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40 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 · 2026-10-04
Iraq Transports 2 Million Barrels of Crude Oil Through Strait of HormuzIraq's Oil Tankers Company announced the successful transport of two million barrels of crude oil through the Strait of Hormuz, according to Reuters and Arab News. The shipment demonstrates the continued flow of Iraqi oil exports through this strategic waterway despite heightened regional tensions.
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 · 2026-10-19
Iran claims oil tanker struck mine and exploded in Strait of HormuzIran's Islamic Revolutionary Guard Corps reported that an oil tanker caught fire and exploded after hitting a naval mine in the southern Strait of Hormuz on Sunday. The IRGC claimed the vessel had disabled its navigation and identification systems in violation of Iranian regulations, and warned that other ships doing so would face severe consequences.
International · 2026-10-03
G7 nations release 100 million barrels of oil and diesel to counter rising fuel prices amid Iran warThe Group of Seven industrialised nations has announced a coordinated release of 100 million barrels of crude oil and diesel from their strategic reserves. The move aims to stabilise energy markets disrupted by the ongoing war involving Iran and to moderate rising fuel prices affecting consumers and businesses globally.
International · 2026-09-18
Iran claims it struck oil tanker Trend in Strait of Hormuz as blockade persistsIran's Islamic Revolutionary Guard Corps announced Friday that it had struck and detained the Togo-flagged oil tanker Trend as it transited the Strait of Hormuz, citing a fire that broke out on the vessel during what Tehran characterized as an illegal passage. The incident reflects Iran's ongoing blockade of this critical waterway, which has been in place since the United States and Israel conducted military strikes against Iran in late February. The continued attacks underscore mounting tensions affecting global energy markets in an already volatile geopolitical situation.
International · 2026-09-21
Ukraine launches record drone barrage on Moscow region, hitting oil refineryUkrainian forces conducted one of their largest drone strikes of the war, firing more than 1,600 long-range drones at Moscow Oblast in a single wave. The attack killed at least two people and forced hundreds of residents to evacuate. The Moscow oil refinery sustained several direct hits and caught fire.
International · 2026-09-19
Iran detains oil tanker in Strait of Hormuz and sets seven conditions for ceasefire talksIran's Islamic Revolutionary Guard Corps detained the Togo-flagged oil tanker Trend on Friday after it attempted passage through the Strait of Hormuz, which Tehran has effectively blockaded since February. Mohsen Rezaee, secretary of Iran's Supreme National Security Council, announced that Iran has established seven preconditions for resuming ceasefire negotiations with the United States, though the specific details were not disclosed.
International · 2026-10-02
G7 Announces Release of 100 Million Barrels to Address Oil Price SurgeThe Group of Seven industrialised nations announced a coordinated plan to release 100 million barrels of crude oil and diesel from strategic reserves on Friday in response to rising fuel prices. The price increases have been driven by disruptions linked to an ongoing conflict connected to Iran. The release reflects the G7's concern about the conflict's impact on global energy markets and consumer costs.
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 · 2026-09-13
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 · 2026-10-18
Houthi-Saudi conflict intensifies with strikes on oil facilities and ships sunk in HormuzYemen's Houthis launched an intense campaign of missile strikes against Saudi Arabia this week, targeting Riyadh airport, Saudi Aramco headquarters and a government palace in Aden, killing at least five people. The escalation spread to regional shipping lanes, where two cargo ships sank near the Strait of Hormuz following Iranian-linked attacks, prompting international warnings about risks to global energy supplies.
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 · 2026-10-25
Iran claims seven tankers damaged in Strait of Hormuz amid escalating US-Israel-Iran conflictIran's Islamic Revolutionary Guard Corps reported that seven oil tankers were struck or damaged by mines in the Strait of Hormuz, representing the largest single incident since the US-Israeli war on Iran began on 28 February. The Iranian military warned it could attack US military bases across the Middle East if Washington intervened to protect shipping in the vital waterway. US officials dismissed Iran's unverified claims as an attempt to drive up oil prices before American elections.
International · 2026-10-23
Iran reports seven tankers struck in Strait of Hormuz, threatens US basesIran's Islamic Revolutionary Guard Corps claimed that seven oil tankers were hit or damaged by mines in the Strait of Hormuz overnight, describing it as the largest single-day toll since fighting began on 28 February. The United States rejected the claims as an attempt to raise oil prices before American elections, and Iran warned it could strike US military bases in the Middle East if Washington helps protect shipping. The incident highlights the escalating tensions in a conflict that has involved regional and international actors since February.
International · 2026-10-31
Oman rescues 25 crew from burning tanker in Strait of Hormuz as Iran halts four shipsOmani maritime authorities rescued 25 crew members from a burning Panamanian-flagged oil tanker in the Strait of Hormuz on Friday, the latest incident in the strategically important waterway. Iran's Islamic Revolutionary Guard Corps reported halting four tankers attempting unauthorised routes through the strait, two of which hit mines and caught fire while carrying over two million barrels of oil each. Iran also claimed to have destroyed an unmanned enemy aircraft east of the strait, reinforcing its warnings that unauthorised vessels transit the waterway at their own risk.
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 · 2026-09-08
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 · 2026-09-14
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 · 2026-09-20
Shipping through Strait of Hormuz reaches six-month peakAccording to US Central Command, shipping through the Strait of Hormuz has reached its highest level in six months. Admiral Brad Cooper announced that US forces facilitated the transport of over one billion barrels of oil in the past two months and protected more than 2,000 commercial vessels.
International · 2026-10-14
Houthi missile strikes Saudi Aramco headquarters as Yemen conflict escalates sharplyYemen's Houthi movement fired a missile at Saudi Aramco's administrative headquarters in Dhahran on Wednesday, igniting a limited fire in response to a Saudi-led coalition airstrike on a fuel depot near Sanaa. Houthi spokesman Yahya Saree declared Saudi oil facilities and airports 'legitimate targets' and threatened 'harsh and painful' retaliation against Riyadh. Saudi air defences intercepted several missiles and drones, though falling debris injured at least four people and damaged approximately fifteen homes.
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 · 2026-09-16
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 · 2026-09-09
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
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 · 2026-09-30
Somali Pirates Kill Five Crew Members Before Puntland Forces Rescue Tanker MT Honour 25Somali pirates seized the oil tanker MT Honour 25 on 21 April with 17 crew members aboard, approximately 30 nautical miles off Puntland's coast. During a week-long rescue operation, Puntland Maritime Police Force freed the vessel, though five crew members had already been killed and four injured by the pirates. Officials confirmed this was the first fatal piracy incident in more than a decade off the Somali coast.
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 · 2026-10-25
Drone strike on Abyei market kills 220 in one of deadliest attacks of Sudan's civil warA drone strike on the Amiet market in Abyei killed at least 220 people, according to reports that emerged throughout the week, making it among the deadliest single incidents of Sudan's civil war. Abyei is an oil-rich territory disputed between Sudan and South Sudan since the latter's independence in 2011. No party claimed responsibility for the attack, and neither government issued detailed statements about the circumstances or relief efforts.
International · 2026-10-20
Albertans reject separatism in provincial referendumMore than two-thirds of voters in Alberta have rejected pursuing an independence referendum, choosing instead to remain part of Canada, according to preliminary results from Elections Alberta. Prime Minister Mark Carney hailed the outcome as a victory for national unity, while provincial premier Danielle Smith said the result demonstrated Albertans' commitment to a stronger Alberta within Canada. The referendum concluded months of campaigning by separatists who contended that federal environmental policy had hindered economic growth in the oil-producing province.
International · 2026-09-27
Ukraine and Russia escalate long-range drone and missile strikes on civilian targetsUkraine launched more than 1,600 long-range drones at Moscow Oblast, striking an oil refinery and causing significant damage and evacuations. Russia responded days later with drone and missile attacks on Kyiv that killed seven people, including a 14-year-old boy, in a continuation of its pattern of targeting civilian infrastructure.
International · 2026-10-14
Two cargo vessels sink in escalating attacks near Strait of HormuzTwo commercial ships, the Singapore-flagged GFS Pride and the Antigua and Barbuda-flagged Cape Dao, sank this week after being struck by projectiles near the Strait of Hormuz, a crucial oil shipping route. At least one crew member was killed in the attacks, which Iran's Islamic Revolutionary Guard Corps justified by claiming the vessels were using an illegal route. The surge in attacks represents the sharpest rise in Iranian strikes on shipping since the start of the US-Israel conflict, with analysts suggesting Tehran aims to disrupt the waterway before the American midterm elections on 3 November.
International · 2026-10-26
Algeria approves first foreign military deployment since 1973 to protect Niger energy infrastructureAlgeria's parliament has approved the deployment of military troops to Niger, marking the country's first overseas military deployment since 1973. The troops will be stationed in northern Niger to protect energy facilities and respond to security threats from armed groups. The decision follows improved relations between Algeria and Niger and is connected to Algeria's economic interests in the region, including oil exploration and a planned gas pipeline.
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 · 2026-09-20
Iran maintains Hormuz blockade as war enters seventh month and sanctions extend to 2031Seven months into the conflict, Iran continues to block the Strait of Hormuz by striking and detaining commercial vessels, despite US claims that shipping volumes have reached a six-month high. President Trump announced expectations that the war would end within the year and signed legislation extending sanctions on Iran through 2031. Iran held its largest pro-government rally since the war began and set seven conditions for resuming ceasefire negotiations.
International · 2026-09-26
Trump rejects Iranian proposal to reopen Strait of HormuzAccording to the Wall Street Journal, US President Donald Trump has rejected an Iranian proposal to reopen the Strait of Hormuz and end regional fighting within a week. The offer, presented by Iranian Foreign Minister Abbas Araghchi, would have involved the US lifting sanctions and releasing frozen Iranian funds as part of efforts to resolve the ongoing 2026 Iran war and the waterway crisis.
International · 2026-10-21
Drone strike on Abyei market kills 220 in deadliest single attack of Sudan warA drone attack on the Amiet market in Abyei, a disputed border region between Sudan and South Sudan, has killed 220 people according to Sudan's Post, making it among the deadliest single incidents of Sudan's ongoing civil war. The area is administered by UN peacekeepers due to its contested status. Neither Sudan nor South Sudan had issued detailed statements about the attack or relief efforts at the time of reporting.