Oil Industry News

Indonesia takes on Malaysia in battle over palm oil pricing

Indonesia produces and exports more palm oil than any other country, but when it comes to setting the price, it still plays second fiddle to Malaysia. President Prabowo Subianto wants to change that. On August 14, he announced a new exchange for…

Can Burnham justify giving the go ahead to oil drilling? Yes, but these must be the conditions | Michael Jacobs

The British government must soon decide whether it should give consent to two oil and gasfields, Rosebank in the North Atlantic and Jackdaw in the North Sea. Amid both insecurity of energy supplies and deadly evidence of the climate crisis, the…

Shares, oil dip as US sanctions on Iran loom

LONDON/SYDNEY, Aug 24 (Reuters) - Global stocks slipped on Monday and oil prices eased as investors awaited details of threatened U.S. sanctions on Iran, while the Canadian dollar dipped as a trade war loomed with its southern neighbour. U.S.

Global oil prices fall ahead of 'Economic D-Day' announcement on Iran

Aug. 24 (UPI) -- Oil prices fell slightly on Monday ahead of the unveiling by U.S. Treasury Secretary Scott Bessent of the toughest set of Iran sanctions yet. The futures contract for Brent crude, the international benchmark, fell by around 1.4% to…

Hormuz Oil Flows Are Going Strong as War Drags On

This article is for subscribers only. Welcome to our guide to the commodities driving the global economy. Today, reporter Alex Longley takes a look at the success of several Persian Gulf nations in shipping their oil to the global market even as…

U.S. Says Oil Is Pouring Through Hormuz. Trackers Can't Find It.

DUBAI—The Trump administration says large volumes of oil are slipping through the Strait of Hormuz. The trackers whose job it is to count the world's oil shipments see much less. Energy Secretary Chris Wright said last week the U.S. military…

Chinese refiner Sinopec to boost oil imports from outside the Gulf

Chinese refiner Sinopec will increase the sourcing of its oil from Brazil, Africa and beyond to contend with supply disruptions caused by Middle East conflict, company executives said on Monday after reporting interim results on Sunday. SCROLL TO…

Oil prices decline as U.S. prepares new sanctions on Iran - TT

Commercial vessels are anchored in the Strait of Hormuz off Bandar Abbas, Iran, on Aug. 5. (Amirhosein Khorgooi/ISNA via AP) Oil prices declined as Iran's currency hit a record low as the U.S. prepared to announce new sanctions to try to break the…

Current price of oil as of Aug. 24, 2026

Shipping Oil Through Hormuz Costs $20 Million, Total CEO Says

The cost of shipping oil cargoes on a supertanker through the Strait of Hormuz is about $20 million, the boss of TotalEnergies SE said, underscoring the wide margins to be made by traders and shipowners. TotalEnergies Chairman and Chief Executive…

Oil falls as US prepares to unveil new Iran sanctions

SINGAPORE, Aug 24 (Reuters) - Oil prices slipped more than $1 a barrel on Monday as investors took profits ahead of an expected announcement from Washington about ‌imposing more sanctions on Iran that may further disrupt supplies from the…

Oil Falls on Possible Position Adjustments Before Potential U.S. Sanctions on Iran

2353 GMT — Oil falls in early Asian trade on possible position adjustments. The U.S. is expected to announce new economic sanctions against Iran on Monday as the impasse over the Strait of Hormuz persists amid no signs of a deal between…

Oil Declines With US Economic Isolation Plan for Iran in Focus

Oil dropped after two weeks of gains, with the market waiting to see the US economic isolation plan for Iran due to be released later Monday. Brent fell to around $93 a barrel, after adding around 13% over the past two weeks, while West Texas…

Kagame says Rwanda considering investment in Dangote-backed oil refinery

President Paul Kagame said Rwanda would be happy to acquire a stake in Aliko Dangote's planned oil refinery in East Africa, though talks are still in the early stages. Speaking at a press conference in Kigali on Monday, August 24, Kagame responded…

Oil prices fall as investors await 'toughest' U.S. sanctions on Iran

Oil prices fell as investors awaited details of what Washington has billed as its toughest-ever sanctions campaign against Iran. U.S. Treasury Secretary Scott Bessent is set to unveil a new package of sanctions against Iran later. Oil prices fell…