The U.S. Treasury has authorized the purchase of Iranian oil that’s already at sea, exempting buyers from the tight sanctions that have restricted the country’s oil industry for years — a move aimed at stemming soaring prices amid the U.S.’s war with Iran. The sanctions license allows oil from Iran to be purchased if it … Read more
Although the Trump administration is pulling multiple levers to tame energy costs amid the widening Iran war, the average price of gasoline in the U.S. on Friday neared $4 a gallon, raising questions about whether those efforts are working. The most effective measure for bringing down oil prices would be to reopen the Strait of Hormuz, … Read more
For U.S. consumers, soaring oil prices due to the Iran war don’t just mean pain at the pump — the impact is also likely to be felt by shoppers both in stores and online. Global oil prices have jumped more than 40% since the conflict effectively closed the Strait of Hormuz, a critical waterway in … Read more
8m ago Explosions over Dubai, Bahrain and Saudi Arabia as more Iranian weapons intercepted Heavy explosions shook Dubai as air defenses intercepted early incoming fire over the city, where people were observing Eid al-Fitr, the end of the holy Muslim fasting month of Ramadan, and mosques made the day’s first call to prayers. Bahrain’s … Read more
Soaring energy prices due to the Iran war could provide a massive windfall for U.S. oil companies. Rystad Energy, a market research firm, estimates that shale oil producers in the U.S. could earn an additional $63 billion in sales as prices soar past $100 a barrel. If oil prices averaged $70 a barrel — their approximate level before … Read more
Intensifying violence in the Middle East could send oil prices careening above their all-time high, raising the risk of higher inflation and slower economic growth, experts said. “The biggest hit will be the consumer,” said Ryan Sweet, a chief global economist at Oxford Economics. “To kind of put it into context, every penny increase in gasoline … Read more
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IE 11 is not supported. For an optimal experience visit our site on another browser. Now Playing Oil prices surge after attacks on energy sites 02:43 UP NEXT One dead after gondola crash at Swiss ski resort 01:16 U.S. college student goes missing in Spain 01:27 Potentially record-setting heat wave scorches western United States 01:46 … Read more
Gasoline prices in the U.S. jumped on Wednesday, as the Iran war continues to take a toll on energy infrastructure in the Middle East and slow shipping in the Strait of Hormuz. Drivers now pay an average of $3.84 per gallon, up from $2.92 a month ago and the highest level since September 2023, according … Read more
WASHINGTON — U.S. companies will be allowed to do business with Venezuela’s state-owned oil and gas company after the Treasury Department eased sanctions, with some limitations, on Wednesday as the Trump administration looks for ways to boost world oil supplies during the Iran war. The Treasury issued a broad authorization allowing Petróleos de Venezuela S.A, … Read more