crude oil News Updates

The deal, expected to close in the late third quarter, expands Magnolia's presence in the Eagle Ford Shale basin of south Texas.

The attacks on vessels controlled by Dynacom will unnerve the industry and underline just how perilous the crossing has become since the recent escalation of violence on both sides.

Fuels have spiked faster than crude since the U.S.-Iran war caused the oil market’s biggest supply disruption. The “real bottleneck” is in refining, Morgan Stanley said in a note. 

The maintenance shutdown could potentially exacerbate fuel market tightness in northeastern U.S. states that rely on the plant for gasoline and diesel imports.

The price for a barrel of Brent crude, the international standard, rose  3.9% to $87.48 per barrel. Oil prices are near their highest level in a month.

BP said ConocoPhillips will acquire 42% of its stake in a venture that’s redeveloping Iraq’s giant Kirkuk oil fields, a major revival target for the OPEC heavyweight.

Chevron expects to sign accords with Iraq on July 17 to advance negotiations about investing in large oil fields and a pipeline to bypass the Strait of Hormuz. 

The price for a barrel of Brent crude dips 0.7% to $84.34 and is near a one-month high.

The  “3-2-1 crack spread” rose as high as $70 a barrel on July 16, the highest level on record. 

U.S. gasoline, meanwhile, is again approaching the closely watched $4 mark at a time when summer demand typically peaks.