Oil Industry News
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Qatar condemns 'dangerous' attack on oil industry facilities in southern Iran
Some facilities belonging to Iran's oil industry in South Pars and Asaluyeh were attacked on Wednesday, semi-official Tasnim news agency in Iran reported. Tasnim said petrochemical facilities in South Pars were targeted, adding that the extent of…
Vice President Vance to meet with oil industry as White House plans more actions to address fuel prices
Vice President JD Vance and Energy Secretary Chris Wright will meet Thursday with the oil industry. The White House will announce more actions to address fuel prices, Vance said. Diesel prices have topped $5 per gallon for the first time since 2022…
Oil rockets to $108 a barrel as 'markets hit panic mode
Oil prices have soared to nearly $110 per barrel amid Iranian reports that a facility in the world's largest natural gas field has been hit in an airstrike. Brent oil was quoted at 108.21 dollars a barrel at the time of the London equities close on…
Daily on Energy: Jones Act waived, the latest on oil prices, and Cuba pushes back
This week, the administration is getting creative with solutions aimed at bringing down prices. It also issued a general license allowing U.S. companies to buy oil directly from PdVSA, further easing Venezuelan sanctions.
Both sides in Iran war ratchet up attacks on energy facilities, as oil prices surge
DUBAI, United Arab Emirates — Israel kept up its campaign of targeting Iran's leaders on Wednesday, killing the country's intelligence minister, and an Iranian offshore natural gas field was struck in a sign of the war's mounting pressure…
A top energy consultant says oil prices could spike above financial-crisis records and spark an economic downturn
The pain in oil markets can continue, according to a top energy consultant who thinks the price of crude could soar to levels last seen during the 2008 crisis. Bob McNally, the president of Washington, DC-based Rapidan Energy Group and a former…
Why oil and gas prices are up despite US 'energy independence
It is true that, in the first Trump administration, the U.S. began, for the first time in decades, producing more energy than it consumes, and exporting more energy than it imports. But that is not the same as saying that the U.S. does not need…
Oil prices dip after Iraq resumes oil exports via pipeline to Turkey
Oil prices fell early Wednesday as the resumption of some crude exports from Iraq eased fears about restricted supplies from the war-torn region. U.S. West Texas Intermediate crude futures dropped 1.7% to $94.60 a barrel, while Brent crude futures…
Iran oil Etc
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U.S. eases sanctions on Venezuelan oil as Trump seeks to boost world oil supply during Iran war
Separately, the White House said Trump would waive, for 60 days, Jones Act requirements for goods shipped between U.S. ports to be moved on U.S.-flagged vessels. The 1920s law, designed to protect the American shipbuilding sector, is often blamed…
Iran oil flows from Strait of Hormuz with US blessing-for now
It was business as usual this week for Iran's oil industry despite daily airstrikes by the United States and Israel including the recent targeted bombing of the country's main export hub. Newsweek reported this week that suspected Iranian tankers…
Trump launches frantic bid to tame oil chaos but there's fatal flaw
Donald Trump has launched a frantic bid to tame spiraling oil prices by temporarily waiving a century-old shipping law that bars foreign-flagged vessels from carrying cargo between US ports. The 60-day Jones Act waiver suspends a 1920 law designed…
Trump waives US shipping law for oil and gas in bid to lower prices
Donald Trump is trying to make it easier for foreign tankers to move around the US, temporarily allowing foreign-flagged ships carrying oil and gas to travel between US ports, the White House announced Wednesday. The move comes as the president…
U.S. Crude Oil Inventories Rise by 6.2M Barrels
Commercial crude-oil stockpiles, excluding the Strategic Petroleum Reserve, rose by 6.2 million barrels to 449.3 million barrels in the week ended March 13, and were 1% below the five-year average for the time of year, the EIA said. Analysts…
Trump's Jones Act waiver: How oil prices could be impacted
President Donald Trump will issue a 60-day waiver of the Jones Act in its latest effort to curb rising gas prices amid the war in Iran, press secretary Karoline Leavitt announced on Wednesday. “President Trump's decision to issue a 60-day…
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