Socar Inc.

Brent crude fell back to around $80 per barrel after renewed optimism over a potential US-Iran draft agreement eased geopolitical fears, even as President Trump criticized US refiners for high fuel profits. Comments from US Treasury Secretary Scott Bessent and Qatar's Foreign Ministry about a draft agreement being drafted buoyed hopes for a diplomatic resolution to the US-Iran conflict. Trump accused ExxonMobil and Chevron of making too much money and told them to give some of that money back to the public, while the 3-2-1 spread has doubled since early March to $60 per barrel. The average US gasoline pump price has dipped to $4.08 per gallon as of August 4, up 30% from a year ago. Separately, Shell agreed to sell its European onshore renewables portfolio to TotalEnergies, BP completed the divestment of its Gelsenkirchen refinery in Germany, and SOCAR bought out Itochu's 3.65% operating interest in the Azeri-Chirag-Guneshli offshore field.