Government Considers Utilizing Defense Production Act to Boost Oil Refining, According to a Report
The White House is considering using the Defense Production Act to boost oil refining capacity in the U.S., as reported by Reuters on Friday. Currently, American refineries are operating at nearly full capacity, specifically 97.8% during the week ending September 4, according to the Energy Information Administration. Executives from the refining sector advised federal officials […]
Houthi Area Gains Risk Halting Saudi Oil, While Trump Declines Calls for Attacks
Houthi Control of Yemen’s Red Sea Coast Houthi fighters, supported by Iran, now hold the entire coastline of Yemen along the Red Sea. U.S. officials have reported that projectiles hit pump stations along a Saudi pipeline system designed to avoid the Strait of Hormuz. On Friday, Houthi boats reached Perim Island — which divides the […]
Dow drops 350 points as oil rises above $100 for the first time since July
On Wednesday, stock prices took a downturn, and Treasury yields increased as oil prices soared past $100 a barrel, raising fears about inflation and a possible Federal Reserve interest rate hike. The Dow Jones Industrial Average fell by 367 points—about 0.7%—around 10:00 a.m. ET, with the S&P 500 and Nasdaq both dropping 0.3%. Brent crude […]
U.S. Attacks Iranian Tankers, Iran Launches Assault on Jordan, Oil Prices Rise Above $100
Escalating Tensions Between the U.S. and Iran On Tuesday night, hostilities between the United States and Iran intensified significantly. The U.S. launched airstrikes that destroyed five Iranian oil tankers, while Iran retaliated by attacking various civilian vessels and targeting U.S. forces stationed in Jordan. As a result, the price of oil surged past $100 per […]
Oil Traders Caution That Diesel Shortage Will Continue Throughout Winter as US Prices Reach All-Time High
Diesel prices in the U.S. reached a new high on Monday, with refineries operating at nearly full capacity. Oil industry leaders have indicated that supply will remain tight as we head into winter. At the Asia Pacific Petroleum Conference in Singapore, Vitol CEO Russell Hardy mentioned that the global market is facing a deficit of […]
British Pound falls to 207.50 as Japanese Yen strengthens, remaining unaffected by Oil prices
The British Pound (GBP) continued its decline on Wednesday as the Japanese Yen (JPY) strengthened significantly. Investors are getting ready for a predicted quarter-point rate increase from the Bank of Japan (BoJ) in their upcoming monetary policy meeting. The GBP/JPY, which had bounced back from year-to-date lows around 207.10, faced resistance at about 209.00 on […]
Tooley Oil is putting its Northern California convenience stores and car washes up for sale.
A well-known brand that has served customers in Northern California for nearly five decades is exiting the petroleum and convenience retail sector. Tooley Oil Company has finalized the sale of its 12 convenience stores and seven car washes located in the Sacramento area to a buyer whose identity remains confidential. This development was shared through […]
Argentina Plans to Pursue Legal Action Against Israeli Oil Company in Falkland Islands
Argentina to Pursue Legal Action Against Israeli Oil Company The Argentine government announced on Monday that it plans to file criminal charges against Israeli oil firm Navitas Petroleum due to its role in an offshore oil project related to the Falkland Islands, a territory Argentina asserts sovereignty over. Recently, President Javier Milei indicated that his […]
Oil approaches $100 a barrel as tensions in the Middle East increase concerns about inflation.
Oil Prices Approach $100 Amid Middle East Tensions On Tuesday, oil prices moved closer to the $100 mark per barrel as tensions in the Middle East escalated. This situation has raised concerns that upcoming inflation data might influence the Federal Reserve’s decision on interest rates for next week. The price of Brent crude oil futures […]
Trump’s ‘Tanker-for-Tanker’ Approach Intensifies: U.S. Hits 3 Iranian Oil Tankers Following Iran’s Attack on 2 Warships
U.S. Forces Target Iranian Oil Tankers in Retaliation President Donald Trump’s strategy of responding in kind, termed “tanker-for-tanker,” intensified on Saturday when U.S. forces attacked three Iranian oil tankers. This came after the Islamic Revolutionary Guard Corps (IRGC) fired ballistic missiles toward two U.S. Navy vessels. Central Command (CENTCOM) stated that this three-for-two response aimed […]