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US Says it Launched Strikes Against Iran After Attack on Cyprus-Flagged Container Ship

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  The U.S. military said on Saturday it launched a new round of strikes against Iran after Islamic Revolutionary Guard Corps forces attacked a Cyprus-flagged container ship transiting the Strait of Hormuz. “A civilian crew member is missing and the vessel is unable to continue the journey due to an onboard fire and significant engineroom …

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Hormuz Oil Exodus Sets Stage for Chaotic Rebalancing Act: Bousso

CDN and International News, EnergyNow News and Press Releases, Latest, Oil / By

  Crude prices may be back near levels seen before the Iran war, but the surge in oil exports from the Middle East following the reopening of the Strait of Hormuz is creating a chaotic market that could take months to settle. The steep slide in Brent crude back to pre-war levels of around $73 …

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Vance Says He Hopes to Release Text of Agreement to Halt War in Iran This Week

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U.S. Vice President JD Vance said on Monday that he hopes text of an agreement to halt the war in Iran and open the Strait of Hormuz will be released this week, as further negotiations over the deal’s details were set to continue. In an interview on CNBC, Vance also said the United States expects …

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Chinese Refiners Delay Projects with Middle East Oil Supply Disrupted

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Summary HAPCO start-up pushed from mid-year to September or October, sources say PetroChina Dalian unit resumption postponed indefinitely China’s refining margins turn negative on high crude costs and fuel price caps India’s capacity expansion on track SINGAPORE, June 8 (Reuters) – Chinese refiners have delayed two projects slated to come ​online this year following disruptions …

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Texas Power Demand Growth Nearly Five Times the Broader US, Report Says

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(Reuters) – Electricity demand in Texas grew 9% ​in recent months, nearly five ‌times the U.S. average, driven by the expansion of data centers and cryptominers ​in the Lone Star State, ​according to data released by Hitachi ⁠Energy on Thursday. The Texas power ​grid saw the largest jump in ​both power demand and the addition …

Texas Power Demand Growth Nearly Five Times the Broader US, Report Says Read More »

Oil Prices Fall as Market Awaits Possible US-Iran Ceasefire Deal

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Summary Brent and WTI register steepest weekly losses since April U.S.-Iran ceasefire deal not finalised U.S. crude, gasoline and distillate stockpiles fell last week, EIA reports (Reuters) – Oil futures fell nearly ​2% on Friday and were on track for their steepest weekly decline since early April ‌after reports that the U.S. and Iran had reached agreement …

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COMMENTARY: BP’s Board Snatches Defeat From the Jaws of Victory: Bousso

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  The sudden ousting of BP Chairman Albert Manifold over allegations of misconduct less than eight months after he took office plunges the British energy giant into its second leadership scandal in less than three years. These repeated leadership misfires suggest BP’s board is quickly becoming a liability. His departure is related to aggressive conduct …

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Trump Says US Navy Acting ‘Like Pirates’ to Carry Out Naval Blockade of Iranian Ports

Conventional Energy, EnergyNow News and Press Releases, Latest, Oil, Tri-Pinned, US News / By

President Donald Trump said on Friday the U.S. Navy was acting “like pirates” in carrying out Washington’s naval blockade of Iranian ports during the U.S. and Israel’s war against Iran. Trump made the comments while describing the seizure by U.S. forces of a ship a few days ago. “We took over the ship, we took …

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TRUMP ON GAS PRICES: Americans Should Expect to Pay More ‘For a Little While’

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  WASHINGTON, April 23 (Reuters) – U.S. President Donald Trump told reporters on Thursday ‌that Americans should expect to pay higher gas prices “for a little while.” Energy prices have risen around the world since ​the start of the Iran war in late ​February. Trump was asked if Americans “should anticipate spending more ⁠on gasoline for the foreseeable future.” “For a …

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COMMENTARY: Opening Hormuz is the Easy Part. Restoring Oil Flows Isn’t: Bousso

Conventional Energy, EnergyNow News and Press Releases, Latest, Natural Gas, Oil, US News / By

The stop-start shipping traffic through the Strait of Hormuz underscores the profound uncertainty hanging over the world’s most critical oil and gas chokepoint. But one thing is already clear: even if the guns fall silent, flows through the narrow waterway will take months – and possibly years – to recover to pre-war levels. Iran said …

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