Oil prices rose Wednesday after the U.S. and Iran traded military strikes, ending weeks of relative calm in the Middle East, as they contest control of the Strait of Hormuz. Brent crude futures, the international benchmark, were up 1% to $95.57 per barrel. U.S. West Texas Intermediate traded nearly 1% higher at $90.88 per barrel. The U.S….
More than 17 million barrels of oil transited the Strait of Hormuz by ship on Monday, a record since the Iran war began in late February, U.S. Energy Secretary Chris Wright told CNBC in an interview Wednesday. Oil exports from the region on Monday were higher than pre-war levels when Saudi Arabia’s and the United…
The logo of Chevron is seen at the company’s office in Caracas, Venezuela April 25, 2018. Marco Bello | Reuters Chevron announced plans Wednesday to more than double its oil production in Venezuela over the next five years through a $7 billion investment that expand its position in the South American nation. This is breaking…
BP on Wednesday formally appointed Ian Tyler as chair after the surprise dismissal of his predecessor Albert Manifold contributed to leadership upheaval at the oil major. Tyler joined the company’s Board as a non-executive director in April last year and was appointed interim chair on May 26. “Ian brings significant experience providing challenge and support…
BISHKEK, KYRGYZSTAN – AUGUST 31: Russian President Vladimir Putin (R) istens to Indian Prime Minister Narendra Modi (L) during the Shanghai Cooperation Organization Summit on August 31, 2026 in Bishkek, Kyrgyzstan. Contributor | Getty Images News | Getty Images Indian Prime Minister Narendra Modi has urged Russia to end the Ukraine war and for a…
Drivers in the U.S. won’t see lower gas prices from President Donald Trump‘s massive oil deal with Venezuela because it will take years to significantly boost the country’s production, experts say. Trump announced Friday that the U.S. secured majority control over 65 billion barrels of Venezuela’s proven oil reserves, around 20% of the 303 billion…
Smoke rises from a fire at a large warehouse storing car tires and wheels following a Russian strike in the Bucha district on August 29, 2026 in Kyiv, Ukraine. Libkos | Getty Images News | Getty Images Russia’s Defense Ministry said it is planning “massive strikes” on Ukraine’s energy infrastructure, days after launching a devastating…
A Freedom Fuel Network gas station in Dresher, Pa., on Friday, July 10, 2026. Matt Rourke | AP Photo The Freedom Fuel Network made national headlines back in July when President Donald Trump praised the gas station chain for selling fuel at steeply discounted prices. A lawsuit by a Georgia-based fuel supplier alleges that some…
Iranian crude oil exports have plunged in August as the U.S. relies on economic pressure through its naval blockade, rather than military strikes, to coerce Tehran into a deal to fully reopen the Strait of Hormuz. Tehran has loaded about 260,000 barrels per day for export at its ports so far this month, a decline…
U.S. Treasury Secretary Scott Bessent speaks during a press conference at the Cash Room of the Treasury Department in Washington, D.C., on Aug. 24, 2026. Mehmet Eser | Anadolu | Getty Images The Treasury Department on Friday moved to sanction the United Arab Emirates branch of an Egyptian bank over its financial ties to Iran….
