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Safe and sustainable passage through the Strait of Hormuz is what top shipping companies require before the world's sees much oil or cargo leave or enter the Gulf, two top sector executives said on Wednesday. "Two weeks ago when the ceasefire, said to be temporary, came into picture, we thought there was hope. But in reality, the agreement was not translated into the safety and passage (of the vessels)," Jotaro Tamura, chief executive of Japan's Mitsui O.S.K. Lines, told Reuters in an [Read more]

U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.9 million barrels to 465.7 million barrels in the week ended April 17, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.2 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 806,000 barrels in the week, the EIA said. Refinery crude runs fell by 55,000 barrels per day [Read more]

Traders placed a series of bets worth $430 million on a drop in crude prices just 15 minutes before U.S. President Donald Trump said he would extend a ceasefire with Iran on Tuesday. It is the third time this month, and the fourth in total, that large, well-timed directional bets on the oil price have been made shortly before major announcements on the Iran war. One combined wager in March was worth $500 million, while April's bets have together totalled some $2.1 billion. * Between 1954 [Read more]

Calgary, Alberta--(Newsfile Corp. - April 22, 2026) - Lotus Creek Exploration Inc. (TSXV: LTC) ("Lotus Creek" or the "Company") is pleased to announce that today the Company has sold its non-core assets located in Tableland, Saskatchewan (the "Tableland Assets") to an arm's length third party (the "Purchaser") for aggregate proceeds of $13.0 million (the "Transaction"). The Transaction was completed pursuant to an asset purchase and sale agreement between the Company and the Purchaser entered [Read more]

Asian ship owners might begin to sail through the Strait of Hormuz soon amid a fragile U.S.-Iran ceasefire as they have a higher risk tolerance and can manage paying tolls unlike sanctions-complying Western firms, shipping executives said. Hundreds of tankers and other ships have been stuck inside the Middle East Gulf unable to cross the strait since the end of February, hitting global oil and liquefied gas supply in the world's largest ever energy supply disruption. Some tankers and cargo [Read more]

Japan Petroleum Exploration said on Wednesday it plans to quadruple its oil and gas output over the next decade, investing 1.16 trillion yen ($7.3 billion) in exploration and production, mainly in the United States. The company, which recently acquired Verdad Resources Intermediate Holdings for $1.3 billion in its largest-ever deal, will allocate more than half of its 1.1 trillion yen overseas E&P budget to the United States, President Michiro Yamashita said. "We expect more than half [Read more]