Oil prices are rising due to increased U.S.-Iran tensions and new U.S. maritime guidance. Shell’s low 2025 results reveal only 8.1 billion barrels of proven reserves, leading to a potential Shell-BP merger. Transocean acquires Valaris for $5.8 billion, while ENI loads LNG cargo in Congo. BP suspends buyback program after $4 billion impairment. ExxonMobil in talks with Ivory Coast for exploration blocks.

OPEC+ production declined in January to 42.56 million b/day. Venezuela’s oil output nears 1 million b/d. Namibia disputes TotalEnergies and Petrobras stake purchase. U.S. oil production dropped in November. Indian refiners avoid Russian oil. Chinese refineries cut Iranian imports. Chevron’s Tengiz field production recovers. Brussels considers sanctions on Georgia and Indonesia. QatarEnergy delays LNG expansion. New Zealand plans LNG terminal. U.S. seizes Venezuelan tanker. Nigeria partners with Chinese firms for refinery revival. Congo enforces local ownership rule for miners.

Read more at Yahoo Finance: Oil Markets on Edge as Washington and Tehran Drift Toward Confrontation