As tensions in the Middle East continue to boil, the ripple effects are being felt across global oil markets. Disruptions around the Strait of Hormuz, one of the world’s most vital oil transit routes, have thrown supply chains into uncertainty, prompting governments and refiners worldwide to rush in search of alternatives. The International Energy Agency…
The stock prices of the American Big Oil giants are up about 30% this year as global oil spiked to $100 per barrel—the highest since after Russia invaded Ukraine. But liquefied natural gas (LNG) prices also have skyrocketed, as have refining profit margins for gasoline, diesel, and jet fuel. So there are big winners throughout…
On Tuesday afternoon, Energy Secretary Chris Wright posted six words on X that moved global oil markets more than any airstrike this week: The Navy, he wrote, had “successfully escorted an oil tanker” through the Strait of Hormuz. Crude cratered at the fastest pace in years. West Texas Intermediate, a reliable benchmark, plunged as much…
The largest U.S. military buildup since the 2003 Iraq invasion is aimed at Iran, and the outcome of a tense standoff could mean the average price at the pump falls to $2.50 per gallon or spikes astronomically to $5 in the case of war, geopolitical and energy analysts told Fortune. The reason for the extreme…