Oil prices are rising due to recent conflicts between Israel and Hezbollah, with fears of Iranian retaliation potentially disrupting global oil supplies and pushing Brent crude to $75-$85 per barrel in September.
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World's largest oil company, Saudi Aramco, reported a 3% decline in second-quarter profits to $29.1 billion due to lower crude production but still plans to pay $124.2 billion in dividends this year.
The US Energy Department plans to buy up to 4.5 million barrels of oil to replenish the Strategic Petroleum Reserve (SPR).
Chinese authorities are reviewing an investigative report which alleged the practice of using fuel tankers to carry cooking oil, rocking the country into a major food safety scandal.
The Texas energy industry is assessing the damage from Hurricane Beryl after the storm struck the US Gulf Coast.
Oil prices surged on Thursday, June 20, driven by a rally in equity markets and a decline in US crude stockpiles, reaching $75 per barrel for Brent crude and $72 per barrel for West Texas Intermediate.
Two Texas men were sentenced to 45 months in prison for trying to sell Iranian oil to a refinery in China in violation of US sanctions.
Oil prices surged as Goldman Sachs predicted a supply deficit due to summer demand, aiming for Brent crude to hit $86 per barrel despite OPEC+ production increase.
The New Zealand government of PM Christopher Luxzon announced that it would revoke a ban on drilling for oil and gas passed by the previous government of Jacinda Ardern and Chris Hipkins before they were voted out of power.
Saudi oil giant Aramco’s shares rose after a major $11.2 billion stock sale amid strong demand, aligning with Saudi Arabia's Vision 2030.
Democratic US House lawmakers are urging the Justice Department to investigate possible antitrust violations among US oil producers and OPEC.
OPEC+ has decided to prolong most of its extensive oil production cuts until 2025.
Aramco's share sale drew overwhelming demand within hours, potentially raising up to $13.1 billion, attracting global investor interest in Saudi assets.
US crude oil refiners are reportedly preparing to increase their operations above 90% capacity following the completion of planned maintenance.
Alirio and Jose Luis Zambrano, two of the six Citgo executives who were trapped and imprisoned in Venezuela, have accused their former company of abandoning them in a lawsuit filed in Houston.
