Oil Industry News

Trump's big Venezuela deal leaves U.S. oil industry blindsided

President Donald Trump has boasted that his sweeping oil accord with Venezuela — effectively giving the U.S. control over much of the nation's crude wealth — is possibly “the greatest deal ever made.” Some U.S. oil…

What Trump's Venezuela Oil Grab Means for China

The Trump administration's deepening involvement in Venezuela — first with the ouster of longtime leader Nicolás Maduro and now with a deal to take a stake in its oil industry — could complicate China's strategy in Latin…

Argentina's government moves to enforce Falkland Islands oil sanctions

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. Argentina has moved to enforce a crackdown on…

Trump's Oil Deal Is the Monroe Doctrine With a Term Sheet: 100-Year Rights and Beijing Locked Out

When President Trump announced a major government investment in Venezuelan oil fields on August 28, it was and was not a shock. Ever since the raid that removed Nicolas Maduro from office (see Venezuela Promises to Be a Geopolitical Game Changer If…

Trump administration moves to fast-track oil drilling approvals in Alaska

The Trump administration announced Friday it was proposing to fast-track approvals for oil drilling projects in Alaska after a request from a trade group to do so. The Bureau of Land Management (BLM) issued a proposal that would seek to quickly…

Oil prices up sharply this week - TT

Both benchmark U.S. crude and Brent crude are up sharply this week, rising 8% to 9%. U.S. gasoline prices will be higher this Labor Day weekend than they have ever been at this time of year, according to AAA. Diesel hit an all-time high for any…

To take Venezuela's oil, Trump actually needs its democracy

Democracy is not merely a question of political legitimacy. For Venezuela, it is closely tied to the economic conditions needed to attract serious long-term investment. Companies committing billions of dollars to projects with investment horizons…

British firm defends Falklands oil extraction plans despite Milei threats

News from the City, market updates plus comment and analysis from our business desk I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice. A British-based oil exploration company has said it does…

Oil executives just accidentally exposed the industry's greatest weakness

Sometime in the next few months, Texas is set to issue its first permits letting the oil industry pour treated fracking wastewater into rivers and onto cropland. Five applications are currently pending, covering more than 18 million gallons of…

Current price of oil as of Sept. 4, 2026

Hedge Funds Hike Bullish Oil Bets to May High as Iran War Flares

Hedge funds turned the most bullish on Brent crude since May as a fresh spate of fighting between the US and Iran heightened concerns about prolonged disruptions to energy flows through the Strait of Hormuz. Money managers increased their…

A $1.6 Billion Quant ETF Pivots to Huge Oil Bet as Adviser Exits

A $1.6 billion trend-following ETF has had its outside adviser and both portfolio managers depart amid a prolonged shake-up that has seen the fund build an unusually large oil position. The Simplify Managed Futures Strategy ETF had been steered by…

Bessent Sees Oil as Low as $40 Post-Iran War, Taking Yields Down

Treasury Secretary Scott Bessent said oil prices will nosedive to as low as $40 a barrel once the Iran conflict is over, pulling down bond yields that have lately hit the highest levels in years. “We're going to get on the other side of this…

Group says 37 killed from fumes while trying to tap Nigerian oil pipeline

At least 37 people died after inhaling fumes as they tried to tap an oil pipeline in southern Nigeria, an environmental group said on Friday, though authorities have not confirmed the toll. The Youths and Environmental Advocacy Centre said the…

Asian Oil Buying Spree Sends Dubai Crude Toward $100

Stronger appetite for Middle Eastern crude grades from China and India has added upward pressure on prices for these grades, pushing the Dubai futures close to $100 per barrel, Bloomberg reported today, citing unnamed traders. Demand for Middle…