Rigzone Oil & Gas Headlines
- Oil prices plunged after conflicting US signals about tanker escorts through the Strait of Hormuz rattled markets.
- Saudi Aramco's chief executive officer warned the impact on global oil markets will be 'catastrophic' the longer the disruption from the Iran war drags on.
- 'For too long, Washington red tape has strangled American energy producers and held back small businesses', Interior Secretary Doug Burgum said.
- The market is spinning after the most epic price reversal in oil history, Phil Flynn, a senior market analyst at the PRICE Futures Group, told Rigzone on Tuesday.
- Trump said the U.S. and Israel were making significant progress in their war on Iran and could end the conflict 'very soon,' curtailing an oil-price surge.
- Oil swung wildly Monday as fears over the Strait of Hormuz collided with signals the US-Iran conflict may soon wind down.
- Iran named the son of the late Ayatollah Ali Khamenei as its new supreme leader and President Donald Trump called $100 oil a 'small price to pay'.
- 'The island has evolved into the backbone of Iran's export system', J.P. Morgan analysts stated.
- 'These are just incredible moves', Aaron Hill, Chief Market Analyst at FP Markets, said.
- WTI jumped 12% Friday as disrupted shipping and supply fears pushed crude toward $100 a barrel.