Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Houthi gains in Yemen, attack on Saudi pipeline compound pressure on oil markets
Yemen's Houthi rebels seized more islands in the strategically crucial Bab al-Mandab Strait today and now control the west coast of the country on the Red Sea. In the meantime, a crucial pipeline in Saudi Arabia will be out of commission for weeks…
UK could 'unlock' 100 more oil and gas projects, say North Sea bosses
The UK could supply half of its oil and gas needs without imports if the government showed more support for the sector, an industry report claims. Offshore Energies UK (OEUK) said changes to the windfall tax on energy firms and approval of the…
UK could 'unlock' 100 more oil and gas projects, say North Sea bosses
Scotland environment, energy and rural affairs correspondent The UK could supply half of its oil and gas needs without imports if the government showed more support for the sector, an industry report claims. Offshore Energies UK (OEUK) said changes…
Oil Rises as Stabilizers in Crude Market Start to Weaken
0030 GMT — Oil gains in early Asian trade. Stabilizers in the global oil market appear to be weakening with China's crude oil imports edging higher and non-OPEC+ supply outside the Middle East likely to only come online in 2027, says…
Saudi Arabia could run out of oil for export within days as pipeline shut
Saudi Arabia will soon run out of oil to export if it does not restart quickly its major pipeline that was closed following drone attacks, it has been reported. The kingdom announced on Friday it had shut its East-West oil pipeline as a precaution…
Saudi Arabia appeals to US as pipeline closure and Houthis spike oil prices
The Houthis continued their advance on Monday, seizing two more key islands in the Bab el-Mandeb Strait, as the Saudis continued their appeals to the United States for further assistance. Saudi Crown Prince Mohammed bin Salman received U.S. Central…
Oil and Treasury yields haven't moved this closely in seven years. That's bad news for markets
Oil and 10-year Treasury yields are moving in near lockstep, with their correlation at its strongest since 2019. Higher oil could drive inflation and Treasury yields higher, tightening financial conditions and pressuring stocks and consumers.
Donald Trump chillingly claims US could keep Iranian oil 'like Venezuela
Donald Trump has threatened that the US could continue the war with Iran and keep its oil 'like Venezuela'. The US President spent his weekend in Ireland for golf but did not pass on talking about politics and his role in the Middle East war.
UK Government action could 'unlock' 100-plus oil and gas projects, say bosses
Get our award-winning daily news email featuring exclusive stories, opinion and expert analysis I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice. More than 100 new oil and gas projects could…
Asian shares trade mixed as markets continue to watch AI stocks and oil prices
Asian shares were trading mixed early Tuesday, after a rtificial-intelligence stocks slid overnight. Japan's benchmark Nikkei 225 surged 0.8% in morning trading to 63,993.22. Softbank Group, the Japanese giant that is a major investor of OpenAI…
China's oil demand could falter as Saudi pipeline shutdown raises costs
As the shutdown of Saudi Arabia's major oil pipeline tightens global crude supply, shipments to China remain relatively insulated in the near term, though rising prices and freight costs are set to dampen demand, according to analysts. Drone…
Oil prices up after new strikes on Saudi infrastructure
Oil prices on Monday leaped more than 4 percent after Yemen-based militant Houthis struck Saudi Arabia's infrastructure and ships, leaving one crucial pipeline out of service for weeks. The global benchmark for crude oil, Brent crude, settled at…
Costco imposes purchase limits on motor oil, hikes prices by nearly double
Costco set purchase limits and price hikes on motor oil as the company grapples with rising prices from global energy market disruptions. A case of two 5-quart bottles of Costco's Kirkland Signature full-synthetic motor oil now costs $57.99, a near…
Oil's 40% surge puts fuel costs in focus for airline, cruise industry (CCL:NYSE)
The cruise and airline sectors—both heavily impacted by the price of fuel—continue to move inversely to oil futures, trending lower on Monday in tandem with oil futures challenging $110 per barrel. Within the cruise industry, Carnival…
The Oil Market Needs a Quick Saudi Pipeline Restart
This article is for subscribers only. Welcome to our guide to the commodities driving the global economy. Today, reporter Alex Longley looks at the oil market repercussions from Saudi Arabia's closure of a key pipeline. Last week's hit to Saudi…
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