Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
IRGC Warns Gulf States It Won't Hold Back From Hitting Oil Industry Targets
“The regional partners of the United States must know that until today, it has exercised considerable restraint and acted according to the principle of good neighborliness,” the IRGC said in a statement posted by the semi-official…
House panel convenes to discuss relief package amid oil, energy crisis
MANILA, Philippines – House lawmakers meet on Wednesday, April 8, to discuss the possible relief package by Congress in response to the oil and energy crisis driven by the situation in the Middle East. The House ways and means committee, led…
What US strikes on Iran's oil hub on Kharg Island could mean for the energy market
A tiny island in the Persian Gulf has emerged as a key focus during the Iran war due to its crucial role in the global oil trade. The US struck Iran's Kharg island ahead of Donald Trump's Tuesday night ceasefire deadline, according to reports. The…
FTSE 100 Live: Markets bounce on Iran ceasefire, oil price slides
The price of Brent crude has fallen 14% to $93.93 a barrel after Iran agreed to reopen the Strait of Hormuz as part of a two-week ceasefire agreement with the US. The closure of the strait has cut about 20% from global oil and LNG supplies, causing…
Reform vows to restart drilling for oil and gas in the North Sea
Reform UK has vowed to resume drilling in the North Sea for oil and gas to help the UK produce its own energy if it wins the next election. Nigel Farage 's party pledged to use Britain's 'energy treasure' to create jobs, boost growth and cut bills…
Oil prices make stunning plunge and stock futures surge post-ceasefire
Oil prices dropped across the board on Tuesday after Donald Trump announced a two-week ceasefire with Iran that would see the reopening of the Strait of Hormuz. After Trump posted about the stoppage on Truth Social, US crude oil slid 18 percent to…
Whether oil and gas, or green tech, India depends on imports
The conflict in the Middle East is pushing India, which imports 80% of its oil and gas, to accelerate its shift to renewables, but the country is also dependent on imports for the minerals and rare earth metals needed to power its green transition.
The US refinery now processing Venezuelan oil
Samira Hussain,Business correspondentand Nathalie Jimenez,Pascagoula, Mississippi The Minerva Gloria is docked at a wharf in the Mississippi Sound, not far from the US's vast oil reserves in the Gulf of Mexico. The ship, 820ft (250m) long, painted…
Oil prices make staggering drop and stock futures surge after Trump's ceasefire
Oil prices plunged across the board yesterday after Donald Trump declared a two-week ceasefire with Iran. The stoppage will see the reopening of the Strait of Hormuz, and so US crude oil has slid 18 percent to less than $93 (£70) a barrel…
Keir Starmer ordered to stand up to Ed Miliband over North Sea oil as energy bills rise
Half of Britons want Labour to change policy and allow new oil and gas exploration Pressure is mounting on Sir Keir Starmer to end the ban on new North Sea oil and gas exploration, with fewer than three out of 10 people backing the Government's…
Oil Falls, US Stock Futures Gain on Ceasefire Bets: Markets Wrap
Oil slumped and US stock futures gained on optimism over a potential diplomatic resolution to the Iran war. West Texas Intermediate fell as much as 5.2% to near $107 a barrel at Wednesday's open after US President Donald Trump said he was in…
UK opening new oil and gas fields would imperil global climate goals, experts say
Opening new oil and gas fields in the North Sea would “send a shock wave around the world”, imperilling international climate targets, undermining the UK's climate leadership and encouraging developing countries to exploit their own…
TACO time: Oil tumbles and stock futures climb after Trump's last-minute ceasefire
Oil tumbled and stock futures surged after President Trump announced a two-week ceasefire with Iran. It's yet another example of the president triggering a relief rally in markets by reversing course on an ultimatum. The deescalation is welcome…
US Emergency Oil Heads to Distant Peru With Decades-Old Energy Flows Upended
Oil from the US emergency reserve is heading to unlikely destinations as the biggest crude-market disruption in history upends decades-old global energy flows. Peru's state-owned oil refiner, Petroleos del Peru SA, has contracted to buy almost half…
Oil prices slide after Trump agrees to conditional two-week Iran ceasefire
Costfoto/NurPhoto via Getty Images Global oil prices have fallen sharply since President Donald Trump announced a two-week ceasefire between the US and Iran if vessels are allowed to move through the key Strait of Hormuz waterway. The price of…
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