Oil prices fell sharply on Thursday, dropping more than 3% after U.S. President Donald Trump said that killings in Iran’s nationwide protests were subsiding and there was no immediate plan for large-scale executions, which eased fears of a U.S. military strike and potential supply disruption. Brent and U.S. crude erased much of this week’s gains as markets reassessed geopolitical risk, while rising U.S. inventories and resumed Venezuelan exports added bearish pressure. The pullback reflects a swift market shift from geopolitical fear to risk repricing amid global oversupply concerns.
Fuel prices in Tanzania could ease in 2026 due to weaker global crude prices driven by oversupply and improved domestic fuel logistics. Combined with infrastructure gains and stable pricing policy, motorists may experience more predictable and manageable pump prices, even if fuel remains imported.
French energy major TotalEnergies has entered into a 50-50 joint venture with Bahrain’s Bapco Energies to establish BxT Trading, a new trading entity focused on the Middle East market.
Exxon Mobil’s determination to keep its doors open to Venezuela even after President Trump publicly questioned its commitment highlights the fragile yet highly strategic tug of war between business opportunity and geopolitical pressure. With Washington pushing for massive private investment to rebuild Venezuela’s crippled oil sector following Maduro’s removal, Exxon and other U.S. oil majors are weighing enormous resource potential against unresolved legal disputes, past nationalizations, security concerns, and demands for stronger contractual guarantees. The situation sets the stage for a critical test of how far global energy companies are willing to go in navigating political risk, U.S. influence, and long-term profitability in one of the world’s most resource-rich yet uncertain oil markets.
Uganda and Tanzania are set to export crude oil through EACOP in October 2026, nearing a major regional milestone. The project promises significant economic benefits, including jobs, skills development, and regional trade, while addressing environmental concerns.
EACOP is set to be a game-changer for Uganda and Tanzania, creating jobs, skills, and trade opportunities while supporting Uganda’s economic transformation. The pipeline also reinforces Tanzania’s role as a strategic energy hub, with environmental safeguards in place to ensure responsible development.