Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
New drones are giving Ukraine a battlefield advantage and ravaging Russia's oil industry
Ukraine's constant innovation in drone technology is giving its military an edge on the battlefield, dealing major blows to Russia's army and economy. While Russia invaded Ukraine four years ago with superior numbers, that advantage has since been…
Watch French Finance Minister Roland Lescure on Iran Ceasefire, Energy Shock, Oil, Economy
France's Lescure on Iran Ceasefire, Energy, Economy French Finance Minister Roland Lescure discusses the Iran war, energy markets and the economy. Lescure will join the International Monetary Fund meetings in Washington this week as policymakers…
BP Says Oil Trading Result Was 'Exceptional' as Prices Soared
BP Plc said its oil traders boosted first-quarter earnings as the Middle East conflict jolted energy markets. The oil trading result for the quarter is expected to be “exceptional,” the energy giant said in a trading update on…
BP hails 'exceptional' trading as oil prices soar in Iran war
BP expects to post “exceptional” earnings from its oil trading desk, reaping a windfall from choppy energy markets triggered by the US-Israeli war on Iran. Energy traders are navigating significant market volatility after Tehran's…
U.S. Hormuz blockade hits India just as Russian oil purchase waiver expires, deepening energy worries
India is increasingly finding that U.S. policies work to its detriment, particularly in matters of energy security. The U.S. blockade of the Strait of Hormuz to cut Iranian oil supply will hurt India, which imported its first Iranian oil shipment…
Ex-Nigerian oil minister denies taking bribes
Steve SwannSouthwark Crown Court A former Nigerian oil minister accused of being treated to luxury home stays and lavish spending sprees in the UK in exchange for granting government contracts has denied asking for or taking bribes. Diezani…
Binbrook church's heating oil stolen for second time
The theft of heating oil from a rural church for a second time is a 'kick in the teeth', officials have said. Philip Wallis, treasurer at the Church of St Mary and St Gabriel, in Binbrook, Lincolnshire, said a total of 500 litres (110 gallons) was…
Iran: Israel's Oil Depot Strikes Endanger Environment, Health
Israeli attacks on four oil depots around Tehran on March 7, 2026, may cause long-term health and environmental harm for civilians. Strikes on primarily civilian infrastructure causing foreseeable civilian harm are violations of international…
As oil prices surge, bringing back telework is common sense
The U.S. is now facing a major disruption in the global oil market caused by the Iran war. It is driving up gas prices, putting pressure on working families and the broader economy. Oil prices affect everything from farming to shipping to the cost…
Global Oil Demand to Fall in 2026, IEA Says
Global demand for oil is expected to contract this year as the effects of the Iran war limit oil supplies and push up prices, the International Energy Agency said. The IEA said in an oil market report published Tuesday that it has revised its…
Power play: Malaysia races to go green as Iran war squeezes oil supply
Malaysia is doubling down on renewables to secure its energy future, its deputy prime minister has said, as the government scrambles to mitigate the fallout from an escalating energy crisis triggered by the Iran war. Tehran all but shut access to…
What does a U.S. naval blockade of Iran mean for oil flows?
The U.S. military said it would block shipping traffic in and out of Iran's ports starting at 1400 GMT on Monday, a move that would prevent roughly 2 million barrels of Iranian oil a day from entering the world's markets, further tightening global…
Qantas lifts fuel cost forecast as Middle East war jolts oil markets
Australia's Qantas Airways said on Tuesday it has raised its fuel cost outlook and has not started its planned share buyback, citing sharply higher and volatile jet fuel prices after the war in the Middle East cut oil supply. SCROLL TO CONTINUE…
China's Oil and Gas Imports Shrink on Persian Gulf Disruptions
Chinese crude oil and natural gas imports fell in March, as the supply crunch in the Persian Gulf began to affect shipments. Crude purchases dropped 2.8% from the previous year to 49.982 million tons, although the figure was higher than February…
'A disturbing lack of integrity': Columbia students file complaint against energy thinktank taking big oil money
A thinktank at Columbia University is engaging in deceptive trade practices by hiding the extent of its financial ties to the fossil fuel industry, according to a first-of-its-kind administrative complaint filed by student activists and shared with…
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