Oil fell after both the U.S. and Iran signaled that discussions to restore shipping through the Strait of Hormuz are ongoing, raising hopes for a pickup in supply from the Middle East.
A consortium of U.S. and Saudi companies is set to build a new refinery in the Persian Gulf despite the current situation in the region. The facility will have a price tag of $5 billion and a capacity of 200,000 barrels of crude oil daily. The consortium, dubbed MERA Oil, includes Texas-based MWG Group, the […]
Fresh military exchanges between the U.S. and Iran are raising new concerns about the durability of a fragile ceasefire and the prospects for reopening the Strait of Hormuz, a critical route for global oil and LNG shipments.
The U.S. continues to seek to pile pressure on Iran with the naval blockade outside the Strait of Hormuz as the Trump Administration signals the blockade is yielding results and will not be lifted anytime soon.
Oil surged to the highest since June 2022, with no end in sight to the US-Iran conflict or choked-off energy flows through the Strait of Hormuz, heightening concerns over a rapidly shrinking global supply cushion.
The global oil market is moving toward a critical inflection point as a supply disruption approaching 1 billion barrels begins to force demand lower, with traders warning that the prolonged closure of the Strait of Hormuz will soon trigger a broader consumption shock.
Oil jumped amid fresh signs of escalation in the Iran war, dimming prospects for an imminent resumption of flows through the Strait of Hormuz. West Texas Intermediate futures rose 3.1% to settle near $96 a barrel in New York, after earlier rising by as much as 5.8%. Brent settled above $105 a barrel. Prices jumped […]
U.S. officials are pressing domestic oil producers to increase output as disruptions in the Strait of Hormuz tighten global supply and push crude prices higher.
Tensions in the Strait of Hormuz escalated after a tanker strike and renewed U.S. pressure on allies to help secure the critical shipping route, raising concerns over global oil and LNG supply.
The United Arab Emirates is ramping up crude exports from Fujairah as operators restore loading capacity following Iranian drone strikes, using the port as a key outlet to bypass the Strait of Hormuz.