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petroleum

Record armada of tankers bound for U.S. Gulf to load oil

(The Center Square) – An unusually large number of crude oil tankers on the open seas has the American Gulf coast as a destination as the ships are redirected to load cargoes bound for markets around the world already experiencing shortages. Second-term Republican President Donald Trump said Saturday on social

Hormuz toll preferable to closure, TotalEnergies CEO says

Hormuz toll preferable to closure, TotalEnergies CEO says

The head of the French energy giant TotalEnergies said Monday that reopening the Strait of Hormuz -- even with a toll -- was critical for global markets. "It's clear that reopening and the free circulation through the Strait of Hormuz, even if you have to pay to anybody, is

China's energy strategy pays off as Mideast war cramps supplies: analysts

China's energy strategy pays off as Mideast war cramps supplies: analysts

China's long-term strategy of diversifying energy sources and building stockpiles is helping it weather disruptions from the Iran war, although some sectors still face major snags, analysts say. China is a net importer of oil and more than half of its seaborne crude came from the Middle

Stocks up, oil down over week on guarded optimism for Iran

Stocks up, oil down over week on guarded optimism for Iran

Wall Street stocks rose sharply over the week and oil prices fell as a fragile truce was struck between the United States and Iran, with ceasefire talks due to start in Islamabad on Saturday. For the week, all three major US indices advanced by more than three percent. Oil prices

Middle East war: global economic fallout

Middle East war: global economic fallout

Here are the latest economic events in the Middle East war: - US inflation surges - Inflation in the United States rose sharply in March, government data showed, as higher energy prices due to the war in the Middle East hit Americans hard. Prices rose 3.3 percent year-on-year in

US stocks extend gains, shrugging off ceasefire worries

US stocks extend gains, shrugging off ceasefire worries

Wall Street stocks finished higher Thursday after a shaky start, adopting an optimistic view of the Middle East ceasefire despite largely stalled traffic in the Strait of Hormuz, which boosted oil prices. After surging on Wednesday following the announcement of an Iran-US truce ceasefire, US stocks pulled back in

Cheaper gas could take time amid tentative ceasefire

(The Center Square) – Americans hoping for cheaper gasoline after the U.S.-Iran ceasefire will need to be patient, as oil prices and other economic factors continue to work against price cuts motorists want after the recent surge. Despite the recent ceasefire between the U.S. and Iran, gas prices