Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Trump, Iran trade threats on oil, energy targets
President Donald Trump over the weekend gave Iran until Sunday to “FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz” or the U.S. would “obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!” Trump…
Prosecutors Raid 4 Major Oil Refiners, Industry Association in Price-Fixing Investigation
Prosecutors raided the nation's four major oil refiners as part of an investigation into possible price collusion. Judicial sources told Yonhap News on Monday that the Seoul Central District Prosecutors' Office had begun searching SK energy, GS…
Daily on Energy: Trump punts on military strikes, oil down, and CERAWeek
Keep reading to see how energy prices are reacting to the president's announcement. Meanwhile, the Trump administration struck a deal with TotalEnergies to halt offshore wind projects and instead pay the company nearly $1 billion to shift toward…
IEA Says Energy Crisis Dwarfs 1970s Oil Shocks
The escalating conflict in the Middle East is delivering a sharper blow to global oil markets than the combined impact of the twin oil shocks of the 1970s, International Energy Agency Executive Director Fatih Birol said. “At that time in…
Oil pollution causes 'nauseating' stench in Market Harborough
Dan MartinLeicester political reporter The Environment Agency is clearing up a large amount of oil that has polluted a ditch near homes in Market Harborough. Residents who live in the area said they believe the oil was discharged into a gully on…
Oil Futures Tumble 14% After Trump's Iran Comments
Oil futures swung sharply after President Donald Trump said he held discussions about ending the conflict with Iran, though Tehran denied any such dialog. Brent crude fell as much as 14% shortly after Trump made the announcement on his Truth Social…
Oil Is Market 'Singularly Focused' on Hormuz, Vitol Says
Oil markets are currently pricing in the reopening of the Strait of Hormuz sooner rather than later, according to Ben Marshall, CEO of Vitol Group in the Americas. Markets are “singularly focused” on when barrels start flowing through…
Commentary: Global oil crisis makes the case for renewable energy
In 1979, President Jimmy Carter installed solar panels on the White House and introduced an ambitious solar strategy to Congress. This came on the heels of the oil shocks of the 1970s caused first by the Yom Kippur War between Israel and Arab…
Oil Price Rise Hasn't Destroyed Demand, U.S, Energy Secretary Says
U.S. Energy Secretary Chris Wright said Monday that while oil prices have risen as a result of the war in the Middle East, they haven't gone high enough to generate significant demand destruction. U.S. benchmark crude futures were down 10% to about…
Oil prices retreat and markets pull out of nosedive on US-Iran talk hopes
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. Oil prices have eased back and financial markets pulled…
World heading for energy crisis 'worse than 70s oil shocks and Ukraine combined'
The head of the International Energy Agency (IEA), Fatih Birol, warned that the war in Iran's impact on global energy supplies will surpass the combined effects of the two 1970s oil crises and the war in Ukraine. Birol stated that world leaders…
Iran Will Overshadow Everything Else at Houston Oil Forum
This article is for subscribers only. Welcome to our guide to the commodities driving the economy. Today, Simon Casey, managing editor for energy and commodities in the Americas, looks at what's in store at CERAWeek as the Iran war continues to…
Markets tumble and oil prices rise as global focus remains on Strait of Hormuz
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. Financial markets fell sharply and oil prices extended…
Stock Futures Soar, Oil Drops Sharply
Brent crude futures fell more than 10%, dipping below $100 a barrel for the first time in days.
Donald Trump's oil crisis will come for you too
As the war in Iran trudges into a fourth messy week, several facts dominate. The first, and most immediately obvious, is that things don't appear to be getting any better for its instigators. Strikes and counter-strikes targeting energy…
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