oil

Why it’s so hard to get oil through the Strait of Hormuz right now

by

Global oil prices have sharply risen, though they have fallen slightly from highs seen last week, threatening wider economic instability across the world. Trump has threatened to hit Iran “20 times harder” if it disrupts this vital artery in the world’s fuel supply. Of the handful of tankers that have braved the crossing, around half … Read more

International Energy Agency to release 400 million barrels of oil in move to lower energy prices

by

The International Energy Agency (IEA) said on Wednesday it would release 400 million barrels of oil from emergency reserves, the largest release in the multinational organization’s history. The announcement comes as the Strait of Hormuz remains effectively closed because of the Iran War. Normally, roughly a fifth of the world’s oil supply flows through the … Read more

Dozens of countries agree to release 400 million barrels of oil to ease Iran war crunch

by

The International Energy Agency said Wednesday that member countries had unanimously agreed to release 400 million barrels of oil from their reserves in a bid to ease prices that are soaring due to the Iran war. “The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member … Read more

US destroys 16 Iranian mine boats as Strait of Hormuz oil showdown escalates

by

NEWYou can now listen to Fox News articles! U.S. forces destroyed 16 Iranian mine-laying vessels near the Strait of Hormuz Tuesday, U.S. Central Command said, in what officials described as a move to prevent Tehran, Iran, from disrupting one of the world’s most critical maritime chokepoints. The strikes come as oil traffic through the strait … Read more

House GOP urges Trump to choke off Iran ally’s oil profits as Middle East turmoil spikes US gas prices

by

NEWYou can now listen to Fox News articles! FIRST ON FOX: A group of House Republicans is urging the Trump administration to choke off Russia’s profits from one of its largest energy companies as global oil prices spike. It comes as the U.S. and Israel’s conflict with Iran, one of Russia’s closest allies on the … Read more

Tom Cotton puts Biden on notice while demanding answers on draining of nation’s oil stockpile

by

NEWYou can now listen to Fox News articles! FIRST ON FOX: A top Senate Republican wants answers on why the Biden administration drained the nation’s oil stockpile but did little to replenish it. Sen. Tom Cotton, R-Ark., charged that decisions under President Joe Biden to tap the Strategic Petroleum Reserve (SPR) could have a ripple … Read more