Tehran halts traffic through the key oil chokepoint following US military action, raising supply disruption risks for global markets. Iran’s joint military command announced the closure of the Strait of Hormuz to all vessels, including oil tankers, until further notice. Th
The 2010 Gulf of Mexico oil spill caused $17.2 billion in natural resource damages and devastated marine life. The BP Deepwater Horizon oil spill in 2010 resulted in $17.2 billion in natural resource damages, according to estimates. The disaster released 134 million gallon
Trans Mountain pipeline hits full capacity due to Strait of Hormuz disruption The Trans Mountain pipeline has reached full capacity for the first time since its 2024 expansion, with 890,000 bpd. The pipeline's full capacity is attributed to the Strait of Hormuz dis
Traders increased short bets on Brent crude threefold since March as geopolitical risks in the Middle East appear priced out of oil markets. Portfolio managers have ramped up short positions in Brent crude futures, tripling them between late March and early June. The lates
Crude prices climbed 2.07% as US airstrikes in Iran and a 7.4 million barrel inventory decline fueled buying pressure. Crude oil futures settled at $90.03, rising $1.83 or 2.07% amid heightened Middle East tensions after the US continued airstrikes in Iran. The session hig
US military intervention enabled over 100 million barrels of oil to transit the Strait of Hormuz amid Iran-related tensions. US President Donald Trump announced a covert military operation facilitated the transit of more than 100 million barrels of oil through the Strait o
Malaysia seeks alternative crude sources after Middle Eastern shipments via the Strait of Hormuz face prolonged delays. Malaysia is accelerating plans to diversify its crude oil imports, targeting supplies from the U.S., South America, and Africa. The move follows a near t
EnQuest PLC has agreed to buy interests in four production sharing contracts offshore Malaysia from local state firm Petronas for up to $833 million, as the UK-based oil and gas producer bets on growth opportunities in Southeast Asia. EnQuest on Wednesday said that its who
Crude oil inventories in the United States decreased by 7.2 million barrels during the week ending June 5, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday The decrease brings commercial stockpiles to 426.5 million ba
OPEC production fell by 1.06 million barrels per day in May to 16.13 million bpd, the lowest in over two decades due to U.S. sanctions on Iran. OPEC’s oil output in May declined to its lowest level since at least 2000, driven by a U.S. naval blockade on Iran and disruption
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