U.S. and European diesel prices rose sharply on Monday after attacks on refineries in Russia and Saudi Arabia added to supply disruptions, raising concerns for farmers in need of the fuel for the planting season in the Northern Hemisphere and harvesting season in the Southern Hemisphere. The U.S. ultra-low sulfur diesel futures contract rose 7.4% to settle at $4.19 a gallon on Monday, the biggest gains since July 13. European diesel refining margins, measured as the difference between the [Read more]
News
Trump says the US has swept Strait of Hormuz for mines
President Donald Trump said on Monday that the United States controls the Strait of Hormuz and had swept the strategic oil waterway for Iranian mines. "Look, the only one that has control of the Strait of Hormuz right now is the United States Navy," Trump told reporters in the Oval Office. "We've mine swept the entire strait." (Reporting by Jacob Bogage and Steve Holland; Editing by David Ljunggren) [Read more]
Oil stocks in US Strategic Petroleum Reserve fall by 6.1 million barrels to lowest level since 1983
Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 6.1 million barrels to 298.7 million barrels last week, the lowest level since January 1983, according to data from the Department of Energy. The drawdowns are part of a U.S. agreement to release 172 million barrels from the facility. (Reporting by Arathy Somasekhar in Houston) [Read more]
US natgas prices climb 4% as LNG export flows hit one-month high
U.S. natural gas futures climbed about 4% to a one-week high on Monday as daily flows to liquefied natural gas (LNG) export plants rose to a one-month high. Front-month gas futures for September delivery on the New York Mercantile Exchange (NYMEX) rose 9.5 cents, or 3.6%, to $2.757 per million British thermal units (mmBtu), putting the contract on track for its highest close since August 3. With futures down about 18% over the past seven weeks, speculators last week boosted their net short [Read more]
China is balancing Asia’s crude oil demand by itself: Russell
China is singlehandedly doing the heavy lifting of cutting crude oil demand in Asia to compensate for reduced shipments from the Middle East as a result of the Iran war. The world's biggest oil importer reported arrivals of 8.41 million barrels per day (bpd) in July, up from the near decade low of 7.12 million in June but still 24.3% below July last year. If June and July imports are combined, it gives an average of 7.78 million bpd for the past two months. This is 4.21 million bpd below [Read more]
Rubellite Energy Corp. reports second quarter 2026 financial and operating results, and provides operations and 2026 guidance update
CALGARY, AB, Aug. 10, 2026 /CNW/ -- Rubellite Energy Corp. ("Rubellite" or the "Company"), is pleased to report its second quarter 2026 financial and operating results and provide an operations and 2026 guidance update. Select financial and operational information is outlined below and should be read in conjunction with Rubellite's unaudited condensed consolidated interim financial statements and related Management's Discussion and Analysis ("MD&A") for the three and six [Read more]
New ConocoPhillips CEO inherits $7 billion cash flow pledge riding on Alaska oil project
Andy O'Brien will succeed longtime ConocoPhillips CEO Ryan Lance next month and will inherit a major Alaska oil project to complete, costs to control and a share price that has recently lagged peers, analysts and investors said. The largest independent oil exploration and production company in the U.S. announced the succession plan on Thursday alongside its biggest quarterly net income since 2022, lifted by higher crude prices due to the Iran war. O'Brien, currently chief financial officer and a [Read more]
Iran ties Hormuz reopening to US concessions on several demands
Iran said it was nearing a final pact with Oman defining new shipping lanes between them through the Strait of Hormuz but repeated that the U.S. must meet other conditions, including compensation and an end to sanctions and military threats, before the strategic waterway is reopened. The strait, through which about a fifth of global oil and liquefied natural gas flowed prior to the conflict, has been effectively blocked since the U.S.-Israel attacks on Iran on February 28, pushing up oil [Read more]
Oil rises on uncertainty over reopening of Hormuz
Oil prices rose on Monday on uncertainty over the reopening of the Strait of Hormuz anytime soon, as Iran said a deal with Oman defining new shipping lanes was in its final stages but insisted the U.S. must still meet other conditions. Brent crude futures rose 91 cents or 1.09%, to $84.46 a barrel by 0056 GMT, while U.S. West Texas Intermediate crude futures rose 61 cents, or 0.78% to $78.79 a barrel. Both benchmarks had fallen more than 7% last week on hopes that Iran and Oman were close [Read more]
Suddenly the Strait of Hormuz is ‘irrelevant’ to the US
A look at the day ahead in European and global markets from Wayne Cole. Asian stocks are mostly firmer, following Friday's Wall Street rally, though European share futures are off as oil rises amid much confusion over the Strait of Hormuz. Treasury Secretary Scott Bessent over the weekend claimed the strait would become "irrelevant" as oil would eventually be redirected through pipelines, giving analysts the impression the White House was trying to wash its hands of the whole affair. Iran [Read more]
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