PORT ARTHUR, Texas — A large explosion at an oil refinery near the Texas coast on Monday shot plumes of smoke into the air and forced nearby residents to shelter in place, according to officials. No one was injured in the explosion at the Valero refinery in Port Arthur, about 90 miles (145 kilometers) east … Read more
NEWYou can now listen to Fox News articles! President Donald Trump’s decision to delay a planned meeting with Chinese President Xi Jinping as the Iran conflict unfolds is raising a new question in Washington: whether pressure on global oil flows could factor into U.S. leverage with Beijing. The summit originally had been planned for March … Read more
IE 11 is not supported. For an optimal experience visit our site on another browser. Major flood emergency prompts mass evacuations and rescues in Hawaii 01:51 Nuclear sites targeted across Middle East amid war with Iran 02:38 U.S. ramps up pressure on Cuba as Trump considers possible action 01:54 Good News: Officer’s daughter shows him … Read more
Oil prices soar as war with Iran continues – CBS News Watch CBS News The U.S. temporarily lifted sanctions on Iranian oil already at sea as oil prices soar amid the Middle East conflict. Source link
In a twist of wartime irony, the United States has moved to ease sanctions on Iranian oil to cool surging energy prices, a potential boon for Tehran as Washington scrambles to contain the economic shockwaves of its military campaign. Treasury Secretary Scott Bessent said Friday the easing of sanctions, first imposed after Iran’s 1979 revolution, … Read more
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