Oil

Oil prices fell as attacks on Gulf export infrastructure disrupted production and forced shut-ins in the UAE, while global efforts intensify to reopen the Strait of Hormuz.

IEA member countries agreed to release a record 400 million barrels of oil from emergency reserves as disruptions to shipments through the Strait of Hormuz tighten global energy supplies.

The Trump administration has ordered Sable Offshore to restore production at the Santa Ynez offshore oil unit and pipeline system off California, a move aimed at boosting domestic supply amid rising fuel prices.

MOL Group and Slovnaft have filed another complaint with the European Commission accusing Croatian pipeline operator JANAF of abusive crude oil transit pricing that could threaten regional supply security.

Oil prices surged past $100 a barrel as the widening Iran conflict disrupted tanker traffic and closed the Strait of Hormuz, triggering sharp market reactions and political debate in Washington.

Iraq has asked the Kurdistan Regional Government to route at least 100,000 bpd of crude from the Kirkuk oilfields through the Kurdistan pipeline system to Turkey’s Ceyhan export terminal.

India signaled support for the International Energy Agency’s record emergency release of oil reserves as global markets face supply disruptions and rising prices following the Middle East conflict.

Zambia’s cabinet has approved two cross-border pipeline projects linking the country with Tanzania and Namibia to strengthen fuel supply security and meet rising petroleum demand.

A U.S. Department of Justice opinion says the president could use the Defense Production Act to override California laws blocking the restart of offshore oil production and the Santa Ynez Pipeline System.

Plans for a 168,000-bpd refinery in Brownsville, Texas could mark one of the first U.S. refineries built in decades, designed to process shale crude and strengthen Gulf Coast refining capacity.

America First Refining has secured a 20-year offtake agreement and major capital investment to support construction of a new refinery at the Port of Brownsville, potentially the first new U.S. refinery built in five decades.

Nearly 1.9 million barrels per day of oil refining capacity across the Persian Gulf has been shut down as the Iran war disrupts regional energy infrastructure and threatens global fuel markets.

Support is emerging for South Bow’s plan to revive segments of the Keystone XL pipeline, potentially boosting Canadian crude exports to U.S. refining hubs.

Saudi Aramco warns that prolonged disruption in the Strait of Hormuz could have “catastrophic consequences” for global oil markets as shipments remain largely blocked from the critical energy corridor.

U.S. Gulf Coast heavy crude prices surged to their highest levels since 2020 as the Iran war disrupted Middle East supply and forced refiners to seek replacement barrels.