US Extends Protection of Venezuela-Owned Citgo From Creditors

WASHINGTON, May 4 (Reuters) – The United States has extended a license that ​protects Venezuela-owned refiner Citgo Petroleum from creditors through June 19, ‌according to a statement on the U.S.…

Chevron CEO Says Physical Shortages in Oil Supply to Begin Appearing

(Reuters) – Chevron Chairman and CEO Mike Wirth said on Monday that physical shortages in oil supply would begin appearing around the world because of the closure of the Strait…

Oil Prices Jump 6% as Iran Sets UAE Oil Port Ablaze, Strikes Vessels in Strait of Hormuz

(Reuters) – Oil prices jumped about 6% on Monday as Iran stepped up attacks on the United Arab Emirates and ships in the Middle East Gulf over the past 24…

China Orders Refiners to Ignore U.S. Sanctions on Key Iranian Oil Buyers

In a major escalation of trade tensions between Washington and Beijing, China’s Ministry of Commerce (MOFCOM) has formally invoked its 2021 Blocking Rules for the first time to counteract U.S.…

Equinor Signs $1.8 Billion in Drilling Deals to Keep Oil and Gas Output High

Equinor has extended $1.8 billion worth of drilling and well services supplier contracts as the Norwegian energy major looks to keep high oil and gas production offshore Norway and deliver…

US Oil Sanctions Push Beijing to Test Washington’s Limits

Beijing has told its companies to ignore American sanctions on a major oil refiner, complicating the leaders’ summit next week. By Oil storage tanks at a petrochemical production base on…

Why Markets Think the US Is Winning the Blockade

By The USS Abraham Lincoln conducting blockade operations. Source: U.S. Navy/Getty Get the Latest US Focused Energy News Delivered to You! It’s FREE: The Strait of Hormuz remains blockaded —…

Forget 3% US Inflation. It’s Heading for 4%: McGeever

By Jamie McGeever U.S. inflation has been above the Federal Reserve’s target for so long that many observers believe policymakers have implicitly accepted a higher level. The worry now is…

TTF Futures Swing From Loss to Gain After Iran Rejects Trump’s Hormuz Plan

European benchmark natural gas prices erased an early 3% loss at Monday opening and were up by 1.3% in morning trade in Amsterdam, as the commodity markets watch with apprehension…

Oil Prices Jump After Iran Claims Missile Strike on U.S. Navy Vessel Near Hormuz

Oil prices rallied again on Monday morning after Iran’s Fars news agency reported that two missiles struck a U.S. Navy vessel near Jask Island on the Gulf of Oman, just…