Shipping costs near record highs are crushing Asian refining margins even as global fuel markets run short of supply. To keep Asian refiners buying, Middle Eastern exporters may have to absorb more of those costs themselves, squeezing the revenue they desperately need after months of war. In yet another sign of the extraordinary distortions rippling through global energy markets as the US and Iran vie for control of the Strait of Hormuz, oil is increasingly flowing out of the Middle East, but [Read more]

Oil prices slipped on Monday after US President Donald Trump waived sanctions and tariffs on Russia that may lead to more Russian fuel exports. Brent crude futures fell $1.43, or 1.30%, to $108.43 a barrel by 2340 GMT after settling at its highest since May 19 on Friday. US West Texas Intermediate crude was at $100.88 a barrel, down 53 cents, or 0.52%. Trump signed an executive order on Friday waiving key sanctions and tariffs under the law known as the Graham Act, which he signed last [Read more]

Venezuela expects nearly $76 billion in oil investment over the next five years under recently signed agreements, acting President Delcy Rodriguez said on Saturday, adding that a bilateral accord with the US includes plans to drill 250 rigs. Since the January ouster of President Nicolas Maduro, the country has been reopening its energy sector to foreign investment with the backing of the administration of US President Donald Trump. The deals could help revive output in Venezuela, which has the [Read more]

Iran's Revolutionary Guards Navy said on Saturday that two oil tankers had caught fire after hitting naval mines while crossing the Strait of Hormuz, the official Iranian news agency IRNA reported. State media said both tankers were carrying about 2 million barrels of crude oil. There was no independent confirmation of the reports. IRNA reported that the vessels had switched off their positioning and radar systems and attempted to use an unauthorised route through the strategic [Read more]

(Updates throughout with quote from order, background) By Kanishka Singh and Jasper Ward WASHINGTON, Oct 16 - US President Donald Trump said on Friday that he is waiving many sanctions, restrictions and duties days before they were to take effect under a bill that he signed into law last month. Trump's executive order comes as he has been warming toward Russia and publicly criticizing Ukrainian President Volodymyr Zelenskiy, including suggesting that Ukraine needs a new leader. The [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened again on Friday. WCS for November delivery in Hardisty, Alberta, settled at $27 a barrel below the US benchmark WTI, compared with $26.40 on Thursday, according to brokerage CalRock. The discount is now more than $15 wider than it was at this time last year. * The widening reflects a combination of growing Venezuelan imports into the US Gulf Coast, refinery disruptions, [Read more]

Ukraine's President Volodymyr Zelenskiy warned the world of looming risks from the diesel deal struck by President Donald Trump with Russia, saying it paves the way for further sanctions relief for an aggressor that shows no desire to end its war. Ukrainians struggling with a fifth year of Russian attacks on their power grid and other civilian infrastructure have said they are appalled by Trump's decision to open the US market for Russian diesel. They have also condemned his attempts to blame [Read more]

The United States has issued a request for proposal for an exchange of up to 17 million barrels of crude oil from the nation's Strategic Petroleum Reserve, the Department of Energy said on Friday. The exchange would be part of a global deal the US struck in Marchto try to control fuel prices impacted by the war on Iran. Washington agreed then to loan 172 million barrels of oil from the SPR as part of a wider deal with about 30 countries in the International Energy Agency to release 400 [Read more]