Oil Industry News
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Drone attack from Iran: Fire breaks out in Fujairah Oil Industry Zone
Authorities in Fujairah confirmed that a fire has broken out in the Fujairah Oil Industry Zone (FOIZ), resulting from a drone attack coming from Iran. Fujairah Civil Defence teams immediately began responding to the incident and are continuing…
Oil crisis reshapes global energy flows
Southeast Asian countries, heavily reliant on Gulf oil imports, are diversifying their suppliers as they feel the crunch from two months of disruptions. Data shows countries like Thailand and Vietnam are tapping Brunei, Libya, and the US for…
Fire breaks out at Fujairah Oil Industries Zone after drone strike
Authorities in Fujairah confirmed fire at the Fujairah Petroleum Industries Zone (FOIZ) following what they described as a drone strike originating from Iran. Fujairah Civil Defence teams were immediately deployed to the site and are continuing…
Oil Prices Surge After Iran Hits UAE Oil Facility With Drone and US Sinks 6 Iranian Boats
Oil prices climbed Monday after the U.S. and Iran resumed fighting, disrupting a ceasefire that had largely held since April 8. And that's bad news for anyone nervous about the days and weeks ahead after President Donald Trump decided to start a…
Top U.S. oil producer declares 'green' light on drilling for more oil amid Iran war
A top oil and gas producer in West Texas' booming Permian Basin declared a “green” light for the reluctant U.S. energy sector to start churning out more volumes amid the ongoing Iran war and sky-high crude prices. Midland, Texas-based…
Oil shock will hit Asia harder than the 1970s
The dizzying changes wrought by energy shocks are only ever seen in the rearview mirror. When the 1973 and 1979 oil crises first swept the world, analysts assumed the future would be business as usual. Crude demand from Western Europe would remain…
Why the UAE's OPEC exit matters for oil markets | CNN Business
The UAE's exit from OPEC and OPEC+ raises questions about oil supply, market stability and the future influence of the producers' group.
Fujairah oil zone fire after drone strike; UAE intercepts Iran missiles
Fire broke out at a major UAE oil industry zone on Monday after a drone attack originating from Iran, authorities said, as the Gulf state's military separately intercepted three Iranian missiles over its waters and a fourth crashed into the sea.
Markets Close Lower as Oil Rallies, US and Iran Exchange Fire
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Fujairah Oil Terminal Struck in Latest Aerial Attacks on UAE
The VTTI oil terminal in the United Arab Emirates city of Fujairah has been hit in an aerial attack amid an up-tick of strikes on Monday in the vicinity of the Strait of Hormuz. The strike of the VTTI facility — jointly owned by IFM Global…
Asian Stocks Set to Fall as Gulf Tensions Lift Oil: Markets Wrap
Stocks in Asia were set to fall Tuesday as a surge in oil prices dragged US equities and bonds lower, with escalating tensions around the Strait of Hormuz raising fresh fears about high energy prices and global inflation. Equity-index futures in…
Canada's Oil Firms Look to Scrap Carbon Tax Tied to New Pipeline
Canada's oil industry is pushing back hard on proposals to impose a higher carbon tax, arguing the policy adds costs at a time when the world needs more secure and affordable sources of energy. Prime Minister Mark Carney and Alberta Premier…
US Driller Diamondback Raising Output 'Immediately' on Oil Rally
Diamondback Energy Inc., one of the leading independent shale oil producers in the US, is raising output in response to rising prices caused by the Iran war. “Because of our positioning, our preparation and this price signal, we are bringing…
Oil is surging on fears that the Iran War is about to heat up again
Oil prices logged fresh gains and stocks tumbled on Monday as traders assessed the possibility that the Iran war could heat up again. Oil extended gains from earlier in the day after reports that Iran launched missiles at the United Arab Emirates…
Stock futures are little changed as Wall Street eyes latest developments in Middle East and oil prices: Live updates
U.S. stock futures were little changed on Monday night after the major averages suffered declines amid growing concerns that escalating tensions in the Middle East could destabilize the region. S&P 500 futures and Nasdaq 100 futures were trading…
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