Oil Industry News
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Oil prices fall on hopes Strait of Hormuz could reopen
Michael Race Business reporter, New York Oil prices fell to a three-week low on Tuesday as senior US officials raised hopes of a deal with Iran to reopen the key Strait of Hormuz waterway. US Secretary of State Marco Rubio and Treasury Secretary…
Trump blames Big Oil as gas prices threaten Republican midterm hopes
President Donald Trump is demanding that oil companies lower gasoline prices after reporting strong profits during the Iran war, arguing that energy giants have benefited from conditions that continue to strain American consumers. Industry experts…
Oil profits boom on 'war bonus' as Trump blasts energy giants for 'making too much money' - business live
Oil prices are now falling again after the US treasury secretary Scott Bessent said that a deal could be struck “today or tomorrow” to reopen the strait of Hormuz. Speaking to CNBC, Bessent said: We are in talks with…
Top India Oil, Gas Producer Beats Profit Estimate on Price Surge
Oil and Natural Gas Corp. 's first-quarter profit exceeded estimates as higher crude oil and natural gas prices, along with a weaker rupee, offset lower production. The New Delhi-based explorer's net income more than doubled in the quarter ended…
Emerging Markets Stay Under Pressure as Iran Impasse Lifts Oil
Emerging-market stocks and currencies stayed under pressure as the lack of progress on US-Iran talks lifted oil prices back above $86 a barrel. MSCI's emerging FX gauge ticked lower versus the dollar for a second day, with the currencies of oil…
Oil Falls Amid Prospects for Reopening of Strait of Hormuz
2340 GMT — Oil falls in early Asian trade amid prospects for reopening of the Strait of Hormuz, a key waterway through which one-fifth of the world's oil is transported. Iran appears to be “nearing an understanding with Oman over the…
Bankrupt Britain needs to tap into North Sea oil gold, says Donald Trump
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. Donald Trump has said he thinks he and Andy Burnham are…
Trump slams oil companies for 'making too much money' from his war on Iran
Donald Trump has criticised oil companies for “making too much money” from the global energy market disruption caused by his war on Iran. Brent crude had been trading at about $70 (£52) a barrel before the first US-Israeli…
Stocks mixed as Seoul stabilises, oil prices rise with eyes on Mideast
Stocks stabilised in Asia on Tuesday after last week's tech-led rollercoaster ride as investors tracked a record day on Wall Street, while oil prices edged up after their recent plunge with Donald Trump and Iran giving conflicting views on peace…
Gelsenkirchen Sale Trims Oil Giant BP's Refinery Holdings To 5 Sites
The Ruhr Oel GmbH BP refinery in Gelsenkirchen, Germany. (Photo: Ina Fassbender) Global energy giant BP (LON: BP) has trimmed its refinery portfolio down to just five sites following the completion of a sale of one its facilities in Gelsenkirchen…
Opinion | Trump vs. Big Oil
No one ever said attacking Iran would be cost-free. No reasonable person blames anyone but Iran for its attacks on ship traffic through the Strait of Hormuz. And we can all blame U.S. politicians and regulators for the limits of American refining…
Stocks rise despite Iran tensions, oil up, yen eases
Aug 4 (Reuters) - European stocks climbed alongside U.S. futures on Tuesday, although a rebound in oil prices underscored market scepticism that the U.S.-Iran war would be resolved quickly through diplomacy. Meanwhile the yen eased slightly, but…
Trump says oil companies should cut gas prices after making 'too much money'
President Trump on Monday urged U.S. oil companies to take action to ease gasoline prices, saying that the energy giants 'made too much money' from high oil prices due to the Iran war. Mr. Trump's remarks come as Brent crude, the international…
Price of olive oil expected to rise again as European crops feel the heat
Farmers across Europe are warning of a slump in food production and rising prices as crops from maize to salads suffer as a result of extreme heat, drought and wildfires. Olive groves have also been hit as the climate crisis drives temperatures…
Big Oil's Big Wartime Profits
Never miss an episode. Follow The Big Take daily podcast today. US crude prices fell below $80 for much of the day Monday as oil traders factored in a potential deal to reopen the Strait of Hormuz. But even as reports of imminent peace deals or…
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