Oil Industry News

Oil prices rally on Hormuz talks but will Asia's energy woes ease?

Oil prices have eased sharply on hopes that the US and Iran will agree to reopen the Strait of Hormuz, but analysts say Asian economies are unlikely to quickly shake off the effects of the energy shock even if the key waterway returns to normal.

Oil Holds Gains, US Futures Slip on War Confusion: Markets Wrap

US equity futures edged lower and oil held gains as Washington struggled to get efforts toward an Iran peace deal back on track. S&P 500 contracts slipped in early Asian trading after US benchmarks closed at record highs in New York on Monday. West…

How The Iran War Oil Shock Is Helping Launch A Market For Electric Tugboats

Arc Marine's electric tugboats are heading for the Port of Long Beach, California. The next hot electric vehicle may not come with gullwing doors, a self-driving mode or the ability to provide backup power to your home. It may be an 80-foot…

Iran Halts Talks With U.S.-Driving Up Oil Prices

Iran said it would halt talks with the U.S. over ongoing attacks by Israeli forces in Lebanon, Tasnim News Agency reported. The report prompted an immediate surge in oil prices: West Texas Intermediate futures jumped 7.9% to $94.27 and Brent crude…

Stocks slide and oil spikes as peace talks falter

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 lower on Monday amid reports Iran has…

The biggest story in oil isn't just supply anymore

The oil markets spent months worrying about supply disruptions in the Middle East. Instead, Brent crude oil futures have fallen about 20% from their late-March peak, even though flows through the Strait of Hormuz remain low. The move reflects more…

LeBlanc Touts Integrated Canada-US Oil Market Before Greer Talks

The office of Canada-US Trade Minister Dominic LeBlanc stressed the importance of “maintaining the highly integrated North American energy market” ahead of talks in Washington with US Trade Representative Jamieson Greer. LeBlanc and…

Oil Companies Scramble for Ships to Secure Transport, Owner Says

Oil companies are rushing to secure giant tankers to ensure they can transport barrels after the industry was upended by war and the largest vessel-buying spree in a generation, the head of a shipowner said. DHT Holdings Inc. 's customers are…

Oil Edges Higher; Trump Seeks to Quell Israel-Hezbollah Conflict

2337 GMT — Oil edges higher in early trade. President Trump on Monday aimed to quell a growing conflict between Israel and Hezbollah that threatened to derail U.S. peace talks with Iran. Trump declared that both sides had agreed to halt…

Stocks slide and oil spikes as peace talks falter

The FTSE 100 closed lower on Monday amid reports Iran has suspended peace talks with the US. The FTSE 100 closed down 70.33 points, 0.7%, at 10,338.95. The FTSE 250 ended down 179.99 points, 0.8%, at 23,245.78, while the AIM All-Share fell 2.01…

Princeton Endowment Backs Out of Oil and Gas Divestment Pledge

Princeton University 's endowment is backtracking on its pledge to divest from publicly traded oil and gas companies, four years after it said it would exit such holdings as way to move toward a net-zero portfolio. A trustee-mandated decision to…

New Iran Clashes Send Oil Prices and Bond Yields Surging

Oil Companies Scramble for Ships to Secure Transport - TT

An oil tanker being loaded at the Port of Corpus Christi in Corpus Christi, Texas. (Eddie Seal/Bloomberg) DHT Holdings CEO Svein Moxnes Harfjeld says oil companies are rushing to secure tankers to ensure they can transport barrels. The industry has…

California overhauls carbon market - critics say it's a giveaway to oil

California air regulators on Friday approved a contentious overhaul of the state's carbon market, creating a program that could steer billions of dollars in free pollution permits to oil refineries and other major polluters over the objections of…

Oil Surges After New Iran Clashes

The surge in futures markets clawed back much of last week's declines. Benchmark U.S. futures rose around 7%, nearing $94 a barrel, while Brent recently traded at roughly $97 a barrel. Gasoline and diesel futures also climbed.