Explore

Rapid Read Rapid Read
U.S. Gasoline Prices Climb Amidst Ongoing U.S.-Iran Tensions

U.S. Gasoline Prices Climb Amidst Ongoing U.S.-Iran Tensions

Gasoline prices in the U.S. have increased by 22.4 cents, reaching an average of $4.089 per gallon. This rise follows a period where prices had decreased by 71.3 cents over seven weeks. The escalation is attributed to unresolved oil vessel traffic issues in the Strait of Hormuz, exacerbated by the U.S.-Iran conflict. The conflict has added $17.90 per barrel to the price of West Texas Intermediate crude oil. Despite refiners not fully passing on these costs, wholesale gasoline prices have increased significantly, reducing retail margins. Retailers are under pressure to raise prices to maintain viability, as the current retail margin is unsustainable.
Rapid Read Rapid Read
Oregon Gas Prices Remain High Amid Eased Middle East Tensions

Oregon Gas Prices Remain High Amid Eased Middle East Tensions

Oregon continues to experience high gas prices, with the average cost of regular gasoline reaching $4.64 per gallon, making it the sixth-highest in the nation. This comes despite a recent decrease in crude oil prices following a pause in hostilities between the U.S. and Iran. The national average for regular gasoline has increased to $4.10 per gallon. Diesel prices have also risen, with Oregon's average climbing to $5.48 per gallon. The ongoing conflict in the Middle East, particularly the reduced shipping traffic through the Strait of Hormuz, continues to impact global oil supplies and prices. The Strait of Hormuz is a critical passageway for about 20% of the world's oil, and any disruption can significantly affect oil prices.
TheStreet TheStreet
SLB CEO sends clear message on oil services upcycle

SLB CEO sends clear message on oil services upcycle

Wall Street spent most of July bracing for a rough quarter for SLB N.V. (SLB), formerly known as Schlumberger Limited.  Fighting in the Middle East had shut in wells, and oil prices were sliding amid U.S.-Iran peace talks. This caused six brokers to trim their price targets going into the ...
Rapid Read Rapid Read
U.S. Gasoline Prices Surge by 22 Cents Amidst Ongoing U.S.-Iran Tensions

U.S. Gasoline Prices Surge by 22 Cents Amidst Ongoing U.S.-Iran Tensions

Gasoline prices in the United States have surged by 22.4 cents per gallon, reaching an average of $4.089, according to the latest Lundberg Survey. This increase follows a period of declining prices and is attributed to the ongoing U.S.-Iran conflict, which has disrupted oil vessel traffic through the Strait of Hormuz. The conflict has driven up the price of West Texas Intermediate crude oil by $17.90 per barrel over the past two weeks. Despite the rise in crude oil prices, refiners have not fully passed these costs onto wholesale gasoline prices, resulting in a significant reduction in retail margins. Retailers are now under pressure to raise prices further to maintain profitability.
Trendline Trendline
Baker Hughes Predicts Modest Decline in Global Oil Spending Amid Middle East Tensions

Baker Hughes Predicts Modest Decline in Global Oil Spending Amid Middle East Tensions

Baker Hughes Predicts Modest Decline in Global Oil Spending Amid Middle East Tensions
Rapid Read Rapid Read
U.S. Strategic Petroleum Reserve Faces Challenges Amid Infrastructure Strain

U.S. Strategic Petroleum Reserve Faces Challenges Amid Infrastructure Strain

The U.S. Strategic Petroleum Reserve (SPR) is experiencing significant strain due to extensive releases of crude oil in response to geopolitical conflicts, notably with Iran and Russia. These releases have depleted the reserve to its lowest level since 1983, with the current stockpile at approximately 308 million barrels, down from a capacity of 714 million barrels. The infrastructure of the SPR, which includes pipelines, caverns, and storage tanks, is aging and in need of repair. Federal auditors have raised concerns about the reserve's ability to respond to future emergencies, citing that the infrastructure is being held together with temporary fixes. The Department of Energy is implementing a $1.4 billion repair plan, but budget constraints have limited the scope of these repairs.
Reuters Reuters
Oil touches over one-week low as pause in attacks brings hope of US/Iran deal

Oil touches over one-week low as pause in attacks brings hope of US/Iran deal

By Anushree Mukherjee July 28 (Reuters) - Oil prices extended losses on Tuesday, hitting their lowest levels in more than a week as hopes for a resolution to the U.S.-Iran conflict grew and traders continued to assess developments in the Middle East.
Rapid Read Rapid Read
U.S. Gas Prices Surge Past $4 Due to Iran Conflict and Strait of Hormuz Tensions

U.S. Gas Prices Surge Past $4 Due to Iran Conflict and Strait of Hormuz Tensions

American motorists are experiencing a significant increase in gas prices, with the national average for regular unleaded gasoline surpassing $4.00 per gallon. This surge is attributed to renewed military engagements and geopolitical tensions, particularly involving Iran and the Strait of Hormuz. The situation has led to severe supply disruptions across key Middle Eastern trade corridors, impacting the broader U.S. economy. The U.S. Energy Information Administration notes that while inventory adjustments and seasonal demand shifts can occasionally mitigate short-term spikes, the market remains sensitive to Middle Eastern stability. The resumption of military strikes and blockades around the Strait of Hormuz has disrupted international supply chains, affecting energy trading floors globally.
Trendline Trendline
Oil Prices Surpass $100 a Barrel Amid Iran War Disruptions

Oil Prices Surpass $100 a Barrel Amid Iran War Disruptions

Oil Prices Surpass $100 a Barrel Amid Iran War Disruptions
Reuters Reuters
Oil slips 5% after US, Iran pause fighting over weekend

Oil slips 5% after US, Iran pause fighting over weekend

By Florence Tan SINGAPORE, July 27 (Reuters) - Oil prices tumbled 5% on Monday after the U.S. and Iran paused strikes over the weekend after two weeks of attacks, raising hopes of a diplomatic solution that would de-escalate the conflict and allow shipping to resume in the Strait of Hormuz.
AP News AP News
Stocks open higher on Wall Street and crude oil prices drop 5% as Mideast tensions cool

Stocks open higher on Wall Street and crude oil prices drop 5% as Mideast tensions cool

Stocks are gaining ground on Wall Street and oil prices are down 5% after the U.S. and Iran paused their attacks while work resumed on restarting negotiations to end the war
Rapid Read Rapid Read
Houthi Attacks on Saudi Oil Installations Disrupt Red Sea Shipping

Houthi Attacks on Saudi Oil Installations Disrupt Red Sea Shipping

Ship traffic through the Bab el-Mandeb strait has significantly decreased following attacks by Yemeni Houthis on Saudi oil installations along the Red Sea coast. According to shipping data from Kpler, only eleven commodity vessels passed through the strait on Sunday, marking the lowest level in months. The attacks, aimed at blockading Saudi exports, have further complicated the U.S.-Iran conflict, which has already affected oil supply through the Strait of Hormuz. Among the vessels that passed through Bab el-Mandeb, seven were oil tankers, with three entering the Red Sea. The attacks have led to a reduction in shipping activity, impacting the global oil supply chain.