Global crude benchmarks climbed to six-week highs as escalating military conflicts involving the United States and Iran threatened critical Middle Eastern shipping lanes. According to market data from early Asian trading, WTI crude rose 1.64% to trade at $88.25 per barrel, while Brent crude gained 2.10% to reach $96.05 per barrel amid persistent supply disruption … Read more
Global oil prices jumped 12% since last Friday as the U.S. reinstated a blockade on Iranian exports, sparking renewed volatility in the Strait of Hormuz. Brent Crude climbed toward $85 per barrel, while WTI Crude neared the $80 mark, according to market data, as geopolitical tensions effectively ended the relative calm of mid-June. Strait of … Read more
Renewed military hostilities between the United States and Iran have effectively halted commercial shipping through the Strait of Hormuz, a critical maritime chokepoint handling a significant portion of global oil supplies. According to US Central Command, American forces conducted strikes on 90 Iranian targets over 48 hours to degrade Tehran’s ability to threaten regional navigation, … Read more
The Los Angeles City Council voted 14-0 on Tuesday to advance a plan that would phase out oil drilling across the city. The proposed ordinance directs the city attorney to prohibit new oil and gas extraction and classify existing operations as nonconforming uses, following new state-level legal authorities that grant cities broader regulatory power. Why … Read more
The Strait of Hormuz is set to reopen for international shipping this week following a ceasefire agreement between the United States and Iran, according to statements from US President Donald Trump at the G7 summit. The closure of this critical maritime chokepoint, which handles nearly 20% of global oil shipments, caused the most significant energy … Read more
U.S. stocks trended upward Friday as a 3.4% decline in Brent crude oil prices and a successful $1.9 trillion debut for SpaceX boosted investor sentiment. According to AP reporting, the S&P 500 rose 0.4%, while the Dow Jones Industrial Average added 382 points, or 0.8%, as market participants weighed cooling inflation concerns against the volatility … Read more
U.S. stock markets surged Thursday, with the S&P 500 rising 1.8% and the Dow Jones Industrial Average gaining 929 points, following President Donald Trump’s announcement that he had called off a threat to bomb Iran. The easing of geopolitical tensions triggered a 2.6% drop in U.S. crude oil prices, providing relief to investors concerned about … Read more
Iraq is restructuring its hydrocarbon sector to shift from a fragmented, export-dependent model to a centralized, state-controlled industry. According to analysis from Oilprice.com, Baghdad is prioritizing institutional reform and export diversification to mitigate the impact of regional geopolitical volatility, specifically the disruption of energy transit through the Strait of Hormuz. This transition aims to increase … Read more
Global oil inventories are nearing critical lows as the ongoing closure of the Strait of Hormuz has removed approximately 13 million barrels per day (bpd) from the market, according to data from the International Energy Agency (IEA). While futures traders have largely bet on a swift diplomatic resolution, industry leaders at Exxon and Chevron warn … Read more
APA Corporation reported a strong first-quarter 2026, with earnings reaching $489 million, or $1.38 per diluted share. This performance was driven by higher realized oil prices and disciplined expense management. The company’s production averaged 442,000 barrels of oil equivalent (BOE) per day during the period, highlighting the firm’s ability to maintain profitability through operational efficiency. … Read more