Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
U.S. backs Venezuela oil revival, but investment gap looms
April 27 (UPI) -- The U.S. chargé d'affaires in Caracas urged Venezuela's private sector to seize what he described as a 'historic opportunity' in the oil industry, as Washington pushes to revive the country's energy sector. In a post on X…
Scott Bessent Says Iran's 'Creaking' Oil Industry Is Starting To Shut Down Production Due To US Blockade:
On Monday, Treasury Secretary Scott Bessent warned that Iran's oil industry is under severe strain from expanding U.S. sanctions, suggesting production could deteriorate further and potentially lead to domestic fuel shortages. In a post on X…
California oil fight tests state's right to push back against Washington during war
Crude oil pumped from the depths of the Pacific Ocean is flowing for the first time in more than a decade through a pipeline that crosses California state park land after the Trump administration defied state officials to restart drilling off Santa…
BP Profit Jumps as Oil Trading Boomed During Iran War
BP Plc said earnings jumped in the first quarter as the Iran war led to a surge in profits from its oil trading operation and spiraling energy prices. Adjusted net income more than doubled from a year earlier to $3.2 billion, the London-based…
Oil Prices Rise In Europe On U.S.-Iran Talks Stalemate
A crude oil storage facility in Cushing, Oklahoma, U.S. (Photo: Johannes Eisele) Oil prices rose again on Monday on stalled negotiations between the U.S. and Iran, aimed at bringing the conflict in the Middle East to an end. Trading in Asia saw…
Oil prices edge higher as Trump weighs Iran's latest proposal to open Hormuz
Oil prices jumped on Tuesday as Donald Trump weighed Iran's latest proposal to end the war. The US president is unhappy with the latest Iranian proposal, a US official said on Monday. Iranian sources disclosed that Tehran's proposal…
Blue chips falter as oil price moves ever higher
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. The FTSE 100 closed down on Monday, weighed by falls in…
BP profits double after 'exceptional' oil trading during Iran war - business live
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. The Iran war has helped BP to double its profits in the first quarter of this year, its latest financial results show. The oil major has…
The Oil Market Is Flashing More Wartime Warning Signs
Americans' breather from price hikes at the pump may be over already. U.S. gasoline futures Monday hit $3.49 a gallon, their highest level since the U.S. and Israel launched strikes on Iran. Up more than 100% this year, front-month contracts for…
U.S. crude reaches Tokyo Bay as Japan diversifies oil supply
April 27 (Asia Today) -- A tanker carrying U.S. crude oil from Texas arrived in Tokyo Bay, marking Japan's first delivery of American oil as it moves to diversify supply away from the Middle East following disruptions in the Strait of Hormuz.
Oil Prices Climb As U.S.-Iran Talks Stall And Strait Of Hormuz Stays Blocked
A crude oil storage facility in Cushing, Oklahoma, U.S. (Photo: Johannes Eisele) Oil prices rose again on Monday on stalled negotiations between the United States and Iran aimed at bringing the conflict in the Middle East to an end. Trading in Asia…
Hormuz: Why Markets Are Shrugging Off The Oil Shock
The “20% of global oil closed” framing was always misleading. In reality, the reduction in impact came primarily from four forces, and the primary source documents each. FactSet's April 17 Earnings Insight shows 88% of reporting S&P…
Oil shock worsens as Strait of Hormuz closure nears two months
As of Monday afternoon, the international benchmark Brent crude was up by more than 2%, trading around $108 per barrel. These higher oil prices have caused further upward pressure on the prices of petroleum products, including gasoline and jet…
Rubio: Iran wants to do to world 'with a nuclear weapon what they are doing now with oil'
Secretary of State Marco Rubio criticized the Iranian regime, blasting the leaders of the country for using force to control shipping through an “international waterway.” Rubio said the regime is trying to hold the world hostage by…
Shares fall in Asia and oil prices gain as talks stall on ending the Iran war
Shares retreated in Asia and oil prices gained on Tuesday as diplomatic efforts to end the Iran war once again appeared to stall. Despite a tenuous ceasefire, the Strait of Hormuz remains effectively closed. Much of Asia, including resource-poor…
Receive a Daily briefing on Oil Industry News
Get Started