Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Iran conflict cuts global oil demand, the International Energy Agency says
Global oil demand is on track to post its first annual decline since the Covid-19 pandemic as the US-Iran war has severely disrupted Middle Eastern oil production and exports, the International Energy Agency (IEA) has said. The Middle East…
Oil Product Markets Are the Real Hormuz Pain Point
This article is for subscribers only. Welcome to our guide to the commodities driving the global economy. Today, Europe oil markets team leader Alaric Nightingale looks at the persistent shortages in refined fuels in light of the Iran war. The…
Ukrainian drones batter Russian oil facilities and set more oil tankers ablaze
Ukraine's drone strikes on oil refineries and other infrastructure across Russia have triggered a widespread fuel crisis with gasoline shortages and rationing in multiple regions and motorists waiting for hours to fill their tanks. Moscow has…
Delta says higher airfares expected to last despite drop in oil prices
Delta Airlines saidelevated airfares are likely to last despite a recent drop in oil prices, reporting strong appetite for travel and record-high revenue in its quarterly results Friday. Though the company had its highest quarterly fuel expense in…
Vanguard Buys Inflation-Protected Bonds on an Oil-Market Oddity
Unusual moves in an oil-market gauge are prompting Vanguard Asset Management Ltd. to buy insurance against stickier-than-expected US inflation. Gasoline prices have fallen, but they've failed to match the sharp slump in crude since the fragile…
Oil Tankers Still Cross Hormuz on Oman Side Despite Flare Up
At least two oil supertankers, both controlled by the same company, appeared to cross the Strait of Hormuz on a US protected route through the waterway, despite conflict reigniting in the region this week. The Nissos Kea popped up inside the…
Oil prices drift after unclaimed airstrikes - TT
A cargo ship is pictured off the Gulf of Oman on June 28. (AFP/Getty Images/Bloomberg) Oil prices are drifting toward a quiet finish to the week after earlier fireworks on worries about the war in Iran. A series of unclaimed airstrikes hit Iran…
Sinokor Oil Tankers Wait Near Saudi Arabia as Iran War Reignites
At least four oil supertankers controlled by South Korea's Sinokor Group are stationed near Saudi Arabia's main Persian Gulf export facility, vessels that may offer clues into shipowners' perceptions of the safety of the Strait of Hormuz after…
Markets Wrap: Oil Rises, Tech Falters: What Investors Need to Know
Bloomberg senior reporter John Stepek is joined by co-editor of Bloomberg's Markets Today blog, Morwenna Coniam to discuss the ever changing status of the Iran ceasefire and the resulting impact on oil prices and bond yields. They also highlight…
Reforms help Africa's oil giant rebound
As world petroleum supplies remain squeezed, Nigeria is stepping up in a big way. In June, its privately owned Dangote Petroleum Refinery – the largest in Africa – overtook the United States to become Europe's largest external…
Oil Softens, U.S. Tech Futures Lower Ahead of SK Hynix Float
U.S. stock futures were mostly lower in early European trade, while oil continued to pull back from its midweek spike following reports that peace talks between the U.S. and Iran are continuing. Nasdaq futures were lower and European technology…
Oil Falls on Prospects U.S.-Iran Tensions May Be Contained
2347 GMT — Oil falls in early Asian trade on prospects that the U.S.- Iran tensions may be contained. There are “expectations of limited military attacks between the U.S. and Iran,” ANZ Research analysts say in a research…
Why fuel prices stay high as oil prices steady
Crack spreads — energy industry measures of the gap between crude prices and refined products like diesel — have soared in recent days as the global fuel picture is increasingly determined by global politics and war. Why it matters:…
Oil heads for weekly gain as Middle East supply risks persist
Oil prices have eased but remain on track for weekly gains as renewed US-Iran fighting disrupts shipping in the Strait of Hormuz, stoking concerns over supply disruptions, Reuters reports. Brent futures are down 68 cents, or 0.9 per cent, at $75.62…
How a Week of Tanker Attacks Exposed an Oil Market Already Bracing for Glut
If you wanted a single week to illustrate how disconnected headline geopolitics has become from the oil market's underlying direction, this was it. On Tuesday, tankers came under attack in the Strait of Hormuz. If you wanted a single week to…
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