Gas prices are down slightly from recent highs but still above 2023’s Memorial Day prices. A record number of Americans plan road trips this summer, with many traveling long distances. AAA forecasts record-breaking travel numbers over the Memorial Day weekend despite mid-range gas prices. The average retail price of a gallon of regular gasoline in …
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The OPEC+ alliance will hold its meeting in early June a day later than initially planned and via a video conference instead of in person, OPEC said on Friday. All meetings previously planned to take place in person in Vienna on June 1 will now be held online on June 2. The three key meetings that …
The International Court of Justice (ICJ) ruled on Friday that Israel must “immediately” halt any military operations and any other actions in Rafah according to obligations under the Genocide Convention. The country was given one month to submit a report detailing all the measures it has taken to comply with the court’s latest order. President of …
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Oil markets continue to be lackluster compared with the strength displayed by metals and gas markets. StanChart has predicted that the bearish sentiment coupled with low market volatility are likely to persist until OPEC+ announces its new policy. Experts have predicted that positive developments by OPEC+ could trigger another oil price rally. The 37th OPEC …
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WTI crude oil traded below $78 today after the U.S. Energy Information Administration reported an estimated inventory increase of 1.8 million barrels for the week to May 17. This compared with a draw of 2.5 million barrels for the previous week that pushed benchmarks higher last week as it came after an API estimate that also pointed …
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The U.S. Department of Energy (DOE) has announced the sale of 1 million barrels (42 million gallons) of gasoline from the Northeast Gasoline Supply Reserve (NGSR) aimed at alleviating gasoline prices as Americans gear up for the summer driving season and ahead of U.S. elections this fall. “The Biden-Harris Administration is laser-focused on lowering prices …
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Crude oil prices have weakened this week, as expectations of higher rates for longer in the U.S. were seen depressing demand for everything including oil. Lower volatility on oil markets as traders cut their bullish positions on crude also helped push oil lower earlier today—a trend that Bloomberg sees extending, as it cited yet another …
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He was seen as a favorite to succeed Supreme Leader Khamenei He put all institutions, and power in the hands of hardliners Ebrahim Raisi, the ultraconservative cleric whose tenure as Iran’s president was marked by a mass uprising and an increasingly hawkish stance toward the West, has died after a helicopter crash. He was 63. …
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Several Iranian media outlets, including the country’s state television, confirmed the death of 63-year-old President Ebrahim Raisi. The semi-official Mehr news agency, IRNA and the IRIB news agency confirmed the reports of his death. “The helicopter’s passengers, including Ebrahim Raisi, Hossein Amir-Abdollahian, Iran’s East Azerbaijan Province Governor Malek Rahmati, and Ayatollah Mohammad Ali Ale-Hashem, the …
A China-bound oil tanker in the Red Sea was struck and temporarily disabled by a ballistic anti-ship missile fired by Houthi militants, the US Central Command said. The strike Saturday on the Greek-owned M/T Wind caused flooding that knocked out its propulsion and steering, which the crew restored without help from a coalition vessel that …