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price of oil

Iran threatens prolonged war as Trump says it is near defeat

Iran threatens prolonged war as Trump says it is near defeat

Iran warned it could wage a prolonged war with the United States and Israel that would "destroy" the world economy, even as US President Donald Trump said late Wednesday the Islamic republic was facing imminent defeat. The defiance from Tehran came as fighting around the strategic Strait of

Oil prices jump despite strategic reserve release

Oil prices jump despite strategic reserve release

The International Energy Agency's announcement Wednesday of a record release of oil from strategic reserves failed to ease supply concerns, with crude prices pushing higher and global equities mostly dropping. The move to release oil stocks came as Iran said it was ready for a long war of

IEA agrees to release 400M barrels from strategic oil reserves

(The Center Square) – The International Energy Agency’s 32 member nations unanimously agreed on Wednesday to a coordinated release of 400 million barrels from their emergency crude oil stockpiles in an effort to restrain soaring global prices as the U.S.-Israeli war with Iran entered the 12th day. The

IEA to launch largest-ever release of oil reserves

IEA to launch largest-ever release of oil reserves

The International Energy Agency said on Wednesday its member countries would unlock 400 million barrels of oil from their reserves to ease the impact of the Middle East war, the biggest such release ever. The coordinated release was the sixth in the history of the organisation, which was created to

‘Unprecedented in scale’: IEA releasing record oil reserves as Iran war cuts petroleum flows, sends crude, gas prices higher

‘Unprecedented in scale’: IEA releasing record oil reserves as Iran war cuts petroleum flows, sends crude, gas prices higher

The International Energy Agency (IEA) is releasing a record 400 million barrels of oil available to international markets with the war in Iran curtailing petroleum and cargo flows in the Persian Gulf. IEA Executive Director Faith Birol said Wednesday that is a record release and is in response to the

Airlines grapple with impact of Mideast war

Airlines grapple with impact of Mideast war

Global airlines are grappling with the effects of the war in the Middle East, as fuel prices soar and customers reassess their travel plans. The war has sent the price of oil and gas soaring, after Iran's Revolutionary Guards vowed to choke off traffic in the Strait of

Airlines in Asia hike fares as Mideast war raises fuel costs

Airlines in Asia hike fares as Mideast war raises fuel costs

Airlines in the Asia-Pacific region, including Qantas, Air India and Cathay Pacific, have hiked fares -- or will soon -- to factor in surging jet fuel prices spurred by war in the Mideast. The average world price of aviation fuel reached $173.91 a barrel on Monday, according to the benchmark