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With airline tickets growing more expensive and customers facing the risk of cancelled flights, insurance experts are advising those with summer travel plans to stay on their toes. Air carriers are continuing to grapple with sky-high jet fuel costs, an offshoot of Iran's ongoing closure of the Strait of Hormuz, which has led to soaring oil prices globally since late February. Like their international peers, Canadian airlines have been consolidating some flights and adding fuel surcharges, [Read more]

A diplomatic deal between the United States and Iran would be unfeasible if Tehran implemented a tolling system in the Strait of Hormuz, U.S. Secretary of State Marco Rubio told reporters on Thursday. "No one in the world is in favor of the tolling system. It can't happen. It would be unacceptable. It would make a diplomatic deal unfeasible if they were to continue to pursue that. So it's a threat to the world if they were trying to do that, and it's completely illegal," Rubio said. He also [Read more]

U.S. underground natural gas storage capacity of the 375 active storage fields in the Lower 48 states increased in 2025, according to an annual report by the U.S. Energy Information Administration (EIA) on Thursday. The EIA uses two metrics to assess storage capacity: demonstrated peak capacity, which rose 0.1%, or 6 billion cubic feet (bcf), in 2025, and working gas design capacity, which rose 0.6%, or 26 bcf, last year. One billion cubic feet of gas is enough to supply about 5 million [Read more]

When Donald Trump warned Iran on April 7 that “a whole civilization will die tonight,” a European diplomat in Washington said his government wanted an urgent answer to a chilling question: Was the U.S. president contemplating the use of a nuclear weapon? Across Europe and Asia, the concern went beyond whether Trump’s apocalyptic threat was real or bluster. One fear, the diplomat said, was that Russia could seize the moment to justify similar threats in Ukraine, triggering a nuclear crisis on [Read more]

The start of peak summer fuel demand combined with the lack of new oil exports from the Middle East and depleting stocks could push the oil market into the "red zone" in July-August, the head of the International Energy Agency said on Thursday without elaborating. The world entered the oil supply crisis caused by the Iran war with a surplus of oil, which helped to absorb the shock, but now stocks are now eroding, Fatih Birol said in a speech at Chatham House in London. In March, the [Read more]

Shale producer Devon Energy on Thursday said it has acquired 16,300 net undeveloped acres in the core of the Delaware Basin in New Mexico for about $2.6 billion through a federal lease, strengthening its position in the top U.S. shale basin. The deal comes weeks after Devon closed its $58 billion merger with Coterra Energy, as producers consolidate to cut costs and boost scale. The Delaware Basin, part of the broader Permian Basin spanning West Texas and New Mexico, remains the most [Read more]

HOUSTON, May 21, 2026 (GLOBE NEWSWIRE) -- Devon Energy Corporation (NYSE: DVN) announced the successful acquisition of 16,300 net undeveloped acres in the core of the Delaware Basin in Lea and Eddy Counties, New Mexico, for approximately $2.6 billion, or approximately $161,500 per net acre, through the Bureau of Land Management (“BLM”) Oil and Gas Lease Sale. This acquisition bolsters the premier Delaware Basin positions in the industry, extends inventory life, and is accretive to net asset [Read more]

China continued to build its massive stockpile of crude oil in April, even though imports dropped to the lowest in nearly four years. China's surplus crude amounted to about 430,000 barrels per day in April as the 20% drop in imports was outweighed by refinery processing sliding to the lowest since August 2022. The ongoing building of inventories by the world's biggest crude importer underlines that China is in quite a different situation to the rest of the world, which is burning through [Read more]

The oil industry has shown remarkable resilience in the face of the largest energy supply shock in modern history, pulling multiple levers to cushion the blow of the Iran war. But barring a breakthrough in peace talks, the global market may be only months away from a breaking point. The world’s biggest and most liquid commodity market has entered a phase of unprecedented uncertainty since the outbreak of the Iran war and the near-hermetic closure of the Strait of Hormuz – previously the conduit [Read more]