Oil

Oil advanced as US President Donald Trump placed hefty tariffs on a range of imports, including crude from Canada and Mexico, threatening higher costs for American consumers. US marker West Texas Intermediate (WTI) jumped as much as 3.7 per cent before paring about half of those gains to trade near …

Goldman Sachs analysts predict Brent crude prices could temporarily surge to $93 per barrel if sanctions successfully curb oil exports from Iran and Russia by a combined 1 million barrels per day (bpd). In a note shared by Zerohedge on X, the bank outlined a scenario where Iran faces persistent …

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, after a 4-rig drop in each of the two weeks prior. The total rig count rose by six rigs, to 582, according …

Trade in Russian crude loading for Asia in March has come to a screeching halt as tanker rates are soaring and shippers are scrambling for non-sanctioned vessels following the latest U.S. sanctions on Russia’s oil supply, Reuters reports, citing shipping data and trade sources. The Biden Administration’s farewell sanctions on …

Oil prices slipped on Monday after US President Trump called on OPEC to reduce prices following the announcement of wide-ranging measures to boost US oil and gas output in his first week in office. Brent crude futures dropped 53c, or 0.68%, to $77.97 a barrel by 4.30am GMT after settling …

Aframax oil tankers that serviced crude oil exports from Russia’s western ports are now being redirected to the Russian Far East-China route to service the exports of Russia’s ESPO crude, a favorite with Chinese refiners, Bloomberg reports, citing shipbroker and ship-tracking data. The Biden Administration’s final sanctions on Russian oil …

Oil prices dipped in Asian trade on Thursday, extending losses amid uncertainty over how U.S. President Donald Trump’s proposed tariffs and energy policies would impact global economic growth and energy demand. Brent crude futures fell 26 cents, or 0.3%, to $78.74 a barrel at 0427 GMT, while U.S. West Texas …

Saudi Aramco, the world’s largest oil exporter, expects global oil demand to grow by a steady 1.3 million barrels per day (bpd) this year compared to 2024, the chief executive of the biggest oil firm in the world told Reuters. Oil demand is set to hit nearly 106 million bpd …

The state-owned Iraqi Midland Oil Company said that it has discovered huge oil reserves in the East Baghdad oil field. Mohammed Yassin Hassan, director general of the company, said the new discovery is expected to add more than 2 billion barrels to Iraq’s oil reserves, according to a statement by …

On Tuesday, Basrah crude oil prices dropped tracking a decline in global oil markets. Basrah Heavy crude decreased by $0.83, or 1.06%, to $77.60 per barrel, while Basrah Medium crude also decreased by $0.83, or 1.02%, to settle at $80.85 per barrel. The drop comes as global oil prices reacted …