WTI (July) $84.88 -$2.83, Brent (Aug) $87.33 -$2.05, Diff -$2.45 -22c
USNG (July) $3.12 +3c, UKNG (July) 105.44p -8.2p, TTF (July) €43.95. -€3.295

Oil price

As I write Oil is down around 4 and a half dollars with WTI at $80.32 and Brent at $83.06 which after losing $5.66 and $6.42 last week is a bet that the ‘deal’ between the USA and Iran will bring a 60 day ceasefire to be signed maybe on Friday. But it won’t happen in a flash, LNG and refining assets will take a while to get back to pre-war status.

It is hoped that the Strait of Hormuz will reopen shortly after that and oil markets can rebuild stocks in both crude oil and products. Should and it’s a big should, the deal mean that an agreement can be made with regard to Iranian uranium stockpiles, and word is that they have been hiding them in mountain tunnels, it will be the end of a war and that Trump will have backed down, what a surprise…

Union Jack Oil 

Union Jack has confirmed that the Board of the Company received a non-binding indicative offer letter from Reabold Resources plc on 1 June 2026 regarding a possible all share offer by Reabold for the entire share capital of Union Jack.

The Board has evaluated the Proposed Transaction with its advisers and has provided due diligence access to Reabold. Discussions with Reabold are ongoing and there can be no certainty that any offer will be forthcoming or proceed, nor as to the terms of any such offer.

Union Jack shareholders should take no action at this time. A further announcement will be made as and when appropriate.

There is obviously nothing I can add at this stage with no details or any comments, I will add something when appropriate.

Reabold Resources

Reabold has noted the announcement made by Union Jack earlier today and confirms that it is in discussions with the board of Union Jack regarding an all-share offer by Reabold for the entire issued and to be issued share capital of Union Jack. Reabold believes that the combination of the two complementary companies would create a group with greater scale, superior access to capital and other compelling operating efficiencies. 

A further announcement will be made if and when appropriate. Shareholders are advised to take no action at this stage. There can be no certainty that any firm offer will be made, nor as to the terms of any offer, should one be made.

Again, until things unfold I can’t add much, I have noted the modest details in the announcement and also that whilst there haven’t been many, if any agreed deals in the sector that should not preclude it happening if it is in the best interests of shareholders. 

Original article   l   KeyFacts Energy Industry Directory: Malcy's Blog