Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Chinese trucks could go 100% electric, halving road transport oil use: industry
Industry estimates suggest that heavy-duty cargo traffic in China is on track to become nearly 100 per cent electric, a transition that could halve the country's road transport oil consumption. Speaking at a forum on intelligent electric vehicle…
Why oil prices & Strait of Hormuz are trending | CNN Business
Oil prices dropped sharply on Friday after the Iranian foreign minister said the Strait of Hormuz will be 'completely open' for commercial transit during the remainder of the ceasefire. CNN's David Goldman explains what this means for gas prices in…
Convoy of oil tankers passes through Strait of Hormuz
A convoy of oil tankers has passed through the Strait of Hormuz, vessel tracking data shows, after Iran declared the waterway 'completely open'. Tracking site MarineTraffic shows several ships appearing to be moving through the waterway, including…
Oil prices drop sharply and global markets surge as Strait of Hormuz reopened
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 price of oil has tumbled and stock markets globally…
Oil prices drop 9% and Wall Street rallies to a record
NEW YORK (AP) — Oil prices dropped back to where they were in the early days of the Iran war, and U.S. stocks raced to another record Friday after Iran said the Strait of Hormuz is open again for commercial tankers carrying crude from the…
Texas oil and gas industry again reports job losses in February
(The Center Square) – Despite President Donald Trump's pledge to “drill baby drill,” U.S. domestic drilling growth hasn't materialized in Texas. Rig counts are down and job losses in the Texas oil and natural gas industry were…
Oil price plummets as Iran declares Hormuz open
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 ended the week on a high on Friday, as Iran…
So What Is the Real Oil Price Right Now?
For all my reporting life, I've dreaded one question: What is the price of oil — the real one? Invariably asked during a crisis, it demands a neat answer, a precise dollar-per-barrel figure. But each time my reply is anything but: It depends…
Supreme court sides with oil and gas firms in Louisiana coastal damage fight
The supreme court handed a win on Friday to oil and gas companies fighting lawsuits over coastal land loss and environmental degradation in Louisiana. The 8-0 procedural decision gives the companies a new day in federal court after a state jury…
Trump administration reverses course, extends Russian oil sanctions waiver
The Trump administration on Friday reversed course and extended a waiver on sanctioned Russian oil and petroleum products amid the Iran war, just days after a top Cabinet official said the U.S. would not be doing so. A license allowing countries to…
Supreme Court gives oil and gas companies win in Louisiana environmental lawsuit
WASHINGTON (AP) — The Supreme Court handed a win Friday to oil and gas companies fighting lawsuits over coastal land loss and environmental degradation in Louisiana. The 8-0 procedural decision gives the companies a new day in federal court…
U.S. renews Russian oil waiver after pressure from countries dealing with Iran war price shocks
U.S. President Donald Trump's administration on Friday renewed a waiver allowing countries to buy sanctioned Russian oil at sea for about a month, even as lawmakers accused the government of going easy on Moscow as its war on Ukraine grinds…
Oil is trading below $90 per barrel in the futures market. In Sri Lanka, buyers are paying $286.
Oil futures have traded in the $90 to $100 per barrel range this week. But in the physical market — where refiners and traders buy actual cargoes rather than paper contracts — prices have been dramatically higher, underscoring how…
Daily on Energy: Strait of Hormuz and a Supreme Court win for oil majors
Welcome to Daily on Energy, written by Washington Examiner energy and environment writers Callie Patteson (@CalliePatteson) and Maydeen Merino (@MaydeenMerino). Email cpatteson@washingtonexaminer dot com or mmerino@washingtonexaminer dot com for…
South Korea to receive 27 million barrels of crude oil in June
April 16 (Asia Today) -- South Korea will begin receiving 27 million barrels of alternative crude oil in June, part of a broader effort to stabilize energy supplies and diversify import sources amid disruptions linked to conflict in the Middle…
Receive a Daily briefing on Oil Industry News
Get Started