Two months after the Iran war began, the Strait of Hormuz remains severely restricted for tanker traffic while U.S. President Donald Trump faces a key legal deadline at home under the 1973 War Powers Resolution. As of early Friday, May 1, the deadlock at the world’s most vital oil chokepoint, the Strait of Hormuz, doesn’t appear close to being resolved. The U.S. is doubling down on the naval blockade outside the Strait aimed at stopping Iranian oil exports. But Iran controls most vessel movements through the lane and is increasingly…

Beijing is reversing its curbs on refined fuel exports after halting shipments in the opening days of the U.S.-Iran conflict. This move suggests that Chinese domestic inventories are now at comfortable levels, allowing state refiners to reopen the export spigot, even as much of Asia remains gripped by a fuel shock caused by disrupted Gulf energy flows through the Hormuz chokepoint. There was chatter earlier this week that China's state-owned refiners were applying for government permits to resume fuel exports in May. These include…

Following the Russian invasion of Ukraine in 2022, several major world powers introduced strict sanctions on trade with Moscow. Europe and the United States have been gradually decreasing their dependence on Russian gas and other energy products and putting pressure on other countries to do the same, to place a financial strain on Moscow, as the war with Ukraine continues. However, some countries, such as India and China, have used these sanctions as an excuse to buy discounted crude and gas from Russia, in a bid to reduce costs and boost energy…

As she sat down to pen her first email to BP’s 100,000 staff, Meg O’Neill opted against sparing the radical rhetoric. To the American oil and gas thoroughbred, who had just become the first ever female chief executive of a British energy major, there was only one course available to her new employer should it wish to avoid extending its more-than-decade-long spell of financial mediocrity. “Right now, we’re operating in an environment of significant complexity: geopolitical tension; conflict; rapid technological change; and…

Following a recent oil spill, Mexico’s state-owned oil firm Pemex has come under fire again, particularly due to its poor health and safety track record. The highly indebted oil firm has been repeatedly criticised over the years for not doing enough to improve safety standards, and the latest spill has, once again, drawn attention to its practices. During the first half of February, Pemex repaired a pipeline running from one of the oil platforms in the Cantarell field to the Dos Bocas plant, after identifying a slick of suspected oil covering…

The AI boom has unleashed an energy monster unlike anything the world has ever seen before. No one is exactly sure how much energy the AI sector will require in the coming years as large language models continue to advance and expand. In fact, we don’t even really know how much energy it’s consuming now. But most experts agree that we can expect a sharp and continuing rise in demand from the data centers that power the tech sector in the coming years as the global economy increasingly integrates AI into virtually every market sector…

Iran's currency has fallen to a record low against the US dollar as the two-month-long conflict rattles the country's sanctions-hit economy. Air strikes by the United States and Israel, launched at Iran on February 28, along with the American naval blockade on Iranian ports and vessels, have disrupted Tehran's vital oil exports, hampered domestic production, and fueled inflation. Iran's national currency, the rial, dropped to a new low of 1.81 million to the US dollar on April 29 before rebounding the next day. The rial has seen its value fall…

Venezuela’s oil exports rose to 1.23 million barrels per day (bpd) in April, the highest level since 2018, as shipments to the United States, India, and Europe accelerated. Exports climbed 14% from March levels, according to shipping data and PDVSA documents, with 66 cargoes leaving Venezuelan ports during the month. That compares with 61 vessels in March carrying about 1.08 million bpd. Since the January capture of Nicolas Maduro and the installation of an interim government, Washington has eased sanctions and taken control of Venezuelan…

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, bringing the total rig count in the US to 547,  down 37 from this same time last year. The number of active oil rigs specifically rose by 1 to 408 during the latest reporting period, according to the data. This is 64 below this same time last year. The number of gas rigs rose by 1 after rising by 4 in the week prior. Gas rigs now sit at 130, which is 22 more than this time last year. The…

Chevron beat first-quarter expectations as higher oil prices lifted upstream earnings, offsetting a sharp swing to losses in refining. Adjusted earnings came in at $1.41 per share, well above expectations. Upstream delivered $3.9 billion, up 4% year-on-year, as crude prices surged during the quarter. Brent spent much of the period moving higher on disruptions tied to the Iran conflict and the effective shutdown of flows through the Strait of Hormuz. For Chevron, that price move did the heavy lifting for the quarter. Chevron’s production footprint…

Oil prices head for a weekly close below $110 after wild swings, as Iran’s negotiation proposal cools markets while uncertainty over Trump’s war-powers deadline keeps traders on edge. Friday, May 01, 2026 Oil prices are set to close this week below $110 per barrel, marking a week of extreme volatility as Brent’s June contract hit $126 per barrel on Thursday. Iran’s latest proposal for negotiations, sent to the Trump administration via Pakistani mediators, has been the main cause for bearishness. The US President is only…

Defying some analysts’ expectations, Kazakhstan has opted not to follow the United Arab Emirates in abandoning OPEC’s oil production quotas. The Kazakh Energy Ministry announced April 29 that “the issue of changing the format of the country’s participation in the alliance is not on the agenda.” Kazakhstan cooperates with OPEC under the OPEC+ platform, which coordinates production between full OPEC members and other oil-producing states with the aim of optimizing energy supplies and prices. The UAE announced…

Russia remains Syria’s top oil supplier and has even boosted its sales so far this year despite the fact that the Middle Eastern country emerged from a 14-year-long civil war leaning West and deposing Russia-backed leader Bashar al-Assad. Syria’s imports of oil from Russia have jumped by about 75% so far this year compared to the estimated 2025 average, according to Reuters calculations and vessel-monitoring data. Last year, Russia delivered a total of 16.8 million barrels of oil to Syria, equal to about 46,000 bpd, one of the Syrian…

Russia's Black Sea port of Tuapse was targeted and hit by a new Ukrainian drone strike early on Friday, in the fourth attack on the port in just one week as Ukraine looks to limit Russia's oil exports and revenues amid soaring crude prices. Since international crude oil prices surged following the war in the Middle East, Russia has boosted its oil revenues as not only prices have jumped, but Russian oil was made desirable in India again, thanks to a U.S. waiver for sales on Russia's crude already loaded on tankers. Over the past week, Ukrainian…

Russia's Black Sea port of Tuapse was targeted and hit by a new Ukrainian drone strike early on Friday, in the fourth attack on the port in just one week as Ukraine looks to limit Russia's oil exports and revenues amid soaring crude prices. Since international crude oil prices surged following the war in the Middle East, Russia has boosted its oil revenues as not only prices have jumped, but Russian oil was made desirable in India again, thanks to a U.S. waiver for sales on Russia's crude already loaded on tankers. Over the past week, Ukrainian…

Russia's Black Sea port of Tuapse was targeted and hit by a new Ukrainian drone strike early on Friday, in the fourth attack on the port in just one week as Ukraine looks to limit Russia's oil exports and revenues amid soaring crude prices. Since international crude oil prices surged following the war in the Middle East, Russia has boosted its oil revenues as not only prices have jumped, but Russian oil was made desirable in India again, thanks to a U.S. waiver for sales on Russia's crude already loaded on tankers. Over the past week, Ukrainian…

Russia's Black Sea port of Tuapse was targeted and hit by a new Ukrainian drone strike early on Friday, in the fourth attack on the port in just one week as Ukraine looks to limit Russia's oil exports and revenues amid soaring crude prices. Since international crude oil prices surged following the war in the Middle East, Russia has boosted its oil revenues as not only prices have jumped, but Russian oil was made desirable in India again, thanks to a U.S. waiver for sales on Russia's crude already loaded on tankers. Over the past week, Ukrainian…

When a major oil shock hits, most Americans notice it first at the pump. That’s exactly what’s happening now. Since the February 28 attack on Iran and the subsequent disruption of tanker traffic through the Strait of Hormuz, U.S. gasoline and diesel prices have moved sharply higher. Grocery prices are beginning to follow, as transportation costs ripple through the system. The March inflation report came in much hotter than expected.  For many Americans, that’s where the story seems to end. We are experiencing higher prices,…

Higher oil prices drove the first-quarter adjusted earnings at ExxonMobil (NYSE: XOM) above the analyst estimates as the jump in prices more than offset lower oil and gas production in the Middle East and Kazakhstan.  Exxon on Friday reported adjusted earnings excluding identified items of $4.9 billion, or $1.16 per share. This compares with an analyst consensus estimate of $0.98 EPS in the Wall Street Journal.  Total revenues and other income at Exxon rose to $85.14 billion in the quarter, up from $83.13 for the same period of 2025,…

Pakistan has welcomed the first LNG cargo in almost two months as an LNG carrier docked at the GasPort terminal in what would be the first relief to the energy crisis in the country. The Denmark-flagged LNG carrier Seapeak Magellan departed from Sabine Pass in the United States on March 31, and arrived at the Port Qasim in Pakistan on April 30, data on MarineTraffic showed. The 140,000 cubic meters of LNG has started feeding re-gasified LNG (RLNG) into the national gas network, local outlet The News reported on Friday. The cargo was arranged by…