oil

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Cuba Confirms Talks With US as Fuel Crisis Deepens

Discussions with Trump administration come amid crippling fuel shortages, US pressure

(Newser) - Cuba just confirmed what had previously only been whispered about: It's been talking to the Trump administration. President Miguel Diaz-Canel acknowledged on state media that his government is in early-stage discussions with Washington, framing them as an attempt to address "bilateral differences" and explore whether both sides are...

US to Tap Oil Reserves Following Trump's '180'

Release of 172M barrels aims to ease war-driven price spike and reassure markets

(Newser) - President Trump is cracking open the nation's oil piggy bank, despite opposition to a similar move by President Biden. The Trump administration will release 172 million barrels from the Strategic Petroleum Reserve in a push to cool surging prices tied to the US war with Iran and attacks on tankers...

2 Pipelines Could Ease the Pressure on Trump

Saudi, UAE lines bypassing Hormuz chokepoint are keeping crisis from spiraling, for now

(Newser) - Two long-ignored desert pipelines are suddenly doing a lot of the heavy lifting for the global oil system. With shipping through the Strait of Hormuz throttled by the Iran war and more than 1,000 vessels backed up, Saudi Arabia and the United Arab Emirates are pushing crude through overland...

Iran Security Leader Issues a Personal Warning to Trump

Don't 'get eliminated yourself,' senior security official Ali Larijani cautioned Trump in online post

(Newser) - Iran's war of words with Washington just escalated alongside a sharp squeeze on global oil. Responding to President Trump's warning that any Iranian move to stymie oil traffic through the Strait of Hormuz would bring US retaliation "twenty times harder," senior security official Ali Larijani wrote...

Hegseth: Iran Is in for 'Most Intense Day'

Defense secretary promises heavy action as Iran missile launches continue to decline

(Newser) - Defense Secretary Pete Hegseth says Tuesday's action against Iran will mark the heaviest US aerial assault since the conflict began 10 days ago. Speaking at the Pentagon alongside Joint Chiefs Chair Gen. Dan Caine, Hegseth said Iran "stands alone" and is "badly losing," claiming Tehran has launched its fewest missiles...

The War With Iran Could Be a Financial Lifeline for Putin

Middle East turmoil may boost Russian oil sales, so long as it lasts long enough

(Newser) - "For our budget, the attack on Iran is a big plus," a Russian TV host proclaimed Monday. The Guardian digs into the potential truth of that statement. Russia's oil and gas revenues are a linchpin of its war financing, and they hit a five-year low last year...

Strait of Hormuz Showdown Could Be a 'Historic' One

Traffic through key waterway has ground to a halt, with higher oil prices looming

(Newser) - Oil tankers are all but sidelined in one of the world's most important energy conduits. Traffic through the Strait of Hormuz has plunged since US and Israeli strikes began on Iran , as ship operators steer clear of the narrow passage that usually carries about a fifth of the world'...

US Tracks Oil Tanker to Indian Ocean, Climbs Aboard

It's the third sanctioned vessel seized by American military, after it was followed from the Caribbean

(Newser) - US military forces boarded a third sanctioned oil tanker in the Indian Ocean after tracking it from the Caribbean Sea in an effort to target illicit oil connected to Venezuela, the Pentagon said on Tuesday. An organization that tracks ship movements said the vessel was the only tanker left to...

Trump's Venezuela Oil Bet Faces Big Hurdles

India deal may hinge on shaky Venezuelan output

(Newser) - President Trump thinks he's found a new lever against Vladimir Putin in Venezuelan oil, but the reality is more complicated, reports CNN 's David Goldman. In announcing his new trade deal with Indian Prime Minister Narendra Modi on Monday, Trump said India had agreed to stop buying Russian...

Trump Moves to Cut Off Cuba's Oil Supply

Executive order threatens tariffs on any country selling oil to Havana

(Newser) - President Trump on Thursday signed an executive order that would impose a tariff on any goods from countries that sell or provide oil to Cuba, a move that could further cripple an island plagued by a deepening energy crisis. The order would primarily put pressure on Mexico, a government that...

Mexico: Decision to Halt Oil Shipment a 'Sovereign' Choice

Sheinbaum denies US pressure as Cuba faces a worsening fuel crisis

(Newser) - Mexico's president is confirming a politically sensitive move while insisting the motive is her country's alone. Claudia Sheinbaum on Tuesday effectively acknowledged that Mexico has pulled a planned oil shipment to Cuba, telling reporters the choice was "a sovereign decision and it is made in the moment...

Trump Blocks Creditors From Venezuelan Oil Money in US

Executive order declares national emergency

(Newser) - President Trump has moved to shield Venezuelan oil proceeds held in the US from being tapped by creditors, issuing an executive order that declares a national emergency and designates the money as off-limits to private claims. The directive, signed Friday and announced Saturday, says revenue from Venezuelan oil sales kept...

Trump: Venezuela to Send US Up to 50M Barrels of Oil

He says it will be sold at market price and 'that money will be controlled by me'

(Newser) - President Trump says Venezuela is about to send a gusher of oil north—and he'll personally control the cash flow. In a Truth Social post Tuesday evening, Trump claimed interim authorities in the country will transfer 30 million to 50 million barrels of "High Quality, Sanctioned Oil" to...

After Venezuela Operation, US Oil Stocks Jump

Trump signals a push for US investment in country's oil industry

(Newser) - Oil investors wasted no time placing bets after a stunning weekend move by Washington reshaped the outlook for Venezuela's vast crude reserves. Shares of major US oil companies jumped in early trading Monday, with Chevron up about 8%, Exxon Mobil rising more than 4%, ConocoPhillips gaining around 7.5%,...

Trump Urges UK to Tap Its 'Treasure Chest'

He sees a 'VAST FORTUNE' in the North Sea

(Newser) - Before leaving Scotland, President Trump called on the UK to ramp up oil drilling in the North Sea, branding the region an overlooked "treasure chest" mired in high taxes. Trump criticized the country's clean energy focus on Truth Social, urging government ministers to "incentivize the drillers,...

NTSB: Plane in Emergency Landing Had 'No Oil' in Engine

None was visible in the right engine of the Delta plane in February incident, per NTSB report

(Newser) - Smoke in the cabin led to an emergency landing of a Delta flight in February. Only later did officials realize there was little to no oil in the aircraft's right engine. That reveal, coming in a National Transportation Safety Board preliminary report released Wednesday, raises new questions about what...

Biden Makes 'Epic' 11th-Hour Move on Offshore Drilling

President bans it across major swath of US, in mandate that Trump will have a tough time undoing

(Newser) - With just two weeks before he hands the keys to the White House to Donald Trump, President Biden is taking some last-minute steps to push back on climate change, including a new ban on offshore oil and gas drilling in most federal waters, reports the BBC . The move made under...

2 of Our 'Most Recognizable Energy Companies' to Combine

ConocoPhillips to acquire Marathon Oil in a deal worth $22.5B, including debt

(Newser) - ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion as energy prices rise and big oil companies reap massive profits. The Wall Street Journal calls it a deal "that would combine two of America's most recognizable energy companies." The AP notes...

Israel-Hamas War Could Hit You at the Gas Pump

If the war escalates, oil prices will shoot up, which means food prices will, as well

(Newser) - The World Bank reported on Monday that oil prices could be pushed into "uncharted waters" if the violence between Israel and Hamas widens, which the AP reports could result in increased food prices worldwide. The World Bank's Commodity Markets Outlook found that while the effects on oil prices...

US Frees Up $6B in Frozen Iran Funds in Prisoner Swap Deal

Arrangement advances to free 5 Iranian prisoners in US in exchange for 5 American prisoners in Iran

(Newser) - Five American citizens detained in Iran are now set to be released, after the Biden administration agreed to release five Iranian citizens held in the United States. Per the AP , the next step in the deal also included the US issuing a waiver to banks around the world to allow...

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