Oil prices fell below $100 per barrel while the S&P 500 and global markets surged after the U.S. and Iran agreed to a two-week ceasefire deal that includes the reopening of the Strait of Hormuz for the first time in more than a month. Brent crude for June delivery plunged 16.4% to trade at $91.37 per barrel at 8.00 am ET, while WTI crude for May delivery declined 17.9% to change hands at $92.62/bbl. On Wednesday morning, Agence France-Presse (AFP) reported that two ships appeared to have transited the Strait of Hormuz since the U.S.-Iran ceasefire…

Gold prices rose after U.S. President Donald Trump and Iran agreed to a two-week ceasefire to finalize talks on ending the war that has upended global markets. Bullion climbed to above $4,800 an ounce, extending a 1.2% gain from the previous session. Trump said in a social media post that he had agreed to suspend bombing less than two hours before a self-imposed deadline to wipe out Iran's "whole civilization," adding that the reopening of the Strait of Hormuz was a key condition for the pause. Iran said safe passage through the strait was "possible"…

Aker BP has started production from the Symra field in the North Sea nine months ahead of schedule, while partner DNO ASA highlighted the startup as a key milestone in its aggressive growth strategy offshore Norway. The Symra development, operated by Aker BP with a 50% stake, is expected to add around 60–63 million barrels of oil equivalent (boe) in gross reserves. For DNO, which holds a 20% interest, the field is projected to deliver 4,000–5,000 barrels of oil equivalent per day (boepd) at plateau, providing a meaningful boost to its…

Crude oil inventories in the United States increased by 3.1 million barrels during the week ending April 3, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 464.7 million barrels according to government data, which is 2% above the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a build of 3.719 million barrels in the period.…

The state of Queensland on Wednesday urged Australia’s federal government to fast-track the approval of the Taroom Trough project that would see the first new oil development project the country in 50 years. The Queensland state government is throwing its support behind the Taroom Trough project for oil extraction at a site west of Brisbane and calls on the federal government to assess the development plan under the National Interest Fast-Track Assessment Pathway, removing delays in bringing mass oil production to market. Amid the major fuel…

Key European ‌Union oil and gas groups will hold meetings this week as countries around the bloc scramble to deal with the impact of the US-Israel-led war with Iran on energy prices and supplies. European Commission ‌spokeswoman Anna-Kaisa Itkonen told a news briefing on April 7 the oil coordination group will meet on April 8, while the gas group will convene the following day. The EU is facing energy-saving measures such as reduced air travel, highway speed limits, and work-from-home directives as the war has resulted in the blockage…

Oil is surging on the Iran strikes. Gas costs more. Everything costs more. That pain is real. But here’s what most Americans don’t realize. Oil and gas have dozens of global suppliers. When one source gets disrupted, others fill the gap. Prices spike, then stabilize. Rare earth alloys -- especially the ones the Pentagon won't name publicly -- are different.  There is no backup supplier. There is no strategic reserve… And, because of that, one Euclid, Ohio company just became an important stock in the space. If rare earth…

The war in the Middle East that has caused an oil and gas shock will have far-reaching effects on the global economy, dragging inflation and interest rates higher, the chief executive of JP Morgan said in his annual letter to shareholders. The war continues with no end to hostilities in sight, after the U.S. president threatened Iran with “hell” if it did not reopen the Strait of Hormuz and Iran rejected a ceasefire plan presented to the two sides by Pakistan, insisting instead on a permanent peace deal. This kept oil prices high, suggesting…

After years of bleak margins and stock performance, the U.S. chemicals companies have suddenly turned bullish on the prospects of the industry. Cheap and abundant feedstock amid soaring plastics prices make U.S. chemicals producers the immediate winners in the global competition as the Iran war is constraining raw materials and capacity in other regions, which depend on Middle Eastern supply. Higher-cost Asian petrochemicals makers are announcing reductions in capacity runs as their naphtha supply is either too expensive or trapped at the Strait…

The Strait of Hormuz has been closed for business for well over a month now. The effective blockage of the waterway that typically hosts the passage of at least one-fifth of the world’s oil and gas resources on the average day has sent global energy markets into a tailspin. The resounding impacts of this disruption – which is now larger than those in the 1973 and 1979 oil crises combined – are just beginning. The question is how the world will choose to deal with the fallout – will we retreat into well-worn fossil fuel supply…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose 3.719 million barrels in the week ending April 3. In the week prior, US crude oil inventories rose by 10.263 million barrels. Analysts had expected a 1.598 million barrel draw. Inventories in the US Strategic Petroleum Reserve (SPR) drew down for the second week in a row after a long and steady flow of barrels into the nation’s stockpiles that has spanned over a year. For the week ending April 3, 1.8 million barrels left the SPR, bringing…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose 3.719 million barrels in the week ending April 3. In the week prior, US crude oil inventories rose by 10.263 million barrels. Analysts had expected a 1.598 million barrel draw. Inventories in the US Strategic Petroleum Reserve (SPR) drew down for the second week in a row after a long and steady flow of barrels into the nation’s stockpiles that has spanned over a year. For the week ending April 3, 1.8 million barrels left the SPR, bringing…

The first quarter of 2026 marked a sharp shift from the broad-based strength that closed out last year. The S&P 500 finished in negative territory as investors wrestled with a new war in the Middle East, stubborn inflation, shifting interest rate expectations, and uneven earnings across major industries. But the headline decline doesn’t tell the real story. What stood out in Q1 was the extraordinary divergence beneath the surface. A handful of sectors delivered strong gains, while the broader market struggled. The gap between winners…

Oil prices pulled back on Tuesday while physical crude markets surged to record highs, with traders taking a breather even as the underlying supply crisis worsens. WTI crude was trading at $113.7, up modestly on the day, while Brent slipped to $109.2, reflecting a cooling in futures after a sharp run higher driven by panic buying in physical markets. Meanwhile, real-world crude prices hit levels not seen before. Dated Brent—used to price much of the world’s physical oil—rose above $144 per barrel, with some cargoes effectively…

Donald Trump threatened over the Easter weekend to attack Iran’s power plants and bridges if the Strait of Hormuz isn’t opened by 8 pm Eastern time on Tuesday, April 7.  “Remember when I gave Iran ten days to MAKE A DEAL or OPEN UP THE HORMUZ STRAIT,” Trump wrote Saturday morning on Truth Social. “Time is running out — 48 hours before all Hell will reign down on them.”Media has been reporting that the closure of the strait, through which about 20% of the world’s crude oil passes, has skyrocketed…

Oil prices pulled back on Tuesday while physical crude markets surged to record highs, with traders taking a breather even as the underlying supply crisis worsens. WTI crude was trading at $113.7, up modestly on the day, while Brent slipped to $109.2, reflecting a cooling in futures after a sharp run higher driven by panic buying in physical markets. Meanwhile, real-world crude prices hit levels not seen before. Dated Brent—used to price much of the world’s physical oil—rose above $144 per barrel, with some cargoes effectively…

A flurry of recent deals and announcements suggest significant new reserves of natural gas are contained in the Ustyurt Plateau, which spans western sections of Kazakhstan and Uzbekistan. The prospect of a major Ustyurt find is, in turn, helping to fuel interest in building a trans-Caspian gas corridor. The UK energy giant BP is shaping up as the pivotal player in the development of Ustyurt’s potential energy riches. On April 2, a company subsidiary signed an exploration deal with the Kazakh state-run entity KazMunayGaz covering a “promising…

Canada is often torn in two different directions when it comes to energy policy, with former Prime Minister Justin Trudeau pursuing a green transition more strongly, while major oil-producing regions fought to keep oil and gas on the agenda. The ongoing production of highly polluting oil sands in Alberta province seems, to many, to be at odds with Canada’s climate targets, while others argue that the country’s crude production is key to both energy security and revenue. Now, as Avi Lewis takes over the New Democratic Party (NDP), the…

Hungary is expected on Tuesday to agree a $500-million oil supply deal with the United States during the visit of U.S. Vice President JD Vance in Budapest, a source with knowledge of the plan told Bloomberg. Vance arrived in Hungary’s capital city earlier on Tuesday, just days ahead of the general election in the country on April 12, in which Hungarian Prime Minister Viktor Orban is badly trailing in poll numbers. The expected Hungary-U.S. deal would envisage Hungarian energy company MOL agreeing to buy about 500,000 tons of U.S. oil for…

Hungary is expected on Tuesday to agree a $500-million oil supply deal with the United States during the visit of U.S. Vice President JD Vance in Budapest, a source with knowledge of the plan told Bloomberg. Vance arrived in Hungary’s capital city earlier on Tuesday, just days ahead of the general election in the country on April 12, in which Hungarian Prime Minister Viktor Orban is badly trailing in poll numbers. The expected Hungary-U.S. deal would envisage Hungarian energy company MOL agreeing to buy about 500,000 tons of U.S. oil for…