Energy Market News

Latest news and analysis on oil, gas, and commodity markets

Gas prices spike 11 cents overnight as Iran war hits the pump

The national average for regular gasoline jumped 11 cents to $3.11 in the largest overnight move since 2022, and analysts expect another 25 to 40 cents ahead.

Mar 3gas

Qatar shuts world's largest LNG plant after Iranian drone strikes

QatarEnergy declared force majeure on LNG contracts after Iranian drones struck Ras Laffan, sending European gas prices surging nearly 50% on Monday.

Mar 2oil

Saudi Aramco shuts Ras Tanura refinery after Iranian drone strike

Saudi Aramco halted operations at its 550,000 bpd Ras Tanura refinery after intercepted Iranian drones sent debris into the facility, sparking a fire.

Mar 2market

Oil surges 8% as futures markets digest US-Israel strikes on Iran

WTI jumped to $72.57 and Brent hit $79.41 when futures opened Sunday, as banks warn crude could spike past $100 on Strait of Hormuz disruption fears.

Mar 2oil

Tanker traffic through Strait of Hormuz drops 70% after Iran strikes

Ship tracking data shows a 70% plunge in vessel traffic through the Strait of Hormuz as tanker owners suspend shipments and Iran sends mixed signals.

Mar 1opec

OPEC+ approves bigger-than-expected April output hike as Iran conflict escalates

OPEC+ agreed to add 206,000 barrels a day in April, beating analyst forecasts, as US-Israeli strikes on Iran and Strait of Hormuz tensions roil markets.

Feb 25gas

One year without US gas: China's LNG imports hit lowest since 2018

China's LNG imports are set to hit the lowest level since April 2018 as the tariff standoff with Washington enters its second year, reshaping global gas flows.

Feb 24oil

Chevron steps in as Lukoil exits Iraq's giant West Qurna 2 oilfield

Chevron signed preliminary deals to take over the 400,000 bpd West Qurna 2 field from Russia's Lukoil, which declared force majeure under US sanctions.

Feb 23analysis

Oil could hit $100 if US goes to war with Iran, Fesharaki warns

FGE NexantECA's Fereidun Fesharaki told Bloomberg that $90-$100 oil is within reach, warning that war between the US and Iran looks unavoidable.

Feb 23market

Goldman Sachs lifts oil forecast by $6 on tight OECD inventories

Goldman raised its Q4 2026 Brent forecast to $60 and WTI to $56 per barrel, citing lower-than-expected OECD stock levels despite a projected surplus.

Feb 22gas

Shell advances Dragon gas project as US eases Venezuela sanctions

Shell is pushing forward with the Dragon offshore gas field in Venezuela after Washington issued new licenses, aiming to boost LNG supply from Trinidad.