The explosion in jet fuel prices in Asia is an early indicator that the economic pain of the war in the Middle East is about to become reality for energy consumers. Jet fuel prices in Asia's trading hub Singapore rocketed 72% to $225.44 a barrel on Wednesday, a record high, on worries about future supplies given the disruption of about 20 million barrels per day (bpd) of crude oil and refined product shipments through the Strait of Hormuz. The spot price of jet kerosene has now gained 140% [Read more]

Foreign staff were evacuated from Iraq's giant Rumaila oilfield, run by British energy major BP, after two unidentified drones landed inside the field on Thursday, three Iraqi oil industry sources told Reuters. "We are taking all necessary steps to support our partners and ensure the safety of our people," a BP spokesperson told Reuters. "We are continuously assessing the situation, have been communicating with those people under our duty of care and will address them directly should there [Read more]

Oil prices rose on Thursday amid growing concern over the prolonged closure of the Strait of Hormuz, as the U.S.-Iran war chokes off vital Middle East oil and gas flows while production facilities limit output. Brent crude was trading up $1.67, or 2.05%, at $83.07 per barrel by 0141 GMT. U.S. West Texas Intermediate crude rose $1.94, or 2.60%, to $76.60. The U.S.–Iran war widened on Wednesday after a U.S. strike hit an Iranian warship off Sri Lanka and U.S. Senate Republicans backed [Read more]

Insurance broker Marsh McLennan said on Wednesday it had met with U.S. officials to explore solutions for restoring maritime trade amid escalating fighting in the Middle East, as attacks in the region threaten energy shipments through the Strait of Hormuz. The waterway, a critical chokepoint between Iran and Oman, carries about a fifth of globally traded crude oil and liquefied natural gas. Shipping through the strait has slowed significantly following Iranian strikes on commercial [Read more]

Average U.S. retail diesel prices surpassed $4 a gallon for the first time in nearly two years on Wednesday and are set to rise further later in the week as the U.S.-Israel conflict with Iran dragged on, threatening to hit consumers with sticker shocks on everything from food to furniture. Prices for diesel, used mainly in manufacturing and freight, have been on a tear since Iran began retaliating against U.S. and Israeli strikes on the country by bombing energy infrastructure across the [Read more]

Oil and gas drillers failed to show up at the Trump administration's sale of more than 1 million acres (404,686 hectares) in Alaska's Cook Inlet on Wednesday, declining to submit even a single bid. The sale was the first of six Alaska offshore oil and gas auctions mandated through 2032 by U.S. President Donald Trump's One Big Beautiful Bill Act, which he signed into law last year. Trump has sought to expand domestic oil and gas resources, including in Alaska where production has been in [Read more]

Russian President Vladimir Putin suggested on Wednesday that Russia could stop supplying gas to European markets now and move to more promising markets. The European Commission will submit a legal proposal to permanently ban Russian oil imports on April 15, three days after Hungary's parliamentary election, according to EU officials and a document seen by Reuters. "And now other markets are opening up. And perhaps it would be more profitable for us to stop supplying the European market [Read more]