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The Latest Breaking News from Oil

Woman Goes To Sam’s Club. Then She Realizes Everyone’s In Line For Gas: ‘Apparently Gas Is Going Up Tomorrow’

'It was worse at Costco.'

Motor1

Trump's Blockade Has Cost Tehran $6bn in Oil Revenue and the Rest of the World Is Feeling It

Iran's oil exports have dropped to a six-year low due to a US naval blockade, causing significant economic strain and impacting global energy markets.

International Business Times UK

LPG Prices Hiked: Domestic cooking gas rates increased by Rs 29 per cylinder; Here's what consumers will now pay

LPG Price Today: Domestic LPG cylinder prices have been increased by Rs 29, taking the cost of a 14.2-kg cylinder in Delhi to Rs 942 with effect from June 7. The hike comes after a previous increase in March and is aimed at partially offsetting losses incurred by oil marketing…

The Economic Times

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India to account for half of global oil demand growth over next decade: Rosneft CEO

Rosneft CEO Igor Sechin stated India will drive nearly half of global oil demand growth over the next decade, projecting consumption to reach eight million barrels per day by 2035. He highlighted Russian oil supplies' economic benefits to India and China, exceeding $40 billion since April 2022, and warned of…

The Economic Times

Why oil’s not at $200 after the biggest supply shock in history

Global oil prices are defying expectations, staying below $100 a barrel even after the Strait of Hormuz was effectively blocked. Record US oil exports and a significant drop in Chinese demand are helping to absorb the shock. Strategic reserves have been released and alternative routes are being used.

The Economic Times

'Walmart... They Let Me Watch': Man Goes To Jiffy Lube For An Oil Change. Then He Checks The Dealership

'I do my own.'

Motor1

Rising fuel prices to strain household budgets as West Asia crisis pushes crude above USD 100: Chief Economist Manoranjan Sharma

Fuel prices are climbing globally, impacting Indian households. The West Asia conflict is driving up crude oil costs, making higher fuel prices unavoidable. India, reliant on oil imports through the Strait of Hormuz, faces significant challenges. While the government aims to protect consumers, global energy shocks present limitations.

The Economic Times

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Colombia's presidential runoff could impact the future of the Amazon rainforest and fossil fuels

Colombia’s presidential runoff between Iván Cepeda, an ally of President Gustavo Petro, and lawyer Abelardo de la Espriella, who has been endorsed by U.S. President Donald Trump, could have major implications for the Amazon rainforest, fossil fuel development and Indigenous communities

The Independent UK

India sets standard pack sizes for cooking oils to help shoppers compare prices

India has ordered cooking oil makers and importers to use only nine standard pack sizes. This move aims to help shoppers easily compare prices across different brands. The new rules cover major edible oils and apply to both domestic and imported products. Companies have three months to implement the changes.…

The Economic Times

From Industry Titans to Tiny Fish: 3 Key Stocks Insiders are Trading

Check out these three stocks that insiders are buying and selling, including giants in oil and AI, as well as a small gene stock seeing huge swings.

MarketBeat

Not just Andaman: After fresh gas finds, India expands oil and gas hunt along east coast

India is intensifying efforts to discover new oil and gas reserves along its eastern offshore frontier by reprocessing decades-old seismic data and conducting fresh deep-water surveys. This major program across key sedimentary basins aims to reduce import dependence by unlocking untapped hydrocarbon resources beneath the seabed. The initiative is expected…

The Economic Times

Ukrainian drones fly over Putin’s showcase forum

SAINT PETERSBURG, Russia - Ukraine fired hundreds of drones at Russia early Saturday, leaving one person dead and setting an oil depot ablaze on the final day of the country’s flagship economic forum in Saint Petersburg, officials said.

Bangkok Post

Russia's oil major says US companies benefit from the closure of the Strait of Hormuz

Rosneft CEO Igor Sechin stated that American energy companies are benefiting most from the closure of the Strait of Hormuz. He believes the United States is altering global energy markets to serve its own interests. Sechin also noted that the OPEC+ group has weakened due to member withdrawals. He warned…

The Economic Times

Watch: Ukrainian drones hit St Petersburg region again; Russia claims capture of Kharkiv village

Ukraine launched long-range drone strikes deep inside Russia, hitting a military facility near St Petersburg and an oil depot in Krasnodar. President Zelenskyy stated these attacks targeted Russian naval arsenals and bases, emphasizing Ukraine's capability to strike over 1,000 kilometers.

The Times of India

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International Business Times

Rosneft Chief Says US Energy Firms Gain From Strait Of Hormuz Closure Amid Global Oil Disruption

The comments came at Russia's flagship economic forum as governments and energy producers continue to grapple with supply disruptions linked to the Middle East conflict.

The Guardian - UK

Aviation industry looks skywards as leaders fly in for Rio summit

Oil tankers may be stuck behind strait of Hormuz, but holding the Iata AGM in Brazil defies warnings of impending shortages

The Independent UK

Iran-US war latest: Two more drones downed over Strait of Hormuz as Trump claims he ‘destroyed’ Tehran’s military

It comes as the US military said it downed six Iranian missiles in the Gulf

Bangkok Post

US crude stocks close to rock bottom

HOUSTON - In the prairie town that calls itself the pipeline crossroads of the world, 400 oil storage tanks sprawled across Cushing, Oklahoma, are ‌nearly empty, drained by refiners worldwide to plug a massive shortfall in global supplies caused by war in the Middle East.

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The Economic Times

'Ocean of energy' found in Andaman: What the new gas discovery means? Can it reduce India's import dependence?

Andaman oil discovery news: Oil India has confirmed the discovery of natural gas in an exploratory well in the Andaman Sea, marking a significant step in India's "Samudra Manthan Mission." This find strengthens the belief in the Andaman Basin's hydrocarbon potential, though commercial production is estimated to be a decade…

Axios

U.S. and Iran in fresh clashes as peace talks stall

The U.S. military said it struck an oil tanker headed for Iran and defended Kuwait and Bahrain from Iranian missiles.

The Economic Times

West Asia war: 100 days on, Trump and Iran remain locked in high-stakes showdown

Tensions between the US and Iran remain high as the conflict approaches 100 days. Both nations are engaged in military actions and diplomatic exchanges. Iran insists on a ceasefire in Lebanon before any deal with the US. The US has intercepted Iranian drones and seized an oil tanker. Oil prices…

The Economic Times

US military says it shot down Iranian drones launched toward Strait of Hormuz

The US military shot down four Iranian drones near the Strait of Hormuz and struck coastal radar sites in response, escalating tensions. This action comes as the Trump administration increases pressure on Iran, impacting regional maritime traffic and global energy prices. The US also boarded a sanctioned oil tanker and…

The Economic Times

Strait of Hormuz boils again: Iranian drones launched toward global oil corridor shot down, says U.S military

Iran war: U.S. Central Command said it hit the radar sites, including an island in the Strait of Hormuz, “to defend against further attacks.”

The Independent UK

UN food agency says millions are being pushed into hunger by Iran war

The U.N. food agency says millions of people are being pushed into acute hunger by the Iran war, as it warned would happen if the conflict escalated and oil prices remained high

Barchart

Cotton Slides Lower on Friday

Cotton futures faced outside pressure on Friday, with contracts down 41 to 137 points across the board, with July falling 240 points. The US dollar index was up $0.643 at $100.025. Crude oil losses of $2.79 added some modest pressure. Weekly CFTC data showed spec funds trimming 1798 contracts from...

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