crude oil News Updates

Ongoing tensions in the Middle East are amplifying volatility in global supply chains, Cosco said.

Sinokor has been snapping up very large crude carriers, giving it unprecedented control over a big share of the global fleet.

The attacks added to fears the energy crisis triggered by the closure of the Strait of Hormuz may cause lasting damage to oil and gas production.

Imports of Venezuelan heavy crude doubled in the week leading up to March 13, reaching the highest since late 2024, according to U.S. government data.

The meeting will take place at the American Petroleum Institute and involve members of the U.S. oil and gas trade group’s board, according to sources.

The president on March 18 authorized foreign-flagged vessels to transport a range of commodities between U.S. ports for the next 60 days.

Iran has threatened it won't allow “even a single liter of oil” destined for the U.S., Israel and their allies to pass through Strait of Hormuz.

The moves include issuing more individual licenses allowing foreign companies to work in Venezuela without violating U.S. sanctions.

Iran’s attacks on vessels and the threat of mines have cut traffic in the vital waterway to a trickle, effectively putting Tehran in charge of the flow.

The nationwide average retail price reached $5.044 a gallon on March 16, according to AAA, up by more than a third since the Iran conflict began.