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U.S. Energy Secretary Chris Wright said on Thursday that Iran appears to have cut back oil production by 400,000 barrels per day and is likely to reduce it more as its storage units fill. "It looks like they've likely already cut back their production, maybe by 400,000 barrels a day. They'll likely continue to ramp down their production as their storage fills and their inability to export oil," Wright said in an interview with Fox News. A U.S. naval blockade of Iranian ​ports has shrunk [Read more]

While prices for crude oil futures have surged and slumped in line with the latest headlines about the war between the United States and Iran, the impact of the crisis in physical markets for refined fuels has been worsening. Another hint of a peace agreement was enough to send Brent contracts down 7.8% on Wednesday to a close of $101.27 a barrel, even though a full and sustained re-opening of the Strait of Hormuz still seems a long way off. In the meantime, the effective closure of the [Read more]

LONDON, May 7 - With the standoff over the frozen Iran war threatening a global economic meltdown, Washington and Tehran have scaled back their efforts to agree a comprehensive peace deal and now seek a limited pact putting off the harder issues. This is what we know about the proposals under discussion and where they leave the big unresolved disputes behind the war: AT WHAT STAGE ARE THE DISCUSSIONS? Sources in both camps have said the latest peace efforts are aimed at a temporary [Read more]

A Chinese-owned oil products tanker was attacked near the Strait of Hormuz on Monday, Chinese media outlet Caixin reported, as President Donald Trump launched a U.S. plan that day to help stranded vessels but suspended it a day later. This was the first time a Chinese oil tanker has been attacked, a person with knowledge of the matter told Caixin on Thursday. Traffic through the vital strait, through which 20% of the ‌world's oil and gas supplies pass, has been at a virtual standstill [Read more]

OKLAHOMA CITY and HOUSTON, May 07, 2026 (GLOBE NEWSWIRE) -- Devon Energy Corporation (“Devon”) (NYSE: DVN) and Coterra Energy Inc. (“Coterra”) (NYSE: CTRA) today announced the successful completion of their previously announced all-stock merger (the “Transaction”), creating a premier large-cap shale operator with a high-quality asset base anchored by a leading position in the economic core of the Delaware Basin. The Transaction was approved by stockholders of both companies at special meetings [Read more]