Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
California gas prices could spike as imported oil supply dries up, industry warns
California may soon have to battle other states for oil resources as its imported supply runs dry, a leading lobbying group has warned. Jodie Muller, CEO of Western States Petroleum Association, said the limited amount coming into the Golden State…
Second suspected oil slick near Iran raises fears of major disaster in vital global oil corridor
A second suspected oil slick has been detected near Iran 's Kharg Island export hub, according to maritime intelligence firm Windward AI, heightening fears of an environmental disaster as a larger spill identified May 8 continues drifting toward…
Hormuz disruption sends shock through oil and food supply chains
May 10 (Asia Today) -- Supply chain disruptions caused by the Iran war are spreading beyond oil markets into global food and chemical industries, as shipping through the Strait of Hormuz remains heavily restricted, according to reports Friday from…
Oil prices jump after Trump dismisses Iran proposal to end war
Oil prices rose in Monday morning trade in Asia after President Donald Trump said Iran's response to US proposals to end the war was 'totally unacceptable'. Tehran sent its response via Pakistan, which has served as a mediator between the two…
Asia markets set to open mixed as oil jumps on Trump rejecting Iran proposal
Oil prices climbed after Trump rejected Iran's latest counteroffer to end the war. Iran tensions overshadowed strong recent gains on Wall Street. Strait of Hormuz disruption fears continued to rattle global markets. Asia-Pacific markets were set to…
Oil Rises Amid Signs of Ongoing Middle East Tensions
2338 GMT — Oil rises in early Asian trade amid signs of ongoing Middle East tensions that could sustain supply disruptions. Writing on social media Sunday, Trump said “I have just read the response from Iran's so-called…
Oil loss will slow restart of energy trade
The world has lost about 1 billion barrels of oil over the past two months and energy markets would take time to stabilize even if flows resume, Saudi Arabian Oil Co (Saudi Aramco) CEO Amin Nasser said yesterday, as shipping disruptions choke…
Oil Jumps After Trump Says Iran's Peace Offer 'Unacceptable'
Oil surged after US President Donald Trump rejected Iran's latest response to his proposal to end the war in the Middle East, prolonging the effective closure of the crucial Strait of Hormuz. Brent crude advanced as much as 3.5% to $104.80 a…
Indian Stock Market Outlook: Geopolitics, Crude Oil, Inflation & FII Flows
Indian stock markets are poised for a volatile week, with investor attention firmly fixed on geopolitical developments surrounding the US-Iran situation, crude oil prices, and crucial inflation data, alongside the impact of foreign investor…
Large oil slick detected near Iran's Kharg Island: Report
A large oil slick has been detected in the Persian Gulf near Kharg Island, Iran's main crude oil export hub, raising fresh concerns over the condition of the country's oil infrastructure amid mounting regional tensions and shipping disruptions…
ASX set to slip on war uncertainty; Oil steady
The US stock market rose to records following the latest sign that the nation's job market is doing better than economists expected. The S&P 500 climbed 0.8 per cent to an all-time high after a report said US employers added 115,000 more jobs than…
Oil climbs as Netanyahu warns Iran conflict is 'not over,' Trump rejects Tehran's proposal to end war
Oil prices jumped after Israel warned the conflict with Iran was not over. Trump rejected Iran's counterproposal to end the Middle East conflict. Citi warned risks remain skewed upward for oil prices. Oil prices jumped Monday after Israeli Prime…
Vegetable-Oil Inflation Sends World Food Prices Higher
The benchmark for global food commodity prices rose for a third consecutive month in April, hitting its highest level since early 2023, as Middle East supply disruptions, elevated energy costs, and tightening supplies of certain agricultural…
After Standing Rock, could a canceled mine project offer a roadmap for opponents of a new oil pipeline in South Dakota?
Almost exactly a decade since the start of the Standing Rock protests against the Dakota Access pipeline gained national and international attention, new disputes are simmering over tribal rights in the Black Hills of South Dakota. Earlier this…
Aramco Profit Climbs as War-Driven Oil Rise Offsets Export Hit
Saudi Aramco reported first-quarter profit that surpassed analysts' expectations following a war-induced rise in prices of oil and refined fuels. Adjusted net income rose 26% to almost 126 billion riyals ($33.6 billion) in the quarter compared with…
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