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price of oil

African oil producers defend need to drill at fossil fuel exit talks

African oil producers defend need to drill at fossil fuel exit talks

Oil-rich African nations at global fossil fuel phaseout talks in Colombia said Wednesday they would keep drilling to support economic growth, highlighting tensions between climate and fiscal realities for developing producers. Ministers and envoys from nearly 60 nations are meeting in Santa Marta, a city on the Caribbean coast,

Oil spikes while divided Federal Reserve keeps interest rates unchanged

Oil spikes while divided Federal Reserve keeps interest rates unchanged

Oil prices shot higher Wednesday on concerns of an extended blockade of the Strait of Hormuz, while Wall Street stocks moved indecisively after a divided Federal Reserve kept interest rates unchanged. Brent oil futures got within striking distance of $120 a barrel before retreating a bit as markets girded for

Canada holds key rate steady, says will act if war inflation persists

Canada holds key rate steady, says will act if war inflation persists

Canada's central bank held its key lending rate at 2.25 percent on Wednesday, but warned it may need to act if inflation caused by the Middle East war persists. The fallout from the US‑Israeli strikes on Iran has sent energy prices soaring. The impacts in Canada,

TotalEnergies first-quarter profits surge amid Middle East war

TotalEnergies first-quarter profits surge amid Middle East war

French oil and gas giant TotalEnergies said Wednesday net profit had risen 51 percent in the first quarter to $5.8 billion, boosted by higher oil prices linked to the war in the Middle East, drawing criticism from climate groups. Growth in its oil and gas production in Brazil, Libya

War in the Middle East: latest developments

War in the Middle East: latest developments

The latest developments in the Middle East war: - US lawmakers to grill Pentagon chief on Iran war - US Defense Secretary Pete Hegseth will face tough questions from lawmakers about the Iran war on Wednesday during his first testimony to Congress since the start of the conflict. Hegseth's appearance

Crude back above $110 on Strait stalemate as US stocks retreat

Crude back above $110 on Strait stalemate as US stocks retreat

Oil prices jumped on Tuesday to their highest level since the US-Iran ceasefire, pressuring US stocks as lack of progress on an accord to reopen the Strait of Hormuz added to inflation worries. Meanwhile, tech stocks took a hit and investors turned their attention to corporate earnings and the

UAE quits OPEC as gas prices hit $4.19 a gallon nationwide

(The Center Square) – The United Arab Emirates announced Tuesday it is leaving OPEC and the broader OPEC+ alliance on May 1, a historic break from the oil producers' cartel that could eventually increase global supply and ease prices at the pump for American consumers, although relief is unlikely to