Oil Industry News
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Backbone of Iran's oil industry Kharg Island 'totally obliterated', says Trump
“Moments ago, at my direction, the United States Central Command executed one of the most powerful bombing raids in the history of the Middle East and totally obliterated every military target in Iran's crown jewel, Kharg Island,”…
Suhail Al Mazrouei reviews emergency response readiness at Fujairah Oil Industry Zone
WAM - Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, conducted a site visit to the Fujairah Oil Industry Zone (FOIZ) to review the response measures taken following the fire incident that recently occurred at one of the zone's…
Iran unleashes oil shock to blunt U.S. firepower
Long before the U.S. and Israel attacked Iran, the Islamic Republic had devised its own weapon: holding the world's main oil lifeline hostage to offset its foes' military superiority, three regional sources familiar with Iranian planning said. For…
U.S. targets high oil price by allowing Moscow to sell sanctioned oil
March 13 (UPI) -- The U.S. Treasury Department issued a 30-day license temporarily allowing Russian oil already loaded onto sanctioned tankers to be sold in the international market as part of an effort to ease an acute supply disruption due to the…
Gulf oil shock deepens crisis for Asia's petrochemicals industry
Our digitised version of the FT newspaper, for easy reading on any device. FT Digital Edition: our digitised print edition Global news & analysis Expert opinion Translate instantly to 26 languages Lex: FT's flagship investment column FT Magazines…
The homeowners hit by a sudden hike in the cost of heating oil
Lewis Adams and Mousumi Bakshi, Essex Tucked away in the leafy Essex countryside, the last thing David Coverdale thought when he ordered heating oil for his home was the breakout of war. But the effects of the conflict in Iran, almost 3,000 miles…
Chancellor to offer support over rising heating oil costs
Katy Austin,political correspondentand Chancellor Rachel Reeves is to offer a package of support to households struggling with higher heating oil costs following the global impact of the US-Israel war in Iran. In an interview with the Times, Reeves…
The Latest: Trump threatens Iran's oil infrastructure after US bombs island military sites
President Donald Trump said U.S. forces on Friday “obliterated” targets on Iran's Kharg Island, which is home to the primary terminal that handles the country's oil exports. The speaker of the Iranian Parliament had warned that such…
US eases sanctions on Russian oil in bid to ease energy crisis
The United States has issued a 30-day waiver, allowing countries to purchase sanctioned Russian oil and petroleum products currently stranded at sea without incurring US tariffs. This measure, announced by the Trump administration, aims to calm…
U.S. intensifies strikes, rhetoric in Iran war as oil rises
The U.S. said it had further stepped up strikes on Iran as both sides in the war threatened to escalate a conflict hitting its two-week mark that has upended energy flows and financial markets. 'They're going to be hit. They can talk all they want…
Military targets on Iran's key oil export island 'totally obliterated', Trump says
Earlier, we started getting details about an attack on the US embassy in Iraq's capital, Baghdad. A missile struck the building, causing smoke to rise from the embassy's building, Reuters reported, citing sources, without providing details on the…
Oil crosses $100 as tanker path corrected
LONDON: Brent crude climbed past $100 a barrel on Friday as it became clear an Indian tanker did not sail through the Strait of Hormuz, but had departed from Oman east of the strait, which has been closed since the US-Israeli war against Iran…
Military targets on Iran's key oil export island 'totally obliterated', Trump says
Qatar's interior ministry made an announcement earlier saying it was evacuating a number of areas as a precautionary measure. The nature of the threat is still unknown at this stage, but Qatar did intercept two missile attacks overnight and this…
Oil Really Could Hit $200 a Barrel
The Iran war has already created the “largest supply disruption in the history of the global oil market,” according to the International Energy Agency, and the situation could still get much worse. Iran has vowed to sink any ship…
Global oil markets face historic levels of disruption
CNN's Tom Foreman explains the impact the closure of the Strait of Hormuz is having on U.S. gas prices.
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