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Fuel Tanker Ablaze in Strait of Hormuz After Drone Strike, Iran Revolutionary Guards Say

CDN and International News, Latest / By

(Reuters) – Iran’s Revolutionary Guards said a fuel tanker was burning in the Strait of Hormuz after being hit by two drones, Iranian news agencies reported on Monday. The strait is the world’s most vital oil export route, connecting the biggest Gulf oil producers, such as Saudi Arabia, Iran, Iraq and the United Arab Emirates, …

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How Have US Presidents Tapped the Strategic Petroleum Reserve During War?

Conventional Energy, Latest, Oil, US News / By

(Reuters) – While the U.S. has no plans yet to sell oil from the Strategic Petroleum Reserve, the world’s largest emergency oil stockpile, presidents have long tapped it during times of crisis in attempts to control fuel prices for U.S. consumers. The administration of President Donald Trump is not currently discussing selling oil from the …

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US Not Currently Discussing Sale of Oil From SPR, Source Says

Conventional Energy, Latest, Oil, US News / By

(Reuters) – Selling oil from the U.S. Strategic Petroleum Reserve after the U.S. and Israeli attacks on Iran is ‘not currently being discussed’, a U.S. source said on Monday. “Oil markets remain well supplied”, the source said. The SPR, held on the coasts of Louisiana and Texas, is the world’s largest emergency oil stockpile, currently …

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Mideast Gulf Ship Insurance Costs Soar as US-Iran War Escalates, Say Sources

CDN and International News, Conventional Energy, Latest, LNG, Oil / By

(Reuters) – The insurance cost of shipping goods through the Middle East Gulf has surged as much as five times in the past 48 hours since the U.S. and Israeli began airstrikes on Iran, with most underwriters not offering cover for any sailings through the Strait of Hormuz, insurance industry sources said on Monday. War …

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QatarEnergy Halts LNG Production After Military Attacks on Facilities

CDN and International News, Conventional Energy, Latest, LNG / By

QatarEnergy has stopped production of liquefied natural gas (LNG) and related products following military attacks on its operating facilities in Ras Laffan Industrial City and Mesaieed Industrial City, the company said on Monday. The state-owned energy firm did not provide details on the extent of the damage or how long the suspension would last. QatarEnergy …

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Iran Conflict Disrupts Global Shipping as Tankers Are Stranded, Damaged

CDN and International News, Latest / By

(Reuters) – Insurance companies are cancelling war risk coverage for vessels in the Gulf as the widening Iran conflict disrupted shipping, leaving at least four tankers damaged, a seafarer killed and 150 ships stranded around the Strait of Hormuz. Shipping through the strait between Iran and Oman, which carries around one fifth of oil consumed …

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Venture Global’s Quarterly Core Profit Nearly Triples on Higher LNG Sales Volumes

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, LNG, US News / By

Venture Global said on Monday its adjusted core profit nearly tripled in the fourth quarter, due to higher LNG sales volumes at the Plaquemines Project in Louisiana, sending its shares up nearly 9% in premarket trading. In 2025, the U.S. became the first country to export more than 100 million metric tons (mmt) of liquefied …

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Forget OPEC+ Output Hike – Duration of Hormuz Disruption is What Matters

CDN and International News, Conventional Energy, Latest, Oil / By

Clyde Russell (Reuters) – The OPEC+ decision to lift crude oil output by 206,000 barrels per day (bpd) from April is probably the least consequential decision the group has made in nearly a decade of existence. Adding about 0.2% of global oil demand to supply a month from now is little more than a symbolic …

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South Bow Plan to Revive Parts of Keystone XL Needs Trump Approval, US Oil Pipeline Links

Conventional Energy, Energy Topics & Technology, Latest, Oil, Pipelines, US News / By

  Summary South Bow’s plan to revive KXL needs additional links in US Proposal leverages existing infrastructure in Canada Environmental, Indigenous opposition likely for South Bow’s pipeline expansion (Reuters) – A proposal led by Canadian company South Bow to revive parts of the cancelled Keystone XL oil pipeline could increase Canada’s crude exports to the U.S. …

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US Gasoline Prices to Rise After Attack on Iran, Analysts Warn

Conventional Energy, Energy Topics & Technology, Gasoline, Latest, Oil / By

(Reuters) – U.S. average retail gasoline prices are set to break above $3 a gallon on Monday for the first time in more than three months as the conflict between the United States and major oil producer Iran interrupts global oil flows, analysts said. That’s potentially a major risk for President Donald Trump and his Republican Party …

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