Oil Industry News

Oil and gas industry expected surplus - but war brought shortage

In 2023, the International Energy Agency predicted that by 2028 the world's oil companies would produce more oil than people wanted to buy. Prices responded to that and similar projections of slowing oil demand, dropping too low to attract…

Supreme Court Weighs Shield for Oil Companies as New Term Opens

A yearslong legal campaign to hold the oil industry accountable for climate change risks running aground in the US as the Supreme Court takes up a case that threatens to undercut dozens of lawsuits. The justices open their new term Monday with a…

Ukraine persists with Russian oil refinery strikes, defying Trump on fuel price warnings

Ukraine is pressing on with strikes on Russian oil refineries, defying Donald Trump, who blames the attacks for exacerbating a global diesel shortage and pushing up fuel prices. Kyiv struck an oil facility in Russia's southern Samara region…

Current price of oil as of Oct. 1, 2026

Shale executives say Iran war is sowing chaos in oil markets - TT

Pump jacks in Midland, Texas. (Kaylee Greenlee/Bloomberg) Oil bosses in the U.S. are expressing frustration with their inability to plan for the future amid chaos and instability in global crude prices due to the war in Iran. In a series of…

Exclusive | Democratic Senators Challenge Trump Officials on Pentagon's Venezuela Oil Deal

Senate Democrats are challenging the legality and prudence of the Pentagon's plan to take a stake in a Venezuelan oil company, laying the groundwork for a potential probe into the arrangement. The Pentagon's deal for a position in North American…

Oil prices top $100 again as 7-month Iran war continues - TT

Diesel prices are displayed at a gas station in Carlsbad, Calif. (Gregory Bull/AP/file) Brent crude, the international standard, topped $100 a barrel again. Oil prices have been swinging wildly in recent months amid uncertainty about when the war…

Why oil is still trading near $100 even though Gulf exports have recovered

Oil exports from the Persian Gulf have largely recovered to their 2025 average levels, but oil prices remain stubbornly high. On Thursday, international benchmark Brent crude oil futures were trading around $97 a barrel after surging during the…

More Oil Moves Through Hormuz, but Supply Still Looks Tight

Benchmark Brent crude futures rose to around $100 a barrel today, building on gains of about 8% over the month of September that came in spite of a recovery in Middle East oil flows. Meanwhile, dated Brent, the benchmark that reflects oil for…

Commodities: Oil Falls As Middle East Supply Fears Ease

Oil prices edged lower in early trading, with NYMEX WTI remaining below $90/bbl as recovering Middle East export flows helped ease supply concerns. US natural gas prices fell nearly 2% day-on-day, with Henry Hub futures slipping below $3/MMBtu. LME…

Live: ASX to fall, price of oil surges

ASX futures: -0.5% to 8765 points ASX 200 (Wednesday close): 8,789 points Australian dollar: +0.04% to 69.5 US cents Wall Street: Dow Jones (-0.95%), S&P 500 (-0.25%), Nasdaq Composite (+0.23%) Europe: Stoxx 600 (-0.5%), DAX (+0.79%), FTSE (-0.5%)…

New UK gas and oil projects are a 'no-brainer', says EDF boss

New oil and gas projects are a “no-brainer” that pose “no contradiction” to the net zero agenda, according to the head of EDF Energy. Simone Rossi has joined a string of renewables leaders in making the case for more…

Oil falls as Middle East exports recover easing supply worries

Worries over supply disruptions eased after Saudi Arabia resumed oil tanker ​loadings from its Red Sea port of Yanbu. Traders continue to keep a close eye on developments in the Middle East amid concerns that a lasting resolution to the Iran…

AI optimism is fueling tech stocks amid rising oil prices and bond yields - National

Strength for artificial-intelligence stocks is helping the U.S. market to hold firmer on Thursday, even as pressure from the bond market continues to rattle financial markets worldwide. The S&P 500 rose 0.3 per cent and was on track to break a…

Supreme Court case could crimp states' ability to sue oil and gas firms over climate change

In early 2018, Boulder County, Colorado, filed a lawsuit against oil major Exxon Mobil and Suncor Energy, accusing the companies of public and private nuisance, trespassing, unjust enrichment, and civil conspiracy related to their alleged…