oil trade

Houthi strikes on Saudi oil hubs and utilities wound 73 in major escalation

Houthi rebels struck several Saudi Arabian oil facilities and public utilities, injuring 73 people, the Associated Press reported on Sept. 8.

8 September, 01:50 PM

Russia’s oil refining could hit new multi-year low in August as recovery slips further away

Russia’s oil refining industry continues to absorb damage from Ukrainian drone strikes and could hit another multi-year low in August, with no return to previously normal output levels expected even by 2026, according to Russian reporting and market estimates cited by the Russian newspaper Kommersant on Aug. 13.

13 August, 06:34 PM

Indonesia receives first delivery of Russian oil under new energy deal

Indonesia imported Russian oil for the first time since signing a bilateral agreement in April, Bloomberg reported on July 9.

9 July, 02:30 PM

SOCAR strengthens European footprint with Italian acquisition

State oil company SOCAR has completed the acquisition of 99.82% of shares in Italian energy company Italiana Petrolifrom API Holding after receiving all required regulatory approvals.

11 May, 01:21 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

India buys Iranian oil for first time in 7 years, competing with Russia

India has purchased Iranian crude oil for the first time in seven years after the United States temporarily eased sanctions to ease supply shortages caused by conflict in the Middle East, Reuters reported on April 8, citing vessel-tracking data from LSEG and Kpler.

8 April, 01:30 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

Iran war could net Russia $250 billion this year, KSE analysis shows

Russia could earn as much as $250 billion in additional revenue this year if the Iran war does not wind down in near future, a report from the KSE Institute at the Kyiv School of Economics says.

20 March, 09:06 PM

Japan, Europe pledge help to secure Strait of Hormuz

Britain, France, Germany, Italy, the Netherlands, and Japan announced plans to help stabilize energy markets and join efforts to ensure safe passage through the Strait of Hormuz, Reuters reported on March 19.

19 March, 08:31 PM

Indian Navy escorts tankers through Hormuz

The Indian Navy has begun escorting oil and gas tankers bound for India through the Strait of Hormuz under Operation Sankalp, The Economic Times reported March 16.

16 March, 10:04 PM

G7 weighs escorting ships through blocked Hormuz Strait

G7 member countries are exploring the possibility of escorting ships amid Iran war and supply chains disruption, CNN wrote on March 12.

12 March, 09:39 AM

U.S. asks Israel to stop strikes on Iranian oil

The U.S. government has asked Israel to refrain from further air strikes on Iran’s energy facilities, Axios reported on March 10, citing unnamed sources.

11 March, 02:24 AM

U.S. intelligence: Iran preparing to mine Strait of Hormuz

U.S. intelligence agencies have concluded that Tehran is “taking steps” to deploy naval mines in the Strait of Hormuz, CBS News reported on March 10.

11 March, 12:44 AM

EU gas prices skyrocket 117% amid Iran war

Natural gas prices in the European Union have demonstrated the largest increase since the 2022 energy crisis, Bloomberg agency reported on March 9.

9 March, 03:09 PM

Trump says U.S. Navy will escort oil tankers through Strait of Hormuz ‘if necessary’

The United States is taking steps to ensure reliable shipping through the Strait of Hormuz after Iran closed the waterway to all vessels, U.S. President Donald Trump said on March 3.

4 March, 01:21 AM

Iran closes Strait of Hormuz — Reuters

A senior IRGC commander told state media that the Strait of Hormuz is closed and that Iran would open fire on any vessel that tries to transit the waterway, Reuters reported on March 2.

3 March, 12:41 AM

U.S. targets middlemen in new Iran oil sanctions package

The United States has unveiled a new sanctions package aimed at curbing Iran’s illicit oil sales, Deputy State Department Spokesperson Tommy Pigott announced, Ukrinform reported on Aug. 22.

22 August 2025, 10:34 AM

Oil prices steady as Trump delays tariff moves, plans output boost

Oil prices remained almost unchanged in Asian trading as investors assessed President Donald Trump's plans to impose new tariffs later than expected while boosting U.S. oil and gas production, Reuters reported on Jan. 21.

21 January 2025, 11:22 AM

Next round of EU sanctions takes aim at Russia's ‘shadow fleet’

The European Union is preparing its 15th sanctions package against Russia aimed at the "shadow fleet" of tankers Moscow uses to export oil to international markets, Bloomberg reported on Nov. 14.

14 November 2024, 09:04 PM

US plans tougher sanctions on Russia’s shadow oil fleet

The United States plans to tighten restrictions on the trade of Russian oil, specifically targeting the shadow fleet Moscow uses to export crude, Dalip Singh, Deputy National Security Advisor to the US President said on Sep. 20.

20 September 2024, 03:15 PM

oil trade