Latest News Updates From Bloomberg News

Magdeburg in the former East Germany is famous for its towering Gothic cathedral, and not a lot else. It’s now about to play a key role in U.S. and European efforts to tilt the global balance of power.

Orders placed with global e-commerce platforms like Amazon and Walmart may be delayed by virus lockdowns and restrictions in some of China’s key manufacturing hubs, according to an industry body.

Widespread lockdowns in China akin to the measures just taken in the southern technology hub of Shenzhen could affect half of the country’s gross domestic product, with negative implications for economies elsewhere too.

The war in Ukraine has touched off a feud between the White House and U.S. oil industry as many companies reap record profits from rising prices despite pumping less crude than before the pandemic, leaving American consumers beset by surging gasoline costs.

The Biden administration is weighing a ban on U.S. imports of Russian crude oil as Congress races toward passing such a restriction to punish the Kremlin for its invasion of Ukraine.

The chorus is growing from America’s oil executives for President Joe Biden to throw the federal government’s weight behind an industry he once deliberately shunned: U.S. shale.

FedEx Corp. has suspended all services in Russia and Belarus as fighting intensifies following the invasion of Ukraine.

The U.S. and its allies are discussing a coordinated release of about 60 million barrels of oil from their emergency stockpiles after Russia’s invasion of Ukraine pushed crude prices above $100.

Oil extended its retreat from a seven-year high, slipping back below $100 a barrel in London, as Russia’s invasion of Ukraine forced traders to grapple with a fluid market environment.

Oil surged above $105 a barrel for the first time since 2014 after Russia attacked sites across Ukraine, triggering fears of a disruption to energy exports at a time of already tight supplies.