All articles tagged with #oil and gas industry
Iran announced the discovery of more than 200 billion cubic metres of natural gas in Fars province, with over 160 bcm potentially recoverable, but any new production would likely take years amid disruptions to the energy infrastructure from US-Israeli strikes.
A Washington Post investigation finds Freedom Fuel Network offering deep discounts at 29 stations in Pennsylvania and New Jersey even as gas prices climb, with the station’s ownership and pricing strategy still opaque and under scrutiny, despite prominent praise from Donald Trump.
Iran says a proposed Hormuz traffic deal with Oman won’t fully reopen the Strait of Hormuz, keeping the waterway restricted even as negotiations continue, a development that pushed oil prices higher amid uncertainty over U.S.-Iran dynamics.
Major oil companies are posting strong profits as fighting in Iran drives up crude prices and disrupts a key shipping artery, underscoring geopolitical risk and the market’s sensitivity to Middle East turmoil.
Diesel prices in the US have surpassed the Biden-era average, driven by tight inventories, limited refining capacity, and sanctions-related supply constraints, keeping fuel costs elevated even as crude falls and adding inflation pressure ahead of the midterms.
Disruptions from the Iran war have sent oil above $100 a barrel and U.S. gasoline prices over $4 per gallon, with analysts warning prices could rise further as global energy infrastructure adjusts to the conflict and a slow recovery remains unlikely.
Brent crude rose to about $100 a barrel after Iran-backed Houthis claimed strikes on Saudi tankers in the Red Sea, heightening fears of supply disruptions as shipping in critical routes like the Bab el-Mandeb and Strait of Hormuz faces pressure amid ongoing Middle East tensions.
Houthi rebels in Yemen began enforcing a Red Sea blockade, turning back a vessel bound for Saudi Arabia and prompting several other ships to alter course, raising concerns about wider disruptions to global oil shipping and escalating regional tensions in the Bab el-Mandeb strait.
After days of U.S. strikes, Houthis block Red Sea oil shipments via Bab el-Mandeb, threatening a major export route near Hormuz and deepening the U.S.-Iran confrontation as Tehran retaliates in Jordan and Bahrain and oil supplies loom large.
European markets fell and oil prices rose as President Trump announced on Truth Social that the Strait of Hormuz is open to all ship traffic except Iran, signaling a pivot away from a previously floated reimbursement fee while suggesting a U.S. blockade could target Iran’s ports and cargo.
Ukrainian drones targeted Russian oil facilities, sparking fires and setting additional oil tankers ablaze amid the ongoing Russia-Ukraine conflict.
Alberta and Ontario unveiled a plan to build a pipeline that would move western Canadian crude to eastern markets, aiming to diversify supply and strengthen interprovincial energy trade. The proposal signals a shift in Canada’s energy strategy and could involve Pembina Pipeline Corp., but many details—such as the route, cost, and federal approvals—have not been disclosed.
Premium gasoline now costs roughly $1 more per gallon than regular in many areas, with CNN noting the gap has widened from about 20 cents over decades to near $1 today, while demand climbs as more new cars require or recommend higher-octane fuel. The rise is partly due to higher refining costs and ethanol additives, which pump up wholesale-to-retail margins for stations. Cars that don’t need premium typically see no performance benefit from higher octane, according to AAA and industry analysts, yet marketing and perceptions of “better performance” keep shoppers paying the premium. Premium gas accounted for about 13% of sales last year, and the price spike persists even as drivers continue to fill up, illustrating a blend of cost, demand, and marketing factors behind the price puzzle.
Estonia, Latvia and Lithuania urged Brussels to fast-track the EU’s phased ban on Russian oil, arguing that Russian energy exports fund Moscow’s war in Ukraine; while the Commission pledged to bring forward the proposal, talks have stalled amid Middle East tensions and fears of an energy crunch. Poland backs a year-end move, but some members like Hungary and Slovakia may resist due to price concerns.
Ukraine’s drone strikes are widening their reach into Russia, targeting arms production and cutting into oil-refining capacity, sparking fuel shortages and economic strain as stock markets slide; the Kremlin is scrambling to respond, and analysts say Vladimir Putin is unlikely to reverse course despite the energy crisis and mounting geopolitical pressure.