Oil Industry News
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Industrials Down on Oil Spike Concerns -- Industrials Roundup
Shares of industrial and transportation companies fell amid concerns about the impact of an oil spike on transportation companies. FedEx shares rose after the package-delivery giant posted fiscal third-quarter earnings ahead of Wall Street…
Energy Tick Down as Oil Futures Test Recent Highs -- Energy Roundup
Some strategists say major U.S. oil companies would not benefit from a short, sharp increase in fuel prices because it could cause demand destruction. This week, Iran responded to an Israeli attack on its South Pars natural-gas field by striking…
Bessent eases oil sanctions on Iran and allows sale in US
“In response to Iran's terrorist attacks against global energy infrastructure, the Trump Administration will continue to deploy America's economic and military might to maximize the flow of energy to the world, strengthen global supply, and…
Oil Drops From High, Europe's Energy Pinch, More
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Iran says it has no oil surplus to offer global markets
Iran has said it has no surplus crude oil to offer to international markets, after the US treasury secretary said Washington could lift sanctions on Iranian oil at sea, reports AFP. “Currently, Iran basically has no surplus crude oil left on…
Why Kharg Island Is Pivotal for Oil Markets in Iran War
Iran's oil exports hinge on a small outpost in the Persian Gulf: Kharg Island, the loading point for almost all of the country's crude shipments. President Donald Trump has said the US bombed military targets on Kharg Island on March 13, but spared…
US lifts sanctions on Iranian oil at sea in bid to ease supply pressures
The Trump administration has issued a 30-day sanctions waiver for the purchase of Iranian oil at sea to ease energy supply pressures since the start of the US-Israeli war on Iran, US treasury secretary Scott Bessent said. It is the third time the…
Financials Down as Oil Shock Reverberates in Global Markets -- Financials Roundup
'We've broken all technical levels now,' said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund. 'The systemic selling started today and has more to go. Absent some sort of resolution in Iran, the path of least resistance is lower.' The…
US approves sale of Iranian oil at sea in move to ease crude supply crisis
The US Treasury on Friday temporarily lifted sanctions on Iranian oil already loaded onto vessels, in Washington's latest step to stem a supply crisis over the Middle East war. The authorisation allows for the delivery and sale of Iranian crude oil…
US lifts sanctions on Iranian oil stranded at sea
The Trump administration lifted sanctions on Iranian oil stuck at sea on Friday evening as the conflict between the U.S. and Iran continues to hike up global energy costs. “Today, the Department of the Treasury is issuing a narrowly…
United Airlines planning to cut flights amid soaring oil prices
United Airlines is cutting a total of about 5 percent of flights as the price of oil soars amid the ongoing U.S.-Israeli war with Iran, CEO Scott Kirby said on Friday. The Chicago-based carrier said it would cancel roughly 3 percent of 'off-peak'…
Drive to boost used cooking oil trading
KUALA LUMPUR: Industry players and the public are encouraged to participate actively in the trading of used cooking oil (UCO) as part of efforts to support the nation's circular economy. The call was made by the Malaysian Palm Oil Board (MPOB)…
Why the US wants to protect Iran's oil and gas
The Trump administration's rhetoric on the war in Iran tends to be heavy on words like “lethality” and “obliteration,” so it was notable that the president seemed almost apologetic on Wednesday, when discussing an…
First US Oil Barrels From Emergency Release to Hit Market
The first oil from US President Donald Trump's planned 172 million-barrel emergency release is set to start flowing soon, the latest move in the administration's battle to keep fuel prices in check. Roughly 45 million barrels are being released…
Middle East oil shock sparks global airfare rises, with 9% increases feared
Surging jet fuel prices amid the US-Israel war on Iran are pushing global airlines including Chinese carriers to raise fares, with an industry leader warning that prices could rise by up to 9 per cent if the energy crisis continues. China Eastern…
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