Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Trump administration allows for Russian oil sales as energy prices soar
The Trump administration on Thursday night temporarily lifted sanctions on Russian oil shipments in an effort to calm markets and stem the economic fallout from its war on Iran, which has sent crude prices spiraling upward. A general license issued…
Energy Shares Rose Amid Fears of Lasting Oil Supply Disruption -- Energy Roundup
Energy stocks rose as crude prices kept rising and the war in Iran gave no sign of relief. President Trump said stopping the Iranian regime from getting nuclear weapons is a higher priority than oil prices, while the EIA slashed its forecast for…
Ukraine war briefing: Putin envoy says US better understands importance of Russian oil amid energy crisis
Vladimir Putin's envoy says Washington is “beginning to better understand” the importance of Russian oil, after a “productive meeting” with US negotiators about the Ukraine invasion. “We discussed promising…
Iran threatens to 'set region's oil and gas on fire' if energy infrastructure attacked
Iran has threatened to wreak havoc on the region's oil and gas industry if its own energy infrastructure is attacked during its war with the US and Israel, reports AFP. “We will set the region's oil and gas on fire with the slightest attack…
US eases Russia oil sanctions as Iran war pushes up energy prices
The US has authorised countries to buy sanctioned Russian oil and petroleum that is currently loaded on vessels at sea in an attempt to curb the economic impact of the US-Israel war with Iran. US Treasury Secretary Scott Bessent said it was a…
Daily on Energy: Record oil supply disruption, waivers to the Jones Act, and some wild weather
Today's newsletter also brings you the latest news on the war in Iran, which the International Energy Agency says has caused the largest oil supply disruption in history. The Trump administration is upping its efforts to stabilize the markets as…
Oil Rally Can Boost Argentina Shale Industry, Vista CEO Says
Higher oil prices stemming from the war in Iran could boost capital expenditure in Argentina's thriving shale patch where production is already accelerating, Vista Energy SAB Chief Executive Officer Miguel Galuccio said in an interview. Even before…
U.S. allows temporary purchases of Russian oil already at sea to stabilize energy markets
Treasury allows purchases of Russian oil already stranded at sea. Measure aimed at stabilizing energy markets. Treasury Secretary Scott Bessent framed the price spike as a 'temporary disruption.' The U.S. has temporarily authorized the purchase of…
Oil price profiteering will not be tolerated, says minister
Faisal Islam,Economics editorand The government 'will not tolerate' energy firms profiteering from the rising price of oil and the competition watchdog is primed to step in to prevent petrol price 'rip-offs', Energy Secretary Ed Miliband told the…
How Iran's forced oil crisis is Trump's energy opportunity
The Strait of Hormuz is on fire. And the Iranian regime wants to keep it that way. On Wednesday, Tehran warned that it “will never allow even a single liter of oil to pass through the Strait of Hormuz.” Hours earlier, Iranian drones…
Oil market becomes hostage to Iran war
• IMO to weigh Hormuz threats at extraordinary session as US Navy ‘not ready to escort ships' • Iran denies mining strait, offers passage to ships that coordinate with its navy • Trump says US ‘making lot of…
Rising oil prices hit the Swiss transport industry hard
The war in the Middle East is also having an impact on the Swiss economy. Rising oil prices are making diesel and petrol more expensive - and putting small to medium-sized transport companies in particular under pressure. The war in the Middle East…
Philippines Seeks Oil Law Review as High Prices Threaten Nation
The Philippines is looking to review a nearly 30-year old law that liberalized its oil industry, as the government aims to have a better grip on fuel prices that have shot higher due to the Iran war. Energy Secretary Sharon Garin has backed…
Industry minister urges cooperation from oil sectors in implementing fuel price cap system
Industry Minister Kim Jung-kwan on Friday urged oil refineries and gas stations to cooperate with the government's fuel price cap system introduced to ease cost burdens in the wake of the Middle East crisis. Kim made the call in a meeting with…
White House defends oil price whiplash
Crude oil prices are on a bumpy roller coaster today. Brent crude, the international benchmark, is trading about $99 today after topping more than $100 overnight for the second time since the military operation began. For context, oil prices over…
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