English

oil industry

World News

What if Trump actually seized Kharg Island?

ADVERTISEMENT

ADVERTISEMENT

Business

TotalEnergies closes major Saudi refinery after attacks

TotalEnergies has shut a major Saudi refinery after attacks, as Middle East disruptions force it to halt about 15% of its output.

Business

Tankers still cross Strait of Hormuz as Iran controls who gets through

Dozens of ships are still navigating the Strait of Hormuz as Iran keeps oil flowing, despite continued attacks aimed at one of the world’s most critical trade routes.

Economy

Explainer: Why Kharg Island is vital to Iran and the global economy

Strikes have already hit military infrastructure on a small Iranian island in the Persian Gulf — but if oil facilities are targeted next, the global economy could face a serious shock.

EU.XL

Can Europe’s power grid shield it from the next energy shock?

The conflict in Iran is causing major problems in the Middle East, a key oil and gas region. Take our poll!

ADVERTISEMENT

Ukraine

Hungary sends Druzhba fact-finding mission to Ukraine

A Hungarian government delegation has entered Ukraine to assess the Druzhba pipeline, damaged in a Russian drone strike in January. Ukraine refuses to recognize the delegation and has described its members as “tourists.”

Markets

Oil steadies as IEA and G7 move to release record reserves

Oil is trading flat in expectation that the International Energy Agency could trigger the largest-ever release of oil reserves, exceeding the 182 million barrels in 2022 after Russia’s invasion of Ukraine. The G7 will also meet on Wednesday to discuss using the reserves.

Markets

Oil prices fall as Trump floats possible sanctions relief

Oil markets got their first significant relief in days as Trump signalled Washington could ease sanctions on some countries to cool crude prices.

Hungary

Hungarian FM in Moscow for energy talks with Putin

Péter Szijjártó has travelled to Moscow to meet Russian President Vladimir Putin to secure guarantees on oil and natural gas imports, amid a dispute over damage to the Druzhba pipeline. The minister warned that the world is facing an energy crisis because of the war in Iran.

Business

Passage denied: Oil and gas swing wildly as Hormuz crisis drags on

Oil prices are climbing, albeit at a slower pace, as the US and Israel's war with Iran enters its fifth day, with little to ease concerns over the safety of the Strait of Hormuz — a vital artery for the global energy supply.

Earth News

‘Chained to fossil fuels’: Iran war ignites calls for green transition

After Iran warned that the Strait of Hormuz was closed for navigation, climate groups have urged governments to focus on clean energy.

Slovakia

Slovakia halts power supply to Ukraine as oil transit row deepens

Bratislava halted emergency power to Ukraine on Monday after Kyiv did not restore Druzhba oil transit as requested by Slovakia and Hungary, with Premier Robert Fico warning of further measures on EU support to Kyiv.

Cuba

Airlines unable to refuel in Cuba as US oil blockade deepens crisis

The government of Cuba published the notices to airlines and pilots on Sunday night, warning that jet fuel would be available at nine airports across the island, starting Tuesday and continuing until 11 March.

Business

Italy leads in Azerbaijani energy imports, as SOFAZ reports strong 2025 results

SOFAZ reports strong 2025 results as Italy continues to lead European imports of Azerbaijani oil and gas, underpinned by stable production and key pipelines.

Venezuela

As Trump pitches Venezuelan oil dream, experts warn it won't be easy

President Trump has set his sights on Venezuela's vast oil reserves, the largest in the world. If consolidated under Washington’s influence, about one third of global oil reserves could end up under US control. Yet, experts are skeptical about Trump's plans, saying it won't be cheap or easy.

Markets

Oil rallies after Venezuela shock while safe haven assets also rise

Washington’s action in Venezuela jolted markets, with oil showing volatile price movements as investors considered long-term supply consequences. Gold and defence stocks also inched up.

Business

Explainer: Why Chevron operates in Venezuela despite US sanctions

Chevron’s continued presence in Venezuela looks like an anomaly amid intensifying US sanctions. In fact, the contradiction is rooted in selective enforcement to maintain leverage over Caracas, as well as decades of oil politics.