Oil is up more than 4% this morning, and it had two reasons to jump. Reports say Washington is getting ready for a possible return to “major combat operations” against Iran. At the same time, Hurricane Isaias has knocked a quarter of Gulf of Mexico output offline. Earlier this week,
Iraq devalued its currency on Wednesday, setting the dinar at 1,520 per U.S. dollar, roughly 14.5% below the old official rate, according to Reuters. Oil pays most of Iraq's bills, and the war around the Strait of Hormuz has sharply reduced how much crude the
Iran and the Houthis are still firing at the Gulf's oil system. Crude fell anyway, with Brent, the global benchmark, down 2.7% to about $97.66 for its third straight losing session.
Suncor Energy is selling its stakes in three oil fields off Newfoundland to Ithaca Energy for C1.2billion(US860 million) in cash. At the same time, the Canadian oil sands giant is raising its share buybacks from C500million(aboutUS360 million) to C750million(aboutUS540 million) a month, starting in October. In
Saudi Aramco surprised the oil market Sunday by cutting its November crude price for Asian buyers to the lowest level since June 2020. The company will sell its flagship Arab Light grade to Asia at $5 a barrel below the regional benchmark, while traders and refiners surveyed by Bloomberg had
Oil starts the week a little higher after a tense weekend in the Gulf. Brent, the global benchmark, traded around $102.60 in Tokyo Monday morning, up from Friday's $102.25 close. WTI, the main U.S. benchmark, sat flat near $91.09. * Brent: $102.60, up from
The G7 agreed Friday to release 100 million barrels of crude and diesel from emergency reserves over the next four months. Leaders also pledged no energy export bans between member countries, which heads off a threatened American diesel export ban. Diesel prices dropped fast on the news. The International Energy
President Trump says he is weighing a ban on U.S. diesel exports "very seriously," with the national average for diesel at $6.45 a gallon, just off an all-time high. The U.S. is the world's largest diesel exporter, so even talk of a
President Trump is considering a ban on U.S. diesel exports in hopes of lowering fuel prices, but some energy analysts warn the move could backfire and make fuel more expensive instead. Trump said Sunday that his administration is looking at the idea "very seriously" as diesel prices
