Oil plunges below $95 and Dow surges 1,300 in worldwide rally following ceasefire with Iran
The next moves for oil prices will depend on how many oil tankers can start exiting the Strait of Hormuz and how easy their passage is.
Oil
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Facing tough midterms, Biden releasing oil from U.S. reserve
The withdrawals have sent the nation’s strategic reserve to its lowest level since 1984 in what the administration called a “bridge” until domestic production could be increased.
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OPEC+ makes big oil cut to boost prices; pump costs may rise
The alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of elections.
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UPDATE: Biden tapping oil reserve for 6 months to control gas prices
The release of reserves in the U.S. could create pressures that could reduce oil prices, though Biden has already twice ordered releases from the strategic reserves without causing a meaningful shift in oil markets.
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U.S. gasoline prices rise again on talk of banning Russian oil
Oil prices soared early Monday before retreating. Benchmark U.S. crude surged to $130 a barrel overnight, then moderated to around $119, a 3% gain, in afternoon trading. The international price skyrocketed to $139 before falling back to about $123 a barrel.
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Articles
Trump issues fiery new threat against Iran if it doesn’t open Strait of Hormuz
Trump has issued such deadlines before but extended them when mediators have claimed progress toward ending the war.
Stocks rally and oil sinks after Trump hints at possible end to war, even as Iran denies talks
A cautious relief swept through financial markets Monday after President Donald Trump said the United States has talked with Iran about a possible end to their war.
US to release 172M barrels of oil from Strategic Petroleum Reserve as part of effort to combat prices
President Donald Trump previously downplayed the importance of using reserve oil, but confirmed earlier Wednesday that his administration would “reduce it a little bit” and then fill it back up.
International Energy Agency agrees to record release of emergency oil reserves
The organization said it will make 400 million barrels of oil available from its members’ emergency reserves in a bid to counter the effects on energy markets of the war in the Middle East.
Inflation held steady last month, before attack on Iran sent energy costs soaring
Even if oil price increases are short-lived, it will almost certainly delay any interest-rate cut by the Federal Reserve, which meets next week.
Oil prices ease and Trump says war will ‘be ended soon’
Oil prices rebounded from nearly $120 per barrel, their highest since 2022, back below $90 on Monday.
US stocks rebound after strong economic updates, easing of oil prices
Uncertainty about the war has sent prices in financial markets careening up and down hour by hour this week, with most taking their cues from what the price of oil is doing.
Energy prices surge as tanker disruptions, facility shutdowns rattle global supply
Oil prices rose sharply Monday as disruptions to tanker traffic through the Strait of Hormuz raised uncertainty about how U.S. and Israeli attacks on Iran would affect supply to the world economy.
Trump’s plan to seize, revitalize Venezuela’s oil industry faces hurdles
President Donald Trump said he plans to ask American companies to take over Venezuela’s oil industry after capturing President Nicolás Maduro in a raid.
Biden EPA to charge first-ever ‘methane fee’ for emissions waste by oil, gas companies
The new fee is intended to encourage industry to adopt best practices that reduce emissions of methane—the primary component of natural gas—and thereby avoid paying.
Chevron buying Hess for $53B in latest oil megadeal
The Chevron-Hess deal comes less than two weeks after Exxon Mobil said that it would acquire Pioneer Natural Resources for about $60 billion.
Corporate 100: Long-established CountryMark experiences fast growth
It’s a rare feat for an established company to nearly double its revenue in one year—from $1.3 billion in 2021 to nearly $2.2 billion in 2022. That revenue ranked the company as Indiana’s sixth largest private company, according to IBJ research.
Saudi Arabia slashing oil supply, could drive up gas prices
The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed to extend earlier production cuts through next year.
Oil producers’ cuts could boost gasoline prices, help Russia
Less oil flowing to refineries should mean higher gasoline prices for drivers and could boost the inflation hitting the United States and Europe.
Saudis, other oil giants announce surprise production cuts
The cuts total up to 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide.
Shortage of cooking oil looms as biofuels gain global appeal
From the U.S. to Brazil and Indonesia, governments are embracing energy made from plants like soybeans or canola, or even animal fat, to move away from fossil fuels and cut emissions.
Biden set to expand methane emissions rules amid push for more oil
The supplemental rule comes as President Biden has accused oil companies of “war profiteering” and raised the possibility of imposing a windfall tax on energy companies if they don’t boost domestic production.
Biden vows ‘consequences’ for Saudis after OPEC+ cuts output
The production cut threatens a global economy already destabilized by the Ukraine conflict and risks saddling Biden and Democrats with newly rising gasoline prices just ahead of the U.S. midterm elections.
Production resumes at Indiana refinery shut down after fire
The refinery produces about 435,000 barrels per day and provides about 20% to 25% of the refined gasoline, jet fuel, and diesel used by Illinois, Indiana, Michigan, and Wisconsin.