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Friday, 19 June 2026

11 briefs so farlast update 18:51 UTC

Key points

  • Brent Slides to Four-Month Low as War Premium Unwinds.
  • Europe Hesitates on Hormuz Demining as Trump Pushes Rapid Reopening.
  • EIA projects record 86 GW of new US power capacity in 2026, led by solar and storage.
  • Uzbekistan starts construction of first small modular reactor.

Oil & Gas

SAFE Union Launches Well Service Strike on Norwegian Shelf After Failed Talks

Norwegian trade union SAFE began strike action on the Norwegian continental shelf after negotiations with employer group Offshore Norge on the Well Service Agreement collapsed over the weekend, with 154 members walking out the following day.

A further 224 SAFE members will join the strike from Thursday, according to Rigzone. Affected companies include SLB, which accounts for 177 of those members, alongside Cactus, Subsea 7, Weatherford, DeepOcean, Vetco Gray Scandinavia and Baker Hughes.

SAFE says the Well Service Agreement has fallen behind other oil industry collective bargaining areas, lagging by a full wage settlement over the last five years.

The walkout follows a separate deal reached between Offshore Norge and trade union Styrke on the Oil Service Agreement. That contract covers about 7,200 workers from nearly 50 companies, according to a statement by Offshore Norge.

Under the Styrke agreement, salary grid rates will rise by NOK 47,000 effective 1 June 2026, including offshore compensation and holiday pay.

An earlier Offshore Agreements dispute, since averted, had threatened to cut Norwegian oil and gas production by over 45,000 barrels of oil equivalent a day, according to Offshore Norge.

The Well Service Agreement covers personnel providing specialist services to operators on the Norwegian continental shelf, including wireline, completion and intervention work supplied by service contractors such as SLB and Baker Hughes.

Source: rigzone.com (opens in a new tab)1 sourcePermalink

Oil & Gas

Brent Slides to Four-Month Low as War Premium Unwinds

Brent crude settled at USD 87.33 a barrel after a 3.4% drop on Friday, marking its lowest close since March 5 and capping a 6.2% weekly loss. West Texas Intermediate for July delivery closed at USD 84.88 a barrel in New York, down 3.2%, and European gas tumbled as much as 8.4%.

The slide deepened a retreat from war-driven peaks. Crude has shed roughly 30% since prices topped during the height of the Israel-Iran confrontation. The Strait of Hormuz, which handled about a fifth of global oil shipments before hostilities began, has stayed open throughout the standoff.

Diplomatic momentum reinforced the bearish move. Iranian Foreign Minister Abbas Araghchi wrote in a social media post on Friday that a Memorandum of Understanding between the two sides has "never been closer".

Supply-side warnings cut against the price action. Chevron Chief Executive Officer Mike Wirth said on Friday that crude inventories are sliding toward "uncomfortable" levels.

The split between Araghchi's diplomatic signal and Wirth's inventory warning left the week's tape skewed toward the de-escalation story. Brent's 6.2% weekly decline and the 8.4% intraday slump in European gas captured the scale of that repricing.

Source: rigzone.com (opens in a new tab)1 sourcePermalink

Rows of steel crude oil barrels on a quiet industrial port dock with a distant tanker at dawn under overcast skies.
Photo: Conrad Marshall / Pexels (opens in a new tab)