U.S. President Donald Trump on Wednesday said Tehran has taken too long to negotiate a deal and would now "have to pay the price" after Iran and the United States exchanged strikes in the region amid reported efforts to continue talks. "Iran is all talk and no action," Trump wrote in a social media post. "They’ve taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!" Trump, in a separate interview with Fox News, said he was getting close [Read more]

The United States is seeking to release some of its strategic energy reserves and boost sales of liquefied petroleum gas and liquefied natural gas to ASEAN, U.S. Deputy Secretary of State Christopher Landau said on Wednesday. "The current energy crisis has clearly outlined the need for countries to diversify energy resources, and the United States wants to work with you to help ASEAN member states not only navigate the current situation, but also to support long-term energy security and [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed again on Tuesday. WCS for July delivery in Hardisty, Alberta, settled at $11.80 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $12 a barrel on Monday. * The WCS differential, which has been volatile with global crude price swings since the start of the U.S.-Iran conflict, has compressed as WTI has come down from recent months' highs, said Al [Read more]

U.S. crude oil inventories fell last week for an eighth consecutive week, according to market sources citing data from the American Petroleum Institute released on Tuesday, while gasoline stocks also declined. Crude stocks fell by 9.12 million barrels in the week ended June 5, the sources said on condition of anonymity. Gasoline inventories fell by 1.19 million barrels, while distillate inventories rose by 1.32 million barrels compared with a week earlier, the sources said. (Reporting [Read more]

U.S. power consumption, which hit its second straight annual record high in 2025, will rise further in 2026 and 2027, driven by AI-hungry data centers and electrification, the Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will rise from a record 4,195 billion kilowatt-hours (kWh) in 2025 to 4,271 billion kWh in 2026 and 4,397 billion kWh in 2027. Demand is surging in large part because of data centers dedicated to artificial [Read more]

Oil stockpiles in the world's largest economies are headed toward the lowest levels since at least 2003 as inventories are drawn down at a record pace due to the lost output from the Iran war, the U.S. Energy Information Administration said on Tuesday. Total oil inventories in the members of the Organization for Economic Cooperation and Development will fall to just under 2.3 billion barrels by December, the EIA said, based on its current assumption that marine traffic through the Strait of [Read more]

U.S. natural gas supply and demand will both rise to record highs in 2026, the U.S. Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. EIA projected dry gas production will rise from a record 107.7 billion cubic feet per day (bcfd) in 2025 to 111.0 bcfd in 2026 and 113.6 bcfd in 2027. The agency also projected domestic gas consumption will rise from a record 91.9 bcfd in 2025 to 92.1 bcfd in 2026 and 95.0 bcfd in 2027. The June projections for 2026 were [Read more]

President Donald Trump on Tuesday said Iran shot down a U.S. Apache helicopter that was patrolling the Strait of Hormuz overnight and vowed to respond, but gave no other details. "I have just been informed by our Great Military that last night the Iranians shot down one of our highly sophisticated Apache Helicopters while patrolling over the Strait of Hormuz," Trump wrote in a social media post. "Nevertheless, the United States must, of necessity, respond to this attack," he [Read more]