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The United States issued fresh guidance on Monday to commercial vessels transiting the Strait of Hormuz, a key shipping lane for Middle East oil supplies, as tensions simmered between Washington and Tehran over Iran’s nuclear program. Iran has in the past threatened to close down the Strait of Hormuz, a portion of which lies within its territorial waters, and has at times seized commercial ships and oil tankers moving through the area alleging smuggling. The U.S. Department of [Read more]

Venezuela's state oil company PDVSA has reversed most of the output cuts it had ordered at its own oilfields and joint ventures in the country's main crude region, the Orinoco Belt, which has boosted the nation's total production close to 1 million barrels per day (bpd), sources close to operations said. The Orinoco region is now producing slightly over 500,000 bpd after increases over the weekend at several projects, the sources said, more than 100,000 bpd above early January, when a strict [Read more]

Natural gas producer Expand Energy on Monday announced the departure of CEO Domenic Dell'Osso and also said it plans to relocate its corporate headquarters to Houston from Oklahoma City. The company said Chairman Michael Wichterich would take charge as interim chief. Dell'Osso will serve as an external advisor for a period of time. The company added that the move to Houston, expected in mid-2026, will primarily involve its executive leadership team and is aimed at strengthening [Read more]

Global oil markets face increasingly sharp and frequent price shocks as geopolitical tensions, opaque stockpiling and tightening Western sanctions are leaving many traders in the dark. The growing influence of external, unpredictable forces on the world's largest and most liquid commodity market raises doubts about how accurately prices reflect physical fundamentals. Indeed, the global oil market appears to be struggling to get a handle on its basic supply and demand balance. The [Read more]

The Kremlin said on Monday that the fuel situation in Cuba, which has unveiled a plan to protect essential services and ration fuel, was critical and that U.S. attempts to "suffocate" the island's economy were causing many difficulties. Cuba detailed its plans to navigate the deepening crisis on Friday as the communist-run government dug in its heels in defiance of a U.S. effort to cut off oil supply to the Caribbean island after declaring Cuba "an unusual and extraordinary threat" to U.S. [Read more]

Oil prices fell on Monday after the U.S. and Iran pledged to continue talks over the Middle Eastern producer's nuclear programme, easing concerns about a possible conflict that could disrupt supply from the region. Brent crude futures fell 49 cents, or 0.72%, to $67.56 a barrel by 0134 GMT after settling up 50 cents on Friday. U.S. West Texas Intermediate crude was at $63.13 a barrel, down 42 cents, or 0.66%, following a 26-cent gain at Friday's settlement. "Crude oil has eased in early [Read more]