An explosion occurred at a gas facility in Venezuela, resulting in injuries to six workers, according to reports. The incident highlights ongoing operational challenges in the country's energy infrastructure.

Separately, Venezuela has begun pitching new oil contracts to drilling companies as part of efforts to restart discussions with international operators. This development comes as the country seeks to revitalize its oil sector amid ongoing economic challenges.

In trading markets, BP plans to reduce its pipeline gas trading team as the company shifts focus toward liquefied natural gas operations, sources familiar with the matter reported. The move reflects broader industry trends toward LNG as a growing segment of global energy trade.

Financial markets saw several notable developments, with traders now viewing the Federal Reserve's next interest rate move as likely to be an increase rather than a cut, following recent inflation data. This shift in expectations comes as bond markets globally have experienced selling pressure.

Additionally, Argentina's state oil company YPF has registered a proposed $25 billion oil project for the country's RIGI incentive program, aimed at attracting large-scale investments. Meanwhile, a small financial group with connections to the Trump family is reportedly planning a $200 million Venezuela-focused SPAC deal, according to Financial Times reporting.