The U. S. has been hitting Kharg Island, a key oil hub in Iran’s Gulf coast, during its fight with Tehran. President Trump says the island’s oil facilities were left alone, but he warned that could change if Iran blocks ships in the Strait of Hormuz. The strait is a major oil route; about 20 million
President Trump has announced a 60‑day pause on the Jones Act, an old law that requires U. S. ships and crews for domestic cargo moves. The waiver is aimed at speeding the flow of oil, gas, fertilizer and coal into American ports while military operations in the Middle East continue. The move comes
Energy leaders say a new oil shortage could hit soon, sparking worry among investors. The big banks are tightening rules on how much money can leave investment funds, which could slow the flow of capital into markets. One top banker has raised his outlook for oil prices, hinting that the marke
The International Energy Agency has decided to make a record‑sized move by putting 400 million barrels of oil into the market. This is the biggest emergency release it has ever carried out, and it aims to soothe the shock caused by fighting in Iran. The agency did not give a specific date for when t
A new conflict that started three days ago has already pushed up oil and gas prices in the United States and around the world. The fighting began with attacks on Iranian targets, including its leader, and Iran has struck a range of sites in neighboring countries such as Saudi Arabia and Qatar. Tho
The U. S. has launched a rapid strike against Iran after learning that Israel planned to attack Iranian targets, officials said on Monday. The move was described as a pre‑emptive action to protect American troops from retaliation and avoid higher casualties. Since the initial attacks on Saturday, si
Chevron is in talks with Iraq to take over the West Qurna 2 oilfield from Lukoil. This field is huge, making up about 0. 5% of the world's oil supply and nearly 10% of Iraq's output. The U. S. put sanctions on Lukoil because of Russia's actions in Ukraine. These sanctions made it hard for Lukoil to
Oil production is getting a boost. OPEC+ has decided to increase its output faster than planned. This move comes as summer demand for oil is high. The group, led by Saudi Arabia, is looking to regain market share. Eight key members of the alliance met and agreed to raise production by 548, 000 barr
Tensions in the Middle East are heating up, and Iran is considering a bold move that could shake up the global economy. The Strait of Hormuz, a narrow waterway between Oman, the United Arab Emirates, and Iran, is a critical route for oil and gas shipments. About 20 million barrels of oil and a signi
The Middle East is heating up, and so are oil prices. The US has taken a big step by bombing Iran's nuclear sites. This move has raised the stakes, and everyone is wondering how Iran will react. The world is watching to see if Iran will hit back, maybe by targeting oil facilities or ships in the
