The U.S.’s emergency oil reserve was already significantly depleted when Trump took office 16 months ago Bloomberg News The United States’s emergency supply of crude oil has fallen to its lowest level since 1983 as the Trump administration moves toward completing its plan to release 172 million barrels to ease surging fuel prices spurred by …
U.S. Oil Reserve Hits 43-Year Low as Trump Aims to Tame Prices Read More »
Citi on Monday cut its average Brent crude forecasts to $75 and $70 per barrel for the third and fourth quarters of 2026, respectively, citing expectations that the Strait of Hormuz trade flows will resume and normalize after the U.S. and Iran approved a memorandum of understanding to end the war in the …
Citi Cuts Brent Forecasts as U.S.-Iran MoU Points to Strait of Hormuz Flow Normalization Read More »
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 …
Vance Says He Hopes to Release Text of Agreement to Halt War in Iran This Week Read More »
India’s Petronet sent a liquefied natural gas tanker through the Strait of Hormuz, the only shipment on Monday since the United States and Iran reached a peace deal to reopen the strategic waterway, shiptracking data showed. The limited traffic underscores wariness among shippers who have welcomed the deal but are still waiting for more details …
One LNG Tanker Passes Hormuz After US-Iran agree to Deal, Shippers Stay Cautious Read More »
Ensuring the Strait of Hormuz is safe from mines could delay a return to normal shipping traffic by weeks following a deal to reopen the waterway, shipping and maritime security sources say. The operation by conventional minesweepers and state-of-the-art underwater drones could continue for 40 to 50 days before many insurance, shipping or oil …
Scouring the Strait of Hormuz for Mines Could Take Weeks Read More »
The U.S.-Iran deal ending months of fighting and reopening the Strait of Hormuz will prompt a collective sigh of relief from energy exporters and importers alike. But the fragile calm may not prevent future flare-ups, casting doubt over how quickly – or fully – tanker traffic through the vital waterway can return to normal. …
Fragile Iran Deal Offers Oil Relief, but Hormuz Risks Remain: Bousso Read More »
June 15 (Reuters) – U.S. energy shares fell in premarket trading on Monday as crude prices tumbled after Washington and Tehran reached an initial deal that could end the months-long conflict and reopen the vital Strait of Hormuz. The U.S. and Iran will sign a memorandum of understanding in Switzerland on Friday, Pakistan’s prime minister said, after …
EARLY TRADING: US Energy Shares Fall as Iran Deal Lowers Hormuz Disruption Risk Read More »
Summary US, Iran to sign MOU on peace deal on Friday, Pakistan PM says Deal includes reopening of Strait of Hormuz Further talks on final agreement expected in next 60 days LONDON, June 15 (Reuters) – Oil prices slipped to a 3-month low on Monday after U.S. President Donald Trump and Iran’s deputy foreign minister said they …
Oil Hits 3-Month Low as US, Iran Reach Peace Deal to Reopen Strait of Hormuz Read More »
British oil major BP has started a process to sell stakes in two of its Gulf of Mexico projects, four people with knowledge of the matter said, in what would be one of new CEO Meg O’Neill’s first moves. BP, one of the largest operators in the Gulf of Mexico, has been weighing a …
BP Starts Process to Sell Stakes in Two Gulf of Mexico Projects, Sources Say Read More »
By EnergyNow Editorial Staff For much of the past decade, international investors viewed Canada’s oil and natural gas sector as a paradox. The country possesses some of the largest petroleum reserves in the world, a highly skilled workforce, strong environmental standards, political stability, and access to growing global energy markets. Yet despite these advantages, billions …
