Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
The Iran war has broken the oil market's $100 barometer
Global oil prices have been stuck near $100 a barrel — much lower than some expected, given what the International Energy Agency has called the “largest supply disruption in the history of the global oil market.” Wall Street…
Watch Oil Market Completely Broken
Oil climbed after renewed clashes between US and Iranian forces which has jeopardized the outlook for a deal to end the war. The Strait of Hormuz has been effectively closed since the start of the war triggering an energy supply shock. Vandana…
China's Invisible Hand Is Rebalancing the Oil Market
Facing an unprecedented shortage, the oil market is pulling every available lever to rebalance supply and demand. Some are well known: bypassing the Strait of Hormuz using pipelines, releasing emergency stocks and allowing high prices to kill…
New Oil Shock Prompts Asian Governments to Intervene in Markets
This article is for subscribers only. I'm James Mayger, an economics and government reporter in Canberra. Today we're looking at Asia's energy scramble. Send us feedback and tips to. And if you aren't yet signed up to receive this newsletter, you…
From oil giants to banks: The companies making billions from the Iran war
Archie MitchellBusiness reporter As households across the globe count the costs of the US-Israel war in Iran, some companies have been counting bumper profits instead. The uncertainty sparked by the conflict, and Iran's effective closure of the…
Oil and gas trade will never be the same after the Iran war
As insecurity persists in the Strait of Hormuz, the impact of the U.S.-Israeli war with Iran is likely to permanently reshape the international energy order. Even if peace were to emerge tomorrow—and few expect it will, particularly given…
US stocks rise to records after a solid jobs report overshadows higher oil prices
NEW YORK (AP) — The U.S. stock market rose to records Friday following the latest sign that the nation's job market is doing better than economists expected. The S&P 500 climbed 0.8% to an all-time high after a report said U.S. employers…
ASEAN summit ends with only a push to fast-track oil share pact
Myanmar's Permanent Secretary of the Ministry of Foreign Affairs U Hau Khan Sum, Malaysia's Prime Minister Anwar Ibrahim, Thailand's Prime Minister Anutin Charnvirakul, East Timor's Prime Minister Xanana Gusmao, Vietnam's Prime Minister Le Minh…
Asian Equities Fall, Oil Rises as U.S.-Iran Exchange Fire -- Update
There is 'a more risk-off mood, with sporadic media headlines leading to investor doubts about a solution' to the U.S.-Iran conflict, said Gavin Friend, senior markets strategist at National Australia Bank, in commentary. Stock markets across Asia…
Oil Prices Dip After Attacks Imperil Ceasefire With Iran - TT
Containerships sit at anchor in the Strait of Hormuz off Bandar Abbas, Iran, on May 2.(Amirhosein Khorgooi/ISNA via AP) HONG KONG — World shares retreated and oil prices fell back Friday as the fragile ceasefire with Iran was strained by…
Oil Back Above $100, U.S. Futures Up as U.S.-Iran Tensions Escalate
Brent crude oil rose back above $100 a barrel after the U.S. and Iran exchanged military strikes in the Strait of Hormuz, further threatening an already fragile cease-fire. Iran launched attacks at American warships in the strait, the U.S. said…
Aramco, Adnoc Sneak Oil Through Hormuz as Iran Menaces Strait
Saudi Arabia's Aramco Trading Co. and the UAE's state oil company Adnoc are among firms that have moved crude cargoes through the Strait of Hormuz since Iran effectively closed the waterway, according to people familiar with the situation. While…
S-Oil Set to Post Stronger First-Quarter Profit -- Earnings Preview
NET PROFIT FORECAST: The Saudi Aramco-controlled South Korean oil refiner is expected to post a net profit of 623.20 billion won, equivalent to $427.2 million, for the January-March period, according to a FactSet-compiled consensus forecast of six…
Nymex Overview: Oil Higher Despite U.S.-Iran Flare-Up, Set for Sharp Weekly Drop -- OPIS
June Nymex West Texas Intermediate crude futures were up 90cts to $95.70/bbl on Friday, and July WTI was about $1 higher to $92.10/bbl. London-based July ICE Brent was $1.70 higher to $101.80/bbl, and August Brent rose $1.45 to $97.85/bbl. For the…
Oil's Price Surge Spurs Nigeria's Flip From Discount to Darling
Nigerian assets are rallying across stocks, bonds and the currency as investor confidence builds in President Bola Tinubu's economic agenda. The nation's stock benchmark has climbed 63% this year in dollar terms, the best performance after South…
Receive a Daily briefing on Oil Industry News
Get Started