global oil market

Houthis advance on Bab el-Mandeb as Saudi pipeline shutdown raises oil risks

On Sept. 11, Saudi Arabia announced the suspension of operations on a key pipeline carrying oil overland from the country’s east to its west. The move followed a drone attack and came shortly after Iran-backed Houthi forces in Yemen seized a strategically important island and port in the southern Red Sea, bringing them closer to controlling the Bab el-Mandeb Strait.

16 September, 12:24 PM

Global diesel shock pushes U.S. prices past $6, raises costs for Ukraine

The average price of diesel in the United States has topped $6 a gallon for the first time in history. The surge is a direct result of repeated strikes on Russian oil refineries and the war in the Middle East — and its effects will quickly reach Ukrainians’ wallets.

13 September, 03:29 AM

Oil nears $100 as Middle East war fuels fears of prolonged supply disruptions

Oil prices continued to rise on Sept. 9 as the war in the Middle East intensified, fueling concerns about prolonged supply disruptions, Reuters reported.

9 September, 12:01 PM

Oil prices surge as U.S.-Iran tensions threaten Middle East supplies

Oil prices rose on Sept. 4 and were headed for their sharpest weekly gain since mid-July as investors worried about risks to Middle East supplies amid escalating tensions between the United States and Iran, Reuters reported.

4 September, 12:49 PM

Oil prices tumble 4% as U.S.-Iran pause revives hopes for Hormuz shipping

Global oil prices tumbled about 4% on July 27 after the United States and Iran paused attacks against each other following two weeks of escalation.

27 July, 11:05 AM

Oil jumps as Iran-Israel clash raises fears of a prolonged Hormuz shutdown

Oil prices rose more than 4% amid signs of a new escalation in the Middle East conflict, Interfax reported.

8 June, 01:08 PM

Oil heads for worst week in months as traders price in U.S.-Iran deal

Oil prices fell more than 1% on May 29 and were headed for their steepest weekly drop since early April, Reuters reported.

29 May, 02:50 PM

Russia vows to stick with OPEC+ after UAE steps away

Russia is not planning on leaving OPEC+ following UAE’s exit, Interfax-Russia wrote, citing Russian Deputy Prime Minister Alexander Novak, on April 30.

30 April, 12:12 PM

UAE exit from OPEC threatens unity of Saudi-led oil alliance

The United Arab Emirates said it is leaving OPEC and OPEC+, dealing a major blow to the oil producer groups and their de facto leader, Saudi Arabia, Reuters reported on April 28.

28 April, 08:27 PM

Oil climbs as U.S.-Iran deadlock keeps Strait of Hormuz under strain

Oil prices rose 1% on April 28 as efforts to end the U.S.-Iran war appeared to stall and the Strait of Hormuz remained largely closed, preventing energy supplies from a key Middle East oil-producing region from reaching global buyers, Reuters reported.

28 April, 01:55 PM

Oil falls as Lebanon-Israel truce eases wider Middle East war fears

Oil prices fell on April 17 as traders bet a newly announced 10-day ceasefire between Israel and Lebanon could help cool the wider war in the Middle East, Reuters reported on April 17.

17 April, 12:27 PM

Traders place $580M oil bets minutes before Trump remarks trigger price plunge

Traders placed about $580 million in oil market bets roughly 15 minutes before U.S. President Donald Trump’s statement that triggered a sharp drop in energy prices, the Financial Times reported.

24 March, 02:37 PM

Oil surge lifts Russia revenues, easing pressure on Kremlin budget

Russia’s federal budget could increase oil tax revenues to the 2024 average of 1.2 trillion rubles by the end of March if global oil prices remain elevated, The Moscow Times reported.

19 March, 12:12 PM

Oil prices hit highest level since 2022 amid escalation of fighting in Iran

Oil prices rose more than 25% to their highest level since mid-2022 and climbed above $100 per barrel for the first time since then, Reuters reported on March 8.

9 March, 12:42 PM

U.S. trade war: Oil prices steady as Trump tariffs loom

Oil prices held steady as investors weighed the risk of supply shortages following U.S. President Donald Trump’s push for a swift resolution to the war in Ukraine through new tariffs — even as an unexpected rise in U.S. crude inventories capped gains, Reuters reported on July 31.

31 July 2025, 12:52 PM

global oil market