The May’25 Brent crude futures rose to $71.40/bbl on Thursday morning before dropping to $70.75/bbl by 10:30 GMT (time of writing). In the news, a North Dakota jury ordered Greenpeace to pay over $660 million to Energy Transfer Partners for defamation and business interference linked to protests against the Dakota Access pipeline, though Greenpeace plans to appeal. Climate activist group Follow This is urging BP investors to vote against Chairman Helge Lund’s reappointment, protesting the company’s shift away from its clean-energy strategy without shareholder approval. Oil executives met with President Trump to push for faster permitting and regulatory rollbacks, focusing on industry-friendly policies rather than discussing falling crude prices. President Trump is considering extending Chevron’s license to pump oil in Venezuela while exploring financial penalties on countries buying Venezuelan crude, as CEO Mike Wirth lobbies for a reprieve amid geopolitical and economic tensions. Fed Chair Jerome Powell downplayed economic risks and called the inflationary impact of tariffs “transitory,” reassuring markets but risking credibility if inflation proves more persistent. Finally, the front (May/Jun) and 6-month (May/Nov) Brent futures spreads are at $0.43/bbl and $2.35/bbl respectively.
