A rare US strategic petroleum reserve cargo heads to the Philippines as Middle East supply routes face prolonged disruptions. A US-flagged tanker carrying crude from the Strategic Petroleum Reserve has departed for the Philippines, marking the first such shipment to Asia s
Oil prices retreat on hopes of US-Iran ceasefire progress but face pressure from renewed military actions in the Middle East. West Texas Intermediate crude fell to $90.75 in early European trading Wednesday, extending losses after US-Iran peace talks raised supply expectat
Oil prices retreat from recent gains as traders assess US-Iran diplomatic developments and market sentiment shifts. West Texas Intermediate crude fell to $91.90 per barrel in Asian trading, reversing more than 3% gains from the prior session. The decline comes as investors
Oil prices retreat after rising over 3% Tuesday amid diplomatic progress between Washington and Tehran despite regional clashes. West Texas Intermediate crude fell to $91.90 per barrel in Asian trading Wednesday, paring gains after a 3% rally the prior session. The decline
Oil falls on US-Iran deal hopes to reopen Strait of Hormuz Oil prices fell in early Asian trade as traders weighed the prospect of a US-Iran agreement to reopen the Strait of Hormuz. The decline came despite a backdrop of renewed hostilities, with Tehran signalling th
Energy firms bid a record $163 million for 5.5 million acres in Alaska’s National Petroleum Reserve as secure supply demand rises. A Bureau of Land Management lease sale for 5.5 million acres in Alaska’s National Petroleum Reserve attracted a record $163 million in bids. M
Occidental Petroleum acquires a minority interest in Exxon Mobil’s offshore exploration asset in Trinidad and Tobago. Occidental Petroleum will acquire a 10% stake in Exxon Mobil’s deepwater exploration block offshore Trinidad and Tobago. The deal’s financial terms were no
Oil prices to hit new highs due to Strait of Hormuz closure The Strait of Hormuz is expected to remain largely closed for months, leading to oil shortages and higher prices. The closure is due to ongoing tensions in the region, with the U.S. conducting self-defense
Asian nations face soaring energy costs and dwindling reserves after losing access to one-fifth of global crude supplies amid geopolitical tensions. Asian countries are accelerating efforts to secure alternative oil and gas suppliers after losing access to roughly 20% of g
United States Oil Fund’s 55% return since 2014 lags spot WTI’s 114% gain, driven by contango-induced roll expenses. The United States Oil Fund (USO) has underperformed West Texas Intermediate (WTI) crude by nearly half over the past decade, returning 55% compared to WTI’s
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