Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Energy Up With Oil Futures -- Energy Roundup
Shares of energy companies rose alongside oil futures, which tested the psychologically significant $100-per-barrel level in New York. Oil rose by the largest weekly increment since July after Ukraine renewed attacks on Russian refineries, adding…
Oil reaches $110 per barrel
An international oil benchmark hit $110 per barrel on Friday, as the industry faces persistent shocks from the U.S.-Iran and Russia-Ukraine wars. © Kamran Jebreili, Associated Press file The price of Brent crude oil, the international…
Malaysia's palm oil industry steps up fire prevention efforts as 'Godzilla' El Nino fuels haze woes
KUALA LUMPUR: Malaysia's palm oil industry is stepping up efforts to prevent and manage forest fires as a prolonged drought driven by El Nino raises concerns over both crop production and the sector's environmental reputation. Industry players, led…
Centcom commander says naval blockade cost Iran $25B in oil revenue
The U.S. Central Command (Centcom) Commander Adm. Brad Cooper said on Friday that the U.S. naval blockade has cost Iran $25 billion in crude oil export revenue. © Kevin Wolf, Associated Press “As a point of emphasis, with the exception…
Oil hits $110 per barrel for first time since May
An international oil benchmark hit $110 per barrel on Friday, as the industry faces persistent shocks from the U.S.-Iran and Russia-Ukraine wars. The price of Brent crude oil, the international standard, hit $110 on the nose during Friday trading.
Oil tanker carrying 2M barrels hit in Strait of Hormuz as Iran sends warning
A taker carrying two million barrels of oil has been the latest victim of the Iran war after it struck a mine and caught fire in the Strait of Hormuz. In a statement reported by state media, the Islamic Revolutionary Guard Corps said that the…
Trump waives sanctions on Russian oil, relief for India
US President Donald Trump has issued a significant waiver from sanctions under the Sanctioning Russia and Iran Act, a move with potential implications for global oil markets and India's energy security. US President Donald Trump issued a waiver…
Daily on Energy: New England about to be socked with brutal heating oil costs
“I think that it's going to take a little bit of massaging, because there are some things in there that are going to be tough for some Democrats, and there's some things in there that are going to be tough for some Republicans. That's the…
Oil prices jump sharply, to nearly $110 per barrel
Oil prices jumped sharply Friday to their highest levels in weeks, as investors assessed the impact of both the Iran and Ukraine-Russia wars on global energy supplies. Brent crude oil spiked above $109 per barrel, its highest level since…
Oil hits $110 for the first time since May - TT
A pump jack near Imperial, Texas. (Mark Felix/Bloomberg) Oil prices surged Oct. 16 as traders repriced supply risks despite key waterway cargo volumes nearing prewar levels. Crude has risen more than 75% this year, while New York diesel settled at…
Alberta Achieves $1.6 Billion Surplus on Oil-Price Jump
Alberta achieved a C$2.2 billion ($1.6 billion) surplus in the fiscal year that ended in March amid a surge in oil prices due to the Iran War. It was the fifth straight surplus for the oil-rich province, it said in a press release Friday. The…
OPEC's Smallest Member Rewrites Oil Law to Encourage Exploration
African oil producer Equatorial Guinea will next week pass a new package of favorable terms for oil explorers, with the intention of increasing investment to halt the steep plunge in its output. OPEC's smallest member, where crude production has…
Trump's Foreign Policy Takes a Toll on Canadian Oil Prices
While the world continues to experience an oil-price surge, Canadian crude producers are failing to get top dollar for their barrels. The discount for Canadian heavy oil versus US supplies — a measure that's widely scrutinized by the oil…
A Volatile Week Ends with Tech Stocks Down, Oil Up
This is an edition of the Markets P.M. newsletter, a recap of the day's most important markets moves, delivered after the closing bell. If you're not subscribed, sign up here. Tech stocks slid. An up-and-down week for tech ended with a thud Friday…
U.S. Oil Prices Rise Back Above $100 a Barrel
U.S. crude oil prices rose for the seventh consecutive trading session Friday to end at their highest point in a month as escalating tensions in the Mideast rattled traders. West Texas Intermediate for November delivery ended at $101.41 a barrel…
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