Iran’s proposed restrictions on shipping in the Strait of Hormuz and retaliatory threats lift oil prices as supply disruptions loom. West Texas Intermediate crude trades at $77.50 per barrel, supported by escalating tensions in the Strait of Hormuz. Iran’s reported strikes
Riley Exploration Permian forecasts 30% oil growth Riley Exploration Permian expects a 30% increase in oil growth in 2026. The company has lifted its capex midpoint to $236M. This move is part of the company's strategy to accelerate development activity and produ
The acquisition expands Sunoco's fuel distribution network by 2.5 billion gallons annually and adds 800 retail stations. Sunoco will acquire Offen Petroleum for approximately $600 million in an all-cash transaction. The deal includes Offen’s distribution of 2.5 billion gal
Record diesel exports from the US reflect deepening global supply constraints driven by disruptions in Russia and Gulf maritime routes. US distillate exports climbed to a record last week as global supply shortages intensified. Disruptions in the Gulf region and attacks on
WTI and Brent surge over 2.7% as Iran threatens restrictions on key oil shipping lanes, lifting geopolitical risk premiums. Crude oil prices rose sharply Thursday amid escalating tensions in the Middle East. WTI settled at $77.29, up $2.07, while Brent climbed $3.04 to $82
July crude production rose 100,000 bpd from June, exceeding 9 million bpd amid stronger exports and refinery activity. Russia’s oil production climbed above 9 million barrels per day in July, up roughly 100,000 bpd from June. The increase was driven by higher export demand
Oil prices rebound after traders assess specifics of a proposed Iran-Oman agreement on the Strait of Hormuz. West Texas Intermediate crude oil climbed nearly 2.8% to $76.50 per barrel on Thursday. The gain followed a reassessment of a proposed Iran-Oman agreement regarding
Oil traders reassess geopolitical risks after draft bill threatens restrictions on vessels in the critical waterway. West Texas Intermediate crude climbed nearly 2.8% to $76.50 per barrel Thursday after details of a proposed Iran-Oman agreement raised doubts about unrestri
Saudi Arabia cut the price of its flagship crude for Asian buyers again as hopes of a deal to move more tankers through the Strait of Hormuz pushed oil prices lower. Saudi Aramco will reduce the September official selling price for Arab Light by 50 cents per barrel, puttin
State-owned China National Offshore Oil Corporation (CNOOC) on Thursday announced the start of operations of the world's first 16-megawatt tension-leg platform (TLP) floating wind power platform, which began supplying power to an offshore oilfield. CNOOC, one of the bigges
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