Oil Prices Surge Despite Record-Breaking Strategic Reserve Release

Oil prices climbed sharply on Wednesday even after the International Energy Agency announced the largest coordinated release of strategic oil reserves in its history, underscoring the scale of supply concerns…

Two Oil Tankers Set Ablaze Near Iraq’s Key Export Terminals

Two oil tankers carrying Iraqi oil products caught fire Wednesday after being struck in Iraqi territorial waters near the country’s southern export terminals, according to Iraqi port officials and multiple…

Goldman Sachs Raises Oil Price Forecast as Middle East Conflict Escalates

Goldman Sachs has once again revised its oil price outlook, now expecting Brent crude to trade at $71 per barrel in the final quarter of the year, and WTI to…

Oil Market Shrugs Off 400MM Barrel IEA Reserve Release

In a market comment sent to Rigzone on Thursday, Aaron Hill, Chief Market Analyst at FP Markets, highlighted that the oil market “shrug[ged]… off [the] International Energy Agency reserve release”…

Iran Warns Oil Could Hit $200 per Barrel as Hormuz Threat Escalates

Oil markets are bracing for an even bigger potential price shock with Iran on Wednesday warning that crude could surge to $200 per barrel if the war involving the U.S.…

Iranian Drone Strike Hits Oman’s Largest Oil Storage Facility

Iranian drones struck oil storage facilities at the Port of Salalah in Oman on Wednesday, marking the latest attack on Gulf energy infrastructure as the regional war expands into a…

Trump to Invoke Emergency Law for California Oil Producer Sable, Bloomberg News Reports

(Reuters) – U.S. President Donald Trump plans to invoke emergency law for Sable Offshore as it looks to restart production from a cluster of offshore platforms in California, Bloomberg News…