(Oil Price) – A group of 14 Senate Democrats is pressing the Trump administration to reinstate sanctions on Russian oil after a temporary waiver tied to the Iran war. In a letter to Treasury Secretary Scott Bessent, the lawmakers argued that the policy allows additional revenue to flow to Moscow, at a time when oil prices are already elevated.
(World Oil) – INEOS Energy and Shell Offshore Inc. have agreed to pursue new exploration and development opportunities tied to the Appomattox platform in the Gulf of America, targeting near-field resources that can be developed via subsea tiebacks. The agreement focuses on prospects within tieback distance of existing infrastructure, including Shell’s pre-FID Fort Sumter discovery, the planned Sisco exploration well and an
(Oil Price) – Crude oil prices extended losses for a second day today, after President Trump said the United States would pause its plan to escort vessels out of the Strait of Hormuz just a couple of days after it was announced. The news prompted expectations that a peace deal may be in the making, pressuring Brent crude below $107 and West Texas
(BOE Report) – Iran will only accept “a fair and comprehensive agreement” in its negotiations with the U.S. on ending the war in the Middle East, its foreign minister said on Wednesday, as President Donald Trump cited “great progress” in the process. “We will do our best to protect our legitimate rights and interests in the negotiations,” Foreign Minister Abbas
Weekly Crude Oil Storage as of May 1, 2026 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.3 million barrels from the previous week. At 457.2 million barrels, U.S. crude oil inventories are 1% above the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,
