The Latest Breaking News from Oil

Louisiana created 1,170 acres of new wetlands in Barataria Basin; one year later, shrimp and crabs are returning to the restored habitat

Louisiana’s Upper Barataria Marsh Creation Project has restored 1,170 acres of new wetland habitat in the Barataria Basin. One year after construction, white and brown shrimp, blue crab and red drum are using the restored marsh and water features. The project aims to rebuild coastal ecosystems damaged by decades of…

The Times of India · Aug 12

In 1893, a German mechanical engineer invented a high-efficiency compression-ignition engine originally intended to run on alternative fuels but his invention turned popular years after his demise due to financial troubles: How did Rudolf Diesel changed the world?

In 1893, Rudolf Diesel published his design for a compression-ignition engine that aimed to improve engine efficiency and reduce dependence on existing steam and gasoline systems. His work later became the basis of diesel engines used in ships, trains, trucks, generators and industrial machines. Diesel also explored vegetable oils as…

The Economic Times · Aug 12

Crude Prices Close Higher as IEA Forecasts Tightening Inventories in Q3

September WTI crude oil (CLU26) on Wednesday closed up +0.07 (+0.08%), and September RBOB gasoline (RBU26) closed up +0.0171 (+0.55%). Crude oil and gasoline prices closed higher on Wednesday as the International Energy Agency (IEA) said in its monthly report that the global oil supply deficit will worsen, even as...

Barchart · Aug 12

Iran says no progress on reviving interim peace deal with US

Iran and the United States remain divided over ending the Gulf war permanently. Talks to revive an interim deal agreed in June have seen no progress. New attacks on shipping in the region have further dampened hopes for resolution. The Strait of Hormuz, a vital waterway, remains a point of…

The Economic Times · Aug 12

The Trump Administration's Hormuz Oil Numbers Don't Add Up

Energy Secretary Chris Wright claims that more oil left the Middle East in a day than before the war. But the industry isn’t buying it—and gas prices are still high.

Reason · Aug 12

Revolutionary Guard Adviser Warns Iran Is Preparing Military Operations on US Soil as Hormuz Peace Talks Crash

Iran hints at striking 'enemy soil' as Hormuz remains closed and Gulf tensions hit global shipping and oil markets.

International Business Times UK · Aug 12

Cotton Fading Lower on Wednesday, as USDA Hikes Acreage

Cotton futures are trading with contracts 60 to 70 points lower across most contracts so far on Wednesday. Crude oil is up just a penny per barrel, with the US dollar index $0.075 higher. USDA’s Crop Production report from this morning showed cotton down just 90,000 bales to 13.61 million...

Barchart · Aug 12

Soybeans Holding onto Wednesday Gains as USDA Hikes Production

Soybeans are trading with gains of 7 to 8 cents on Wednesday after USDA’s first official crop estimate via Crop Production data. The cmdtyView national average Cash Bean price is up 7 1/4 cents at $11.34 1/2. Soymeal futures are $2.80 higher so far on Wednesday, with Soy Oil up...

Barchart · Aug 12

Crude Prices Ease on US Crude Oil Inventory Surge

September WTI crude oil (CLU26) is down -0.19 (-0.23%), and September RBOB gasoline (RBU26) is down -0.0276 (-0.88%). Crude oil and gasoline prices are trading lower today on the surge in US oil inventories seen in the weekly EIA inventory report. Oil prices found support today after the International Energy...

Barchart · Aug 12

Senator Has Made 700+ Trades Since March, Including Buying Nebius (NBIS Stock): Here’s How Much He’s Made

Since taking office in March, Senator Alan Armstrong (R-Okla.) has made hundreds of stock transactions. One of those trades by the former oil executive was buying shares of an AI company that has soared in value.

Benzinga · Aug 12