Oil Industry News

A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.

theguardian.com - Jillian Ambrose - North Sea oil industry urges Burnham to approve new drilling in UK waters
North Sea oil industry urges Burnham to approve new drilling in UK waters
The Guardian

The UK's North Sea oil industry has made a last-ditch attempt to curry favour with the Labour government by appealing to Andy Burnham's reindustrialisation agenda just days before he is expected to become Britain's next prime minister. Industry…

eenews.net - Lesley Clark - He sued the oil industry for $51B. Now he faces Republicans in a private grilling.
He sued the oil industry for $51B. Now he faces Republicans in a private grilling.
E&E News by POLITICO

It's a rare occurrence for a private lawyer to be hauled before a congressional committee and be deposed. But in the sharply political world of climate and energy litigation, Roger Worthington is no ordinary lawyer. A champion among environmental…

scmp.com - Biman Mukherji - Trump's 20% Hormuz toll jolts markets as Asia adapts to oil shock
Trump's 20% Hormuz toll jolts markets as Asia adapts to oil shock
South China Morning Post

Asia's economies are once again staring down the barrel of the Strait of Hormuz as the latest breakdown of the US-Iran ceasefire and Washington's decision to impose a blockade-cum-toll threaten to keep energy costs elevated and shipping flows under…

wsj.com - Dow Jones Newswires Staff - Oil Back Above $85 a barrel, U.S. Stock Futures Mixed
Oil Back Above $85 a barrel, U.S. Stock Futures Mixed
Wall Street Journal

Brent crude oil rose back above $85 a barrel for the first time in a month in early European trade following the third straight night of U.S. attacks on Iran, and its renewed blockade on Iranian trade. Oil rose sharply on the escalation, while…

digitaljournal.com - AFP - Oil extends gains after latest US strikes, tech suffers more losses
Oil extends gains after latest US strikes, tech suffers more losses
Digital Journal

Oil prices jumped and stocks fell again Tuesday after fresh US strikes against Iran that marked a new escalation in hostilities that has fuelled fears over their already fragile truce and the chances of another spike in inflation. Tech firms were…

theglobeandmail.com - Andrew Willis - Opinion: Oil patch CEOs must show a pathway to increased production after striking carbon tax deal
Opinion: Oil patch CEOs must show a pathway to increased production after striking carbon tax deal
The Globe and Mail

Please log in to bookmark this story. Create Free Account Leaders of the country's largest oil companies spent the past few months playing hardball with the federal and Alberta governments over carbon taxes. On Monday, we learned those aggressive…

standard.co.uk - Katrine Bussey - Labour MPs told backing North Sea is 'about more than oil and gas'
Labour MPs told backing North Sea is 'about more than oil and gas'
Evening Standard

Get our award-winning daily news email featuring exclusive stories, opinion and expert analysis I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice. MPs are being urged to back North Sea oil and…

forbes.com - Alan Ohnsman - Renewed Iran Fighting Will Sustain Shift Away From Oil
Renewed Iran Fighting Will Sustain Shift Away From Oil
Forbes

Current Climate brings you the latest news about the business of sustainability every Monday. Sign up to get it in your inbox. W elcome back to Current Climate. The resumption of hostilities between the U.S. and Iran sent oil and gasoline prices…

japantimes.co.jp - Oil surges as Trump says U.S. wants 20% charge for Hormuz flows
Oil surges as Trump says U.S. wants 20% charge for Hormuz flows
The Japan Times

Oil surged by the most since April after U.S. President Donald Trump said he would reimpose a blockade on Iranian ships transiting the Strait of Hormuz and demand payment for all other cargo moving through the waterway, dashing hopes for a…

gizmodo.com - Passant Rabie - The Government Wants to Turn Abandoned Oil Rigs Into Rocket Launch Pads
The Government Wants to Turn Abandoned Oil Rigs Into Rocket Launch Pads
Gizmodo | The Future Is Here

Hundreds of offshore oil rigs have neared the end of their lives, but they remain perched high above the surface of oceans while the wells beneath them have run dry. Now, the government has proposed a plan to repurpose the offshore rigs and use…

wsj.com - AdriĆ  Calatayud - BP Sees Further Oil-Trading Gains as Iran Conflict Fuels Volatility
BP Sees Further Oil-Trading Gains as Iran Conflict Fuels Volatility
Wall Street Journal

BP said it expects further gains from oil trading but lower upstream production in the second quarter than in the first, as the U.K. energy major continues to navigate turmoil in energy markets due to the Iran conflict. The company said Tuesday…

standard.co.uk - Holly Williams - BP set for further boost from oil prices, but braces for £740m write-down
BP set for further boost from oil prices, but braces for £740m write-down
Evening Standard

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. BP has said it expects a further boost to oil trading in…

wsj.com - Oil Rises Amid Escalating Mideast Conflict
Oil Rises Amid Escalating Mideast Conflict
Wall Street Journal

2346 GMT — Oil rises in the early Asian trade amid the escalating Middle East conflict. The U.S. launched its third straight night of strikes on Iran following President Trump's announcements of a multiday wave of attacks and a fresh…

bloomberg.com - Rob Verdonck - Oil Holds Gains as Iran Stokes Inflation Worries: Markets Wrap
Oil Holds Gains as Iran Stokes Inflation Worries: Markets Wrap
Bloomberg

Oil held gains and Asian stocks were set to track Wall Street lower after the standoff between the US and Iran intensified, raising concerns that disruptions to energy supplies could accelerate inflation. West Texas Intermediate crude was little…

yahoo.com - By Anushree Mukherjee - Oil hits four-week high as US-Iran conflict escalates
Oil hits four-week high as US-Iran conflict escalates
Yahoo!

July 14 (Reuters) - Oil prices rose on Tuesday to their highest in four weeks, as the U.S. reimposed a naval blockade of Iran and renewed attacks between Washington and Tehran heightened concerns ‌over energy flows through the Strait of…

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