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President Donald Trump said on Wednesday that the U.S. has not given up its maximum pressure on Iran - including restrictions on sales of Iranian oil - but signaled a potential easing in enforcement to help the country rebuild. "They're going to need money to put that country back into shape. We want to see that happen," Trump said at a news conference at the NATO Summit when asked if he was easing oil sanctions on Iran. Trump said a day earlier that China can continue to purchase Iranian oil [Read more]

U.S. crude oil, gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 5.8 million barrels to 415.1 million barrels in the week ending June 20, the EIA said, exceeding analysts' expectations in a Reuters poll for a 797,000-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 464,000 barrels in the week, the EIA said. Oil prices rose following the larger-than-expected decline in stockpiles. [Read more]

U.S. product supplied of gasoline rose to 9.6 million bpd in the week ended June 20, the highest since December 2021, data from the Energy Information Administration showed on Wednesday. Product supplied, EIA's measure of demand, rose 389,000 barrels per day last week, the biggest week-over-week increase since the end of June, the data showed. (Reporting by Shariq Khan and Scott DiSavino in New York) [Read more]

(Refiles to change first graphic) *Brent oil prices rise by 15% before quickly returning to pre-conflict levels *Price reaction points to the market's growing efficiency thanks to technology *Share of OPEC has diminished in recent decades to around 33% By Ron Bousso LONDON, June 25 - The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics [Read more]

Oil prices climbed on Wednesday as investors assessed the stability of a ceasefire between Iran and Israel, but held near multi-week lows on the prospect that crude oil flows would not be disrupted. Brent crude futures rose 85 cents, or 1.3%, to $67.99 a barrel at 0341 GMT, while U.S. West Texas Intermediate (WTI) crude gained 87 cents, or 1.4%, to $65.24. Brent settled on Tuesday at its lowest since June 10 and WTI since June 5, both before Israel launched a surprise attack on key Iranian [Read more]