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22 results for “Oil”
International · 2026-09-13
US-Venezuela oil deal faces public skepticism despite Chevron expansionWashington and Caracas have agreed on a significant oil deal that marks a major step in reopening Venezuela's oil sector to international investment following Nicolas Maduro's capture in January. Chevron plans a $7 billion expansion funded by Venezuela's own oil revenues, yet a Bloomberg poll reveals Venezuelans are deeply divided, with half believing the agreement favours the United States over their own country. Interim President Delcy Rodriguez has emphasized Venezuela's sovereignty while indicating that elections will proceed only when conditions allow.
International · 2026-09-11
US-Venezuela oil agreement advances with Chevron's $7 billion expansion planOn 11 September, details emerged of a historic oil agreement between the United States and Venezuela that relaxes years of US sanctions on Venezuelan crude exports. Chevron chief executive Mike Wirth announced the company's $7 billion expansion in Venezuela would be self-funded through oil revenues. Venezuelan Vice President Delcy Rodríguez travelled to Suriname to discuss oil, agriculture, and a disputed PDVSA asset seizure as part of Caracas's broader effort to normalise regional economic ties.
International · 2026-08-30
Venezuela defends major 25-year oil agreement with the United StatesInterim President Delcy Rodríguez announced that Venezuela has signed a 25-year energy agreement with the United States designed to increase oil production to 1.5 million barrels daily and generate over 209 billion dollars in revenue. Although President Trump stated the agreement gives the US control of Venezuela's 65 billion proven oil reserves, Rodríguez maintained that Venezuela retains full sovereignty over its resources. The deal has provoked strong opposition from both government supporters and critics who argue Venezuela has surrendered control of its most valuable national asset.
International · 2026-08-30
Venezuela defends 25-year oil agreement with United StatesInterim President Delcy Rodríguez has defended a major energy agreement with the United States, arguing it will benefit Venezuela's economy whilst maintaining the country's sovereignty over its oil resources. The deal, spanning seventeen oil fields with 65 billion barrels of proven reserves, is expected to generate over 209 billion dollars in revenue and attract significant foreign investment. However, both government loyalists and opposition figures have criticised the agreement, claiming it grants the United States exclusive access to Venezuela's most valuable resource.
International · 2026-09-08
Venezuelans divided over Trump administration's oil agreement with interim government, poll revealsA Bloomberg poll published on Tuesday revealed that Venezuelans are sharply divided regarding an oil agreement between the Trump administration and the interim Venezuelan authorities. Half of respondents expressed the belief that the deal benefits the United States more than Venezuela, reflecting ongoing public concerns about its terms.
International · 2026-09-13
Escalating US-Iran conflict drives oil above $110 and rattles financial marketsThe United States and Iran intensified their conflict this week with strikes on ships and military bases. Crude oil soared toward $110 per barrel and diesel reached a historic high as shipping through the Strait of Hormuz collapsed, while President Trump imposed new sanctions and predicted the war would end after November's elections.
International · 2026-09-13
Trump urges Ukraine to cease strikes on Russian oil refineries over diesel concernsUS President Donald Trump has publicly called on Ukrainian President Volodymyr Zelensky to stop drone attacks on Russian oil refineries, contending that the campaign is worsening a global diesel shortage and raising fuel prices in the United States. Ukraine has conducted more than sixty strikes on at least twenty-four Russian refineries in recent months, viewing the campaign as a legitimate way to weaken Russia's war economy. Ukrainian officials argue that refined fuel is essential to Russian military operations, making refineries valid targets under international laws of war.
International · 2026-09-10
Oil prices surge above $100 a barrel amid escalating Middle East conflictBrent crude rose above $101 a barrel on 9-10 September, reaching its highest level in approximately four months, as Iran refused to de-escalate its confrontation with the United States and Israel. US Treasury yields climbed sharply to their highest levels in years, reflecting investor concerns about inflation and government debt. Stock markets declined for the fourth consecutive session as traders grew anxious about the conflict's impact on global energy supply and economic stability.
International · 2026-09-11
Escalating US-Iran conflict drives oil and diesel to record highsIntensifying military confrontation between the United States and Iran around the Strait of Hormuz has pushed energy prices to multi-year peaks, with Brent crude approaching $110 a barrel and US diesel exceeding $6 a gallon for the first time. Iran reported striking ten vessels during the week of 11 September, while the United States continued striking Iranian tankers and expanded economic pressure through new sanctions on banks accused of financing Tehran. The surge in fuel costs has become a political concern for the Trump administration, particularly affecting agricultural and transportation sectors in key electoral regions.
International · 2026-09-12
Trump accuses Iran of drone attack on Saudi pipelineUS President Donald Trump stated that Iran was probably responsible for a drone attack on Saudi Arabia's East-West Pipeline, one of the country's main oil export routes. The incident occurred as Iran-backed Houthi forces advanced in Yemen, intensifying concerns about global oil supplies and shipping routes.
International · 2026-09-14
Trump predicts Iran war will end this year as Strait of Hormuz tensions risePresident Donald Trump stated on Sunday that he expects the seven-month conflict centred on Iran to conclude this year, potentially after November's midterm elections, with oil prices falling sharply afterwards. Iran claimed it destroyed an advanced American drone over the Strait of Hormuz on Monday, a claim Washington has not independently verified. The ongoing fighting has created significant disruptions to global shipping and energy markets in this critical corridor.
International · 2026-09-08
United States destroys Iranian tankers as Iran retaliates against Jordan base strikeAmerican forces destroyed five Iranian oil tankers in response to Iranian missile attacks on a US Navy warship. Iran retaliated by striking a US military base in Jordan with ballistic missiles. The exchange represents the heaviest day of attacks since the conflict began in February.
International · 2026-09-16
Two sailors missing after tanker attacked in Strait of Hormuz near Musandam PeninsulaTwo sailors are missing following an attack on the Panama-flagged oil tanker El Gaia in the Strait of Hormuz near Oman's Musandam Peninsula, according to Oman's maritime security centre. The incident is part of a series of maritime security threats in this strategic waterway, where heightened regional tensions involving Iran have created persistent risks for commercial shipping.
International · 2026-09-13
Vessel struck in Strait of Hormuz as Iran-Gulf talks are postponedA commercial vessel was hit by an unidentified projectile in the Strait of Hormuz on Sunday, according to the UK Maritime Trade Operations agency, increasing tensions in one of the world's most critical shipping routes for oil and gas. Separately, talks between Iran and Gulf states scheduled for Monday to discuss the strait's future security have been postponed, even as diplomatic prospects between the United States and Iran continue to deteriorate.
International · 2026-09-09
United States destroys Iranian tankers; Iran retaliates with strikes on Jordan baseOn 8 September, US forces destroyed five Iranian oil tankers in retaliation for Iranian missile attacks on a US Navy warship. The following day, Iran's Revolutionary Guards struck a US military base in Jordan, and although Jordanian air defences intercepted most incoming missiles, the incident marked an escalation in the six-month conflict between the two nations.
International · 2026-09-13
Houthi forces seize Yemen's entire Red Sea coast and control Bab el-Mandeb straitIran-backed Houthi fighters have captured Yemen's entire Red Sea coastline, including Mokha port and Mayyun Island, giving them control of the Bab el-Mandeb strait, a critical waterway for global shipping between Asia and Europe. The offensive has displaced approximately 80,000 civilians and triggered Saudi airstrikes, whilst President Trump attributed a separate drone attack that disabled a major Saudi oil pipeline to Iranian involvement.
International · 2026-09-14
Poland raises alert as Russian drone barrage strikes near Ukraine's western borderOn 13 September, 13 Russian drone strikes targeted western Ukraine, with some landing within kilometres of the Polish border. Polish Prime Minister Donald Tusk warned that Russia's deployment of faster, jet-powered drones with greater range and accuracy represents an escalating threat, and Poland pledged to reinforce border security. The strikes coincided with continued Ukrainian attacks on Russian oil refineries, which Donald Trump has publicly urged Ukraine to stop.
International · 2026-09-12
Russian overnight barrage kills at least eleven across UkraineRussia launched a large-scale missile and drone attack on Ukraine overnight, killing at least eleven people and injuring ninety-six others, with the Odesa region suffering the heaviest damage. Ukrainian officials reported that a residential building was damaged in Odesa, and strikes also hit Kryvyi Rih and Zaporizhzhia. In response, Kyiv carried out strikes against Russia's so-called shadow fleet of tankers used to circumvent Western oil sanctions.
International · 2026-09-12
Houthis consolidate control of Bab el-Mandeb Strait as Yemen crisis worsensYemen's Iran-backed Houthi movement has completed its takeover of the Bab el-Mandeb Strait, a crucial shipping route, after government forces withdrew from Mayyun Island. The United Nations reports that approximately 80,000 civilians have been displaced in recent fighting, with displaced families sheltering in temporary camps near Aden.
International · 2026-09-10
Iran targets US base in Jordan as conflict deepens into seventh monthIranian ballistic missiles struck the Muwaffaq Salti Air Base in Jordan on 10 September, damaging approximately a dozen American military aircraft. The United States responded with attacks on Iranian air-defence and missile systems, continuing a six-month conflict that began in late February with no clear end in sight.
International · 2026-09-11
Houthi forces capture Yemen's entire Red Sea coastlineIran-backed Houthi fighters have captured the port of Mokha and consolidated control over Yemen's complete Red Sea coast, according to reports from NPR, Al Jazeera and UPI published on 10 and 11 September. This advance gives the group command over access routes near the strategically critical Bab al-Mandab strait, one of the world's most important maritime chokepoints. Saudi Arabia has responded with airstrikes on Mokha as part of an escalating conflict.
International · 2026-08-30
US forces strike Iranian rocket launchers amid Pentagon concerns over prolonged military campaignAmerican military forces attacked two Iranian rocket launchers on Larak Island after detecting preparations to launch rockets carrying sea mines into the Strait of Hormuz, marking the first acknowledged US strike in the waterway in approximately one month. Senior Pentagon commanders have privately warned Defense Secretary Pete Hegseth that sustaining large-scale military operations against Iran could strain American military readiness and weaken the capacity to respond to threats in other regions and defend the homeland. Shipping through the strategically important Strait of Hormuz has declined significantly as the standoff between the United States and Iran continues.