(Investing) – ATHENS – Even if the U.S. and Iran agreed to halt the war and open the Strait of Hormuz, ships trapped in the Gulf will be unable to leave without safety assurances, the CEO of V.Group, a leading global ship manager, told Reuters. Renewed hostilities in the three-month-old conflict are testing a shaky ceasefire while hundreds of ships and
(Oil Price) – Iranian drones and missiles struck Kuwait International Airport overnight, hitting Terminal One, killing at least one person, injuring several others, and causing what Kuwaiti authorities described as significant material damage. Kuwait immediately suspended air traffic, activated emergency procedures, and diverted flights to alternative airports. In what is being viewed as one of the most direct Iranian strikes against
(World Oil) – Vitol’s top executive in the Middle East said that many Western governments still aren’t reckoning with the oil supply crunch that’s rippling around the world due to the blockade of the Strait of Hormuz. “In Europe and I think in the U.S., everyone is kind of asleep at the wheel and just carrying on life as normal,” Tom
(Oil Price) – High curtailment rates and the national grid operator frequently rejecting renewable power have prompted BlackRock-backed Atlas Renewable Energy, one of the biggest solar power producers in South America, to halt $1 billion in planned investment in Brazil, the company’s chief executive Carlos Barrera told Reuters on Wednesday. “There’s at least … 1.5 gigawatts that we put on hold
(World Oil) — Subsea7 has been awarded a contract by Murphy Exploration & Production Company, a subsidiary of Murphy Oil, to support development of the String Music project in the Gulf of America/Gulf of Mexico. The scope of work includes engineering, procurement, construction and offshore installation of a production flowline and associated subsea infrastructure that will tie the development back to the
Weekly Crude Oil Storage as of May 29, 2026 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 8.0 million barrels from the previous week. At 433.7 million barrels, U.S. crude oil inventories are 3% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,
