Global crude oil inventories are approaching a record low as the war in the Middle East continues, decimating tanker traffic via the Strait of Hormuz, Goldman Sachs commodity analysts have warned.

SINGAPORE, April 23 (Reuters) - S&P Global Energy has reduced its global oil demand forecast for 2026 by ‌700,000 barrels per day as the U.S.-Iran war disrupts energy supplies from the Middle East and ...

Oil is once again making headlines. This week, the United Arab Emirates (UAE) made the shock decision to leave the Organisation of the Petroleum Exporting Countries (OPEC). OPEC is network of ...

The Strait of Hormuz closure has already had a significant impact on the oil market. Shell CEO Wael Sawan stated in an interview with Bloomberg, "We are talking about roughly 900 million barrels that ...

April 20 (Reuters) - Researchers at Citi said on Monday that global crude and product inventories could decline by roughly 900 million barrels even if the United States and Iran agree to ‌a ceasefire ...

WSJ’s Shelby Holliday breaks down the U.S. military’s new strategy of boarding Iran-linked vessels in the open ocean. Photo Illustration: Julia Demaree Nikhinson/Associated Press; Annie Zhao A ...

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, bringing the total rig count in the US to 544 ...

Over the last two months, nations have scrambled to shore up oil supplies as the Iran war prevented oil tankers moving through the Strait of Hormuz. This, according to some global analysts, would lead ...

The United Arab Emirates will leave OPEC, a decades-old cartel of the world’s top oil exporters, delivering a shock that will ripple through global oil markets at a time of unprecedented turmoil ...

EIA forecasts that global oil inventory builds will average 3.1 million b/d in 2026, compared with an average build of 2.7 million b/d in 2025, before decreasing to average of 2.7 million b/d in 2027.

Conventional wisdom suggests that as a net exporter of petroleum products, the U.S. is relatively immune to Iran-war related oil-price spikes, while China is extremely vulnerable to supply chokehold.

The war in Iran has sent oil-starved countries scrambling for fuel. Many are opting for energy alternatives — and turning to the renewables king of the planet: China. Chinese exports of solar ...