminum smelter of the 21st century,” said Secretary Wright. “This project could not have been realized without President Trump’s commitment to revitalizing this country’s manufacturing base and reducing our reliance on foreign suppliers. Century Aluminum’s joint venture shows how President Trump’s economic policies are encouraging global companies to partner with U.S. firms, build here in America, and create good-paying American jobs.” Once complete, the plant will be the largest-ever primary aluminum production plant in the U.S., with the potential to produce over 500,000 tons of high-quality, primary aluminum per year—including approximately 20,000 tons of high-purity aluminum suitable for national defense applications. On January 26, 2026, Century announced plans to jointly develop the plant with Emirates Global Aluminum (EGA). EGA’s investment to help develop this multi-billion-dollar smelter project in Oklahoma was secured by President Trump as part of the strategic partnership announced between the United Arab Emirates and the United States in Abu Dhabi on May 15, 2025. In 2025, DOE’s Office of Clean Energy Demonstrations (OCED) awarded $500 million to advance construction of the first new primary aluminum smelter in the United States since 1980. This project demonstrates the economic viability of domestic smelting and reduces dependence on foreign imports. In 2024, the United States imported 5.46 million metric tons and exported 3 million metric tons of downstream aluminum products and scrap, resulting in net imports of 2.46 million metric tons. There are currently

US forces boarded an oil tanker after a cat-and-mouse chase from the Caribbean to the Indian Ocean, the Pentagon said, as Washington expands its geographic scope in an ongoing crackdown on a global shadow fleet used to export sanctioned crude. The Aquila II had departed from the Jose terminal in Venezuela in early December and appeared to be bound for China, according to ship tracking data compiled by Bloomberg. The ship was intercepted while heading toward the Sunda Strait between the Indonesian islands of Java and Sumatra. It’s the latest Venezuela-linked ship the US has taken control of since December, and the furthest from Caribbean waters, underscoring how far Washington is prepared to go to enforce its energy quarantine worldwide. The Suezmax vessel, able to haul about 1 million barrels of oil, was sanctioned for its involvement in the Russian oil trade following Moscow’s invasion of Ukraine in 2022. Although it was sailing under the flag of Panama when it was sanctioned by the US, as a Treasury Sanctions list search shows, it now appears to be operating under an unknown flag, according to the Equasis international shipping database and Bloomberg data. Previous US tanker seizures were executed before and after US forces captured and removed former Venezuelan President Nicolas Maduro in a highly-coordinated operation that included air strikes on Caracas. The last such incident took place in late January, when Motor Vessel Sagitta was captured in the Caribbean Sea. The Trump administration has pledged to crack down on Venezuela’s use of sanctioned ships, which often deploy deceptive satellite positioning signals, false flags and other misleading techniques to illegally export oil and other goods.  On Monday, Defense Secretary Pete Hegseth said the Pentagon was pursuing dark fleet vessels carrying Venezuelan crude around the world.  “The only guidance I gave to my military commanders is,

The Indian Coast Guard seized three tankers that it said were involved in oil smuggling, the first sign of the country getting tough on the so-called dark fleet.  The three ships were taken in the waters off Mumbai on Friday by the coast guard, which said in a post on X that it had “busted an international oil-smuggling racket” and that the vessels had been known to “frequently change identity.”  It’s the first time New Delhi has taken such action, according to people familiar with the Indian shipping industry, and comes as the US and Europe lead an effort to get tougher on vessels moving sanctioned oil. Many dark fleet tankers have sub-standard documentation, improper or fake flag registrations and poor maintenance, posing security and maritime safety risks.  The seizures are also happening as Washington pressures New Delhi to stop taking Russian crude, as part of a deal to cut import tariffs on the South Asian nation. India said early last year that it wouldn’t allow sanctioned tankers to discharge at its ports. Explainer: How Trump Is Testing India’s US-Russia Balancing Act The coast guard didn’t name the vessels it had seized, but shared photos of them in its post. The pictures matched past images of the Chiltern, Asphalt Star and Stellar Ruby that can be found on MarineTraffic, a ship-tracking intelligence platform.  Ship-intelligence platform TankerTracker.com identified the same vessels through their unique seven-digit IMO numbers.  All three ships were sanctioned by Washington last year for links to the Iranian oil trade.  Nobody responded to emails seeking comment at offices of the registered owners of the tankers as listed on the Equasis database. Calls made to the owners and manager of Chiltern and Asphalt Star were directed to voice mail. Calls made to the owner and manager of Stellar Ruby were not answered. The three vessels seized by

Expand Energy Corp. said Domenic “Nick” Dell’Osso, Jr. stepped down as chief executive officer as the largest US natural gas producer plans to relocate its headquarters to Houston from Oklahoma City in mid-2026. Michael Wichterich, Expand’s chairman, will assume the role of interim CEO while the board searches for a permanent replacement, the company said Monday in a statement. Dell’Osso will serve as an external adviser for an unspecified period. “The relocation, which will primarily focus on the executive leadership team, will strengthen Expand Energy’s relationships with key industry and commercial partners,” the company said in the statement. Moreover, “virtually all Oklahoma City employees will be unaffected” by the change in headquarters, beyond those executive leaders, Wichterich told employees in an internal email seen by Bloomberg. Expand’s shares dropped as much as 8.9%, the most since July. The abrupt change in leadership comes less than six months after the Chief Financial Officer Mohit Singh left the company, which cited his “termination without cause.” RBC Capital Markets equity analyst Scott Hanold, who said he met with Expand’s leadership Monday morning, wrote in a note to clients that the conversation indicated “there were no disagreements or anything improper” and the executive change is the result of Dell’Osso choosing to stay in Oklahoma City. Expand’s board of directors views the move of executive functions to Houston as “urgent” to supporting “marketing efforts and commercial efforts,” Hanold said. Dell’Osso joined Chesapeake Energy, which was renamed Expand Energy after acquiring rival driller Southwestern Energy, in 2008 after working as an investment banker at Jefferies. WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Equinor announced, in a statement posted on its website recently, that it has signed an agreement with Vista Energy to divest its full onshore position in Argentina’s Vaca Muerta basin. The company said the transaction includes Equinor’s 30 percent non-operated interest in the Bandurria Sur asset and its 50 percent non-operated interest in the Bajo del Toro asset. Equinor noted that its Argentinian offshore acreage is not affected by the transaction. The total consideration is valued at around $1.1 billion, Equinor highlighted in the statement, adding that, at closing, the company will receive an upfront cash payment of $550 million as well as shares in Vista. The consideration also includes contingent payments linked to production and oil prices over a five-year period, according to the statement, which noted that the transaction has an effective date of July 1, 2025. “We are realizing value from two high-quality assets we have actively developed as we continue to high-grade our international portfolio,” Philippe Mathieu, executive vice president for Exploration & Production International at Equinor, said in the statement. “This transaction strengthens Equinor’s financial flexibility as we evaluate opportunities in our core international markets, where we see substantial growth towards 2030. At the same time, we retain optionality through our offshore positions in Argentina,” he added. Chris Golden, senior vice president for the U.S. and Argentina in Exploration & Production International, said in the statement, “this is a value-driven decision that enhances the resilience of our international portfolio and sharpens our focus in Argentina”. Equinor noted in its statement that closing of the transaction “will, among other things, be subject to relevant approvals”. The company highlighted that it has been present in Argentina since 2017, “entering the Vaca Muerta through a joint exploration agreement with YPF on the Bajo del Toro asset”. The onshore