Oil

A Ukrainian drone strike overnight ignited a major fire at an oil depot near the Russian Black Sea resort of Sochi, intensifying the ongoing conflict as both sides continue to exchange strikes across the region. Russian officials confirmed the attack Sunday, marking yet another escalation amid growing international pressure for a ceasefire.

California officials are taking the rare step of seeking a buyer for Valero Energy's Benicia refinery, slated to shut down by April 2026.

U.S. Treasury Secretary Scott Bessent warned China that continued purchases of sanctioned Russian oil could trigger tariffs as steep as 100%.

The Trump administration withdrew three Biden-era policies blocking development on Alaskan resources in a move bolstering American energy.

Chevron completed its $53 billion acquisition of Hess Corporation after nearly two years.

OPEC released its 2024 World Oil Outlook on Thursday, forecasting a 19 percent rise in global oil demand by 2050—driven by population growth, urbanization, and soaring power needs, particularly from AI and industrial expansion in developing nations. The group projects oil demand will increase from 103.7 million barrels per day (bpd) in 2024 to 123 million bpd by 2050.

The Trump administration has scheduled a major offshore oil and gas lease sale in the Gulf of America for December 10, 2025.

U.S. oil and fuel inventories dropped sharply last week, signaling powerful American demand that is pushing prices higher.

Shipping costs surged across the Middle East in June, with rates from Shanghai to the UAE’s Port of Khor Fakkan jumping 76% due to fears over Iran-Israel tensions. Despite President Donald Trump's announcement of a ceasefire on Monday, risks remain high for global shipping lanes, particularly through the Strait of Hormuz.

Oil prices dropped sharply on Monday after Iran's limited response to U.S. airstrikes and the announcement of a ceasefire between Iran and Israel.